294.  It is very possible also, that the action of oxygen in a liquid state might be exceedingly corrosive, and that the containing vessels must be lined with platinum or some other substance of very difficult oxydation; and most probably new and unexpected compounds would be formed at such pressures.  In some experiments made by Count Rumford in 1797, on the force of fired gunpowder, he noticed a solid compound, which always appeared in the gunbarrel when the ignited powder had no means of escaping; and, in those cases, the gas which escaped on removing the restraining pressure was usually inconsiderable.

295.  If the liquefied gases are used, the form of the iron furnace must probably be changed, and perhaps it may be necessary to direct the flame from the ignited fuel upon the ore to be fused, instead of mixing that ore with the fuel itself:  by a proper regulation of the blast, an oxygenating or a deoxygenating flame might be procured; and from the intensity of the flame, combined with its chemical agency, we might expect the most refractory ore to be smelted, and that ultimately the metals at present almost infusible, such as platinum, titanium, and others, might be brought into common use, and thus effect a revolution in the arts.

296.  Supposing, on the occurrence of a glut, that new and cheaper modes of producing are not discovered, and that the production continues to exceed the demand, then it is apparent that too much capital is employed in the trade; and after a time, the diminished rate of profit will drive some of the manufacturers to other occupations.  What particular individuals will leave it must depend on a variety of circumstances.  Superior industry and attention will enable some factories to make a profit rather beyond the rest; superior capital in others will enable them, without these advantages, to support competition longer, even at a loss, with the hope of driving the smaller capitalists out of the market, and then reimbursing themselves by an advanced price.  It is, however, better for all parties, that this contest should not last long; and it is important, that no artificial restraint should interfere to prevent it.  An instance of such restriction, and of its injurious effect, occurs at the port of Newcastle, where a particular Act of Parliament requires that every ship shall be loaded in its turn.  The Committee of the House of Commons, in their Report on the Coal Trade, state that,

’Under the regulations contained in this Act, if more ships enter into the trade than can be profitablv employed in it, the loss produced by detention in port, and waiting for a cargo. which must consequently take place, instead of falling, as it naturally would, upon particular ships, and forcing them from the trade, is now divided evenly amongst them; and the loss thus created is shared by the whole number.’  Report, p. 6.

297.  It is not pretended, in this short view, to trace out all the effects or remedies of over-manufacturing; the subject is difficult, and, unlike some of the questions already treated, requires a combined view of the relative influence of many concurring causes.