In the same way this capital, once it has come into existence in the shape of cargo ships and stocks of coal and the rest, would soon disappear if it were not perpetually replenished by further saving. The man who owns the shares in the Steamship Company does not consciously save year after year enough money to keep the capital at its original level. Nevertheless, the saving is done for him. The Directors of the Company keep back out of the total receipts enough to repair the ships and to replenish the stocks of coal, etc., and they are thus perpetually accumulating fresh capital to replace the consumption of the old. How true it is that all Capital is the result of saving by _someone_, _somewhere_, we see in the difference between countries that do a lot of saving and countries that do little. Savages and people of a low civilisation differ in this very much from people of a high civilisation. They want to enjoy what they have the moment they have it, and they lay by as little as possible for the future; only just as much as will keep them going. But in a high civilisation people save capital more and more, and so are able to produce more and more wealth. Now let us sum up in some more Formulæ what we have learnt so far.-- 1. =All production of Wealth needs three things: (_a_) Natural forces, (_b_) Human energy, and (_c_) an Accumulation of wealth made in the past and used up in future production.= 2. =These three are called, for shortness: (_a_) Land, (_b_) Labour, (_c_) Capital.= 3. =The last, Capital, (_a_) depends for its character on the intention of the user, (_b_) is consumed in production, (_c_) is always the result of saving.= III THE PROCESS OF PRODUCTION You have seen how the production of wealth takes place through the combination of these three things, LAND, LABOUR AND CAPITAL, and you have also seen how the wealth so produced consists not in the objects themselves, but in the economic values attached to the objects. Now we will take a particular instance of wealth and show how this works out in practice and what various forms the production of wealth takes. Wealth, as we have seen, arises from the transposing of things around us from a condition where they are less to a condition where they are more useful to our needs. Let us take a ton of coal lying a thousand feet down under the earth and no way provided of getting at it. A man possessing that ton of coal would not possess any wealth. The coal lying in the earth has no economic value attaching to it whatsoever. It has not yet entered the process whereby it ultimately satisfies a human need.