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When the quantity brought to market exceeds the effectual demand,

it cannot be all sold to those who are willing to pay the whole

value of the rent, wages, and profit, which must be paid in order

to bring it thither. Some part must be sold to those who are

willing to pay less, and the low price which they give for it

must reduce the price of the whole. The market price will sink

more or less below the natural price, according as the greatness

of the excess increases more or less the competition of the

sellers, or according as it happens to be more or less important

to them to get immediately rid of the commodity. The same excess

in the importation of perishable, will occasion a much greater

competition than in that of durable commodities; in the

importation of oranges, for example, than in that of old iron.