large part of the displaced workers finally, after long suffering, find work again. If, in addition to this, the conquest of foreign markets constantly and rapidly increases the demand for manufactured goods, as has been the case in England during the past sixty years, the demand for hands increases, and, in proportion to it, the population. Thus, instead of diminishing, the population of the British Empire has increased with extraordinary rapidity, and is still increasing. Yet, in spite of the extension of industry, in spite of the demand for working-men which, in general, has increased, there is, according to the confession of all the official political parties (Tory, Whig, and Radical), permanent surplus, superfluous population; the competition among the workers is constantly greater than the competition to secure workers. Whence comes this incongruity? It lies in the nature of industrial competition and the commercial crises which arise from them. In the present unregulated production and distribution of the means of subsistence, which is carried on not directly for the sake of supplying needs, but for profit, in the system under which every one works for himself to enrich himself, disturbances inevitably arise at every moment. For example, England supplies a number of countries with most diverse goods. Now, although the manufacturer may know how much of each article is consumed in each country annually, he cannot know how much is on hand at every given moment, much less can he know how much his competitors export thither. He can only draw most uncertain inferences from the perpetual fluctuations in prices, as to the quantities on hand and the needs of the moment. He must trust to luck in exporting his goods. Everything is done blindly, as guess-work, more or less at the mercy of accident. Upon the slightest favourable report, each one exports what he can, and before long such a market is glutted, sales stop, capital remains inactive, prices fall, and English manufacture has no further employment for its hands. In the beginning of the development of manufacture, these checks were limited to single branches and single markets; but the centralising tendency of competition which drives the hands thrown out of one branch into such other branches as are most easily accessible, and transfers the goods which cannot be disposed of in one market to other markets, has gradually brought the single minor crises nearer together and united them into one periodically recurring crisis. Such a crisis usually recurs once in five years after a brief period of activity and general prosperity; the home market, like all foreign ones, is glutted with English goods, which it can only slowly absorb, the industrial movement comes to a standstill in almost every branch, the small manufacturers and merchants who cannot survive a prolonged inactivity of their invested capital fail, the larger ones