ship-yards and the drawing of iron from other manufactures, were to cease; the old dimensions of the ship-building trade would be quickly returned to: discharged workmen would seek fresh occupations, and the new yards would be devoted to other uses. But if the increased need for ships lasted long enough, and became great enough, to cause a flow of capital and labour from other industries into the iron-manufacture, a falling off in the demand for ships, would much less rapidly entail a dwindling of the ship-building industry. For iron being now produced in greater quantity, a diminished consumption of it for ships would cause a fall in its price, and a consequent fall in the cost of ships: thus enabling the ship-builders to meet the competition which we may suppose led to a decrease in the orders they received. And since, when new blast-furnaces and rolling-mills, &c., had been built with capital drawn from other industries, its transference back into other industries would involve great loss; the owners, rather than transfer it, would accept unusually low interest, and an excess of iron would continue to be produced; resulting in an undue cheapness of ships, and a maintenance of the ship-building industry at a size beyond the need. Eventually, however, if the number of ships required still diminished, the production of iron in excess would become very unremunerative: some of the blast-furnaces would be blown out; and as much of the capital and labour as remained available would be re-distributed among other occupations. Without repeating the steps of the argument, it will be clear that were the enlargement of the ship-building industry great enough, and did it last long enough to cause an increase in the number of coal-mines, the ship-building industry would be still better able to maintain itself under adverse circumstances; but that it would, though at a more distant period, end by sinking down to the needful dimensions. Thus our conclusions are:--First, that if the extra growth caused by extra activity in a particular industry has lasted long enough only to remodel the proximately-affected industries; it will dwindle away again after a moderate period, if the need for it disappears. Second, that a long period must be required before the re-actions produced by an enlarged industry can cause a re-construction of the whole society, and before the countless re-distributions of capital and labour can again reach a state of equilibrium. And third, that only when such a new state of equilibrium is eventually reached, can the adaptive modification become a permanent one. How, in animal organisms the like argument holds, need not be pointed out. The reader will readily follow the parallel.