From the time that the brothers had entered into business till now, there had been established a tolerably steady rate of understood value, at which goods had been exchanged for one another. There had been occasional and slight variations, according to seasons, and other fluctuating circumstances; so that four pipes of wine might at one time exchange for the same quantity of fruit as three and a half would buy at another; but the circumstances which determined these variations in value being usually foreseen by all parties concerned, their vigilance prevented any very sudden and perplexing convulsions in trade. As long as there were average seasons, an average supply of food, an average quantity of labour to be had, wages and profits (on which price depends) could be calculated, and relied on for remaining nearly at the average rate. But now, there had been both natural and political disasters, whose consequences defied all calculation. There was an over-supply of labour,—as far as the number of labourers went; for thousands of the peasantry had been stripped of all they had, and rendered dependent on neighbouring capitalists for employment and support. At the same time, food was dreadfully deficient, and therefore enormously dear; so that to what price labour would rise, in spite of the over-supply, it was impossible to guess.—The same cause rendered the amount of profits uncertain. Unless it could be settled how much the labourers would appropriate, it must continue unsettled how much would remain over for the capitalist,—even if it could be ascertained how extensive would be the demand for the article. This, again, was doubtful, from the uncertainty of political affairs, which impaired the security of property, and stopped up the channels of mutual exchange. Thus, not only was the permanent original element of exchangeable value,—cost of production,—rendered incalculable, in the case both of wine and fruits, but all the causes which occasion temporary fluctuations were violently at work; and it required a clear head and a strong heart to anticipate and rely upon their issues. Steele’s part was the less perplexing of the two. He knew no more than Charles, it is true, how the sudden rise in the value of labour, from the scarcity of food, would affect the price of the stock laid in before labour became so dear; and he could not therefore judge of the probable amount of Charles’s profits; but on the head of his employers’ profits he felt very secure. The English market was steady: the demand could be nearly estimated, and if it was pretty sure to be good with an abundant supply of wine in the market, it was certain to be very brisk as soon as the supply was known to be deficient. Though, therefore, he might ask less than he need in exchange for his fruit, there was every probability of his gaining more than the usual profit on the wine thus purchased.—Charles, on the other hand, had