of the minimum, and the country therefore on the very verge of the stationary state... The mere continuance of the present annual increase in capital if no circumstances occurred to counter its effect would suffice in a small number of years to reduce the net rate of profit (to the minimum).’ However, when this was published (1848) the counteracting force-the wave of development induced by the railways-had already shown itself.

[18] By the radical John Wade, History of the Middle and Working Classes, the banker Lord Overstone, Reflections suggested by the perusal of Mr J. Horsley Palmer’s pamphlet on the causes and consequences of the pressure on the Money Market (1837), the Anti-Corn Law campaigner J. Wilson, Fluctuations of Currency, Commerce and Manufacture; referable to the Corn Laws (1840); and in France by A. Blanqui (brother of the famous revolutionary) in 1837 and M. Briaune in 1840. Doubtless also by others.

[19] Baines, op. cit., p. 441. A. Ure & P. L. Simmonds, The Cotton Manufacture of Great Britain (1861 edition),p. 390 ff.

[20] Geo. White, A Treatise on Weaving (Glasgow 1846), p. 272.

[21] M. Blaug, The Productivity of Capital in the Lancashire Cotton Industry during the Nineteenth Century, Economic History Review (April 1961).

[22] Thomas Ellison, The Cotton Trade of Great Britain (London 1886), p. 61.

[23] Baines, op. cit., p. 356.

[24] Baines, op. cit., p. 489.

[25] Ure & Simmonds, op. cit., Vol. I, p.317 ff.

[26] J. H. Clapham, An Economic History of Modern Britain (1926), p. 427 ff.; Mulhall, op. cit. pp. 121, 332, M. Robbins, The Railway Age (1962), p. 30—1.

[28] Mulhall, op. cit. 501, 497.

[29] L. H. Jenks, The Migration of British Capital to 1875 (New York and London 1927), p.126.

[30] D. Spring, The English Landed Estate in the Age of Coal and Iron, Journal of Economic History, (XI, I, 1951)

[32] Albert M. Imlah, British Balance of Payments and Export of Capital,1816—1913,Economic History Review V (1952, 2, p. 24).

[33] John Francis, A History