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nopoly lies with the market, in which case the 

 price is fixed by the buyers, as, for instance in 

 auction sales without reserve. This, however, 

 is a species of sale, which, in consequence of 

 the greatness of the risk, is never resorted to 

 except in markets where the competition is known 

 to be such as to guarantee to the seller a good, if 

 not the highest price or in what may be termed 



' forced sales/ When we read that Mr. 'a 



property has gone to the ' hammer,' we need not 

 to be told that he is no longer in a position to 

 put his own valuation upon it. There are very 

 many points in connection with this subject to 

 be considered before the phenomena of values and 

 prices can be rightly understood. My object, how- 

 ever, is not to define laws, but simply to cite the 

 different kinds of valuations of property adopted 

 in the ordinary business transactions of life. If I 

 have done so correctly, there would appear to be 

 three the mutual valuation of seller and buyer, the 

 valuation of the seller, and the valuation of the 

 buyer ; and the conditions of sales under each of 

 these denominations, which for our purpose may be 

 considered essential, are : for the first, a market in 

 which to negotiate the transaction ; for the sec md, 

 such a demand as will guarantee to the seller a fail- 

 profit; and for the third, such active competition 

 as will ensure him against loss.* 



* I once saw a horse, certainly worth 10, sold at auction for five 

 shillings. 



