ADAPTATION. 241 



the erection of some additional ship-yards and the drawing 

 of iron from other manufactures, were to cease; the old 

 dimensions of the ship-building trade would be quickly re 

 turned to : discharged workmen would seek fresh occupa 

 tions, 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 conse 

 quent 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 circum 

 stances; 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 



