Page:On the economy of machinery and manufactures - Babbage - 1846.djvu/180

146 at 4s. or 4s. 6d. per oz. Since that time, 1s. 6d. and 1s. have been realized; and a fresh arrival, which is daily expected, (March 1832) will probably reduce it below the price of July. Now it is important to notice, that in November, the time of greatest speculation, the quantity in the market was held by few persons, and that it frequently changed hands, each holder being desirous to realize his profit. The quantity imported since that time has also been considerable.

(195.) The effect of the equalization of price by an increased number of dealers, may be observed in the price of the various securities sold at the Stock Exchange. The number of persons who deal in the 3 per cent. stock being large, any one desirous of selling can always dispose of his stock at one-eighth per cent. under the market price; but those who wish to dispose of bank stock, or of any other securities of more limited circulation, are obliged to make a sacrifice of eight or ten times this amount upon each hundred pounds value.

(196.) The frequent speculations in oil, tallow, and other commodities, which must occur to the memory of most of my readers, were always founded on the principle of purchasing up all the stock on hand, and agreeing for the purchase of the expected arrivals; thus proving the opinion of capitalists to be, that a larger average price may be procured by the stock being held by few persons.