296. Supposing, on the occurrence of a glut, that new and cheaper modes of producing are not discovered, and that the production continues to exceed the demand, then it is apparent that too much capital is employed in the trade; and after a time, the diminished rate of profit will drive some of the manufacturers to other occupations. What particular individuals will leave it must depend on a variety of circumstances. Superior industry and attention will enable some factories to make a profit rather beyond the rest; superior capital in others will enable them, without these advantages, to support competition longer, even at a loss, with the hope of driving the smaller capitalists out of the market, and then reimbursing themselves by an advanced price. It is, however, better for all parties, that this contest should not last long; and it is important, that no artificial restraint should interfere to prevent it. An instance of such restriction, and of its injurious effect, occurs at the port of Newcastle, where a particular Act of Parliament requires that every ship shall be loaded in its turn. The Committee of the House of Commons, in their Report on the Coal Trade, state that, 'Under the regulations contained in this Act, if more ships enter into the trade than can be profitablv employed in it, the loss produced by detention in port, and waiting for a cargo. which must consequently take place, instead of falling, as it naturally would, upon particular ships, and forcing them from the trade, is now divided evenly amongst them; and the loss thus created is shared by the whole number.' Report, p. 6. 297. It is not pretended, in this short view, to trace out all the effects or remedies of over-manufacturing; the subject is difficult, and, unlike some of the questions already treated, requires a combined view of the relative influence of many concurring causes. NOTES: 1. The average price per ton of pig iron, bar iron, and coal, together with the price paid for labour at the works, for a long series of years, would be very valuable, and I shall feel much indebted to anyone who will favour me with it for any, even short, period. 2. The accurate proportions are, by measure, oxygen 21, azote 79. 3. A similar reasoning may be applied to lamps. An Argand burner, whether used for consuming oil or gas, admits almost an unlimited quantity of air. It would deserve enquiry, whether a smaller quantity might not produce greater light; and, possibly, a different supply furnish more heat with the same expenditure of fuel. 4. Deutoxide of hydrogen, the oxygenated water of Thenard. Chapter 25 Enquiries Previous to Commencing any Manufactory