I read the following in a book (A Crown of Swords by Robert Jordan):

Refugees filled the city, and merchants and traders of every sort. Never a trouble but brought profit to somebody.

What does that mean? I think it's one of two things, but I can't work out which (not a native speaker):

• The refugees and traders are never a problem but somebody will profit from them.
• There is never a sort of trouble that people will not make a profit out of.

The subtlety is lost on me, so can a more skilled English speaker (or writer) help me out?