The change of times of which Mr. Wallace was ever mindful came at last. At the end of three years the price of bar-iron was just half what it had been in the days we have described. There were many perceivable reasons for this change. The political state of various countries was unsettled, and trade in general therefore, disturbed. The quantity of iron produced by the flow of capital and labour to that department had more than met the immediate demand, and there was a glut in the market. It was hoped that this glut was only temporary; but there was much doubt whether the demand for bar-iron from South Wales would ever again be as extensive as formerly, for the Welsh iron-masters had now rivals abroad. In America and in various parts of Europe, establishments for the preparation of iron were beginning to flourish at the expense of those of longer standing in our own country. Where the iron-stone, coal, and limestone were of good quality, and the works were situated near some navigable river, their produce could be brought into the market at little more than half the price for which the Welsh iron-masters could afford to sell theirs. This circumstance seemed to destroy the hope that the works in which we are interested could ever more enjoy the prosperity which had been their lot for a few years. Many a sigh escaped from their masters as they were obliged to diminish their profits again and again; and many a curse did the least wise amongst their people vent upon the French or the Americans who took their trade from them; forgetting that as nature had scattered her mineral treasures over various regions of the earth, all their inhabitants have an equal right to use those treasures as the interest of society may prompt. What men have to do is not to refrain, or to expect others to refrain, from using the materials put within the reach of all; but by industry and ingenuity so to improve the resources of art as that the greatest possible number of men may share the benefit; in other words, that the produce may be made as excellent and as cheap as possible. To render any article of production more and more cheap, and more and more excellent, is the only way to create a permanent demand; as the competition among producers which has always subsisted, and always will and ought to subsist, can only be met by bringing the article into more general use. So that Mr. Wallace’s labourers, instead of cursing their competitors on the other side of the water, had better have aided their employer in devising means for improving his manufacture, and thus becoming better able to stand a competition which could not be prevented.