Low profits induce the employers to reduce the wages, or the number of workers, or the number of days of employment during the week, or eventually compel them to resort to the manufacture of lower kinds of goods, which, as a rule, are paid worse than the higher sorts. As Adam Smith said, low profits ultimately mean a reduction of wages, and low wages mean a reduced consumption by the worker. Low profits mean also a somewhat reduced consumption by the employer; and both together mean lower profits and reduced consumption with that immense class of middlemen which has grown up in manufacturing countries, and that, again, means a further reduction of profits for the employers. A country which manufactures to a great extent for export, and therefore lives to a considerable amount on the profits derived from her foreign trade, stands very much in the same position as Switzerland, which lives to a great extent on the profits derived from the foreigners who visit her lakes and glaciers. A good “season” means an influx of from £1,000,000 to £2,000,000 of money imported by the tourists, and a bad “season” has the effects of a bad crop in an agricultural country: a general impoverishment follows. So it is also with a country which manufactures for export. If the “season” is bad, and the exported goods cannot be sold abroad for twice their value at home, the country which lives chiefly on these bargains suffers. Low profits for the innkeepers of the Alps mean narrowed circumstances in large parts of Switzerland; and low profits for the Lancashire and Scotch manufacturers, and the wholesale exporters, mean narrowed circumstances in Great Britain. The cause is the same in both cases.