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 



