44

ECONOMIC PRINCIPLES

for production. In order to induce the owners to sell in
such a case, the exchange value must be great enough to
outweigh the valuation thus made. But sellers may withhold
 supplies from the market in anticipation of a change in
the market value of their goods. Only a part, even of a
limited supply, will be offered on the market, if owners are
confident of an improvement in the value of their goods
sufficient to repay them for holding them,
The illustrations most commonly used, of the case of
supplies absolutely limited in quantity, are pictures of
deceased artists, rare first editions of much prized works,
and things of that class. The exchange value of these
goods will be dependent on their plentifulness, and on the
wealth of those who esteem them highly. If they be greatly
desired by a considerable number of wealthy people, the
effort to become possessed of the available supply, or some
part of it, will lead to the placing of a high valuation on the
goods. But such objects have, frequently, no approximately
regular valuation. The accident of whether, at the moment
of offering them for sale, an exceptionally wealthy collector
develops a desire to secure them, may lead to wide variation
 from previous valuations of similar goods.
The conditions affecting the value of goods whose supply
has an absolute physical limit, unrelated to their value, are
not characteristic of commodities used in the satisfaction
of regularly recurring everyday needs. But, though not
illustrating the commonest conditions affecting value, these
goods form no exception to the ordinary principles of value.
They even illustrate those principles admirably. But their
case is somewhat peculiar, and the importance of its
peculiarities can easily be exaggerated. It is desirable
to note that, in the mode in which limitation of supply
arises, their case is not typical of mercantile transactions in
general,
The special consideration of the second case, that of a
monopoly of supply, is reserved for the next chapter. It
may, however, be noted incidentally that modern developments
 are bringing into greater prominence the monopolistic
control of industry. And not merely is monopoly, as such,