Secondperiodofturnover。Atthebeginningofthe13thweek，£；900havereturnedandareabletobeginanewturnover。Butthesecondworkingperiodhasalreadybeenopenedinthe10thweekbytheadditional£；300。Atthestartofthe13thweek，thankstothis，one-thirdoftheworkingperiodisalreadyoverand£；300hasbeenconvertedfromproductivecapitalintoproduct。Sinceonly6weeksmorearerequiredforthecompletionofthesecondworkingperiod，onlytwo-thirdsofthereturnedcapitalof£；900，oronly£；600，canenterintotheproductiveprocessofthesecondworkingperiod。£；300oftheoriginal£；900
aresetfreetoplaythesamerolewhichtheadditionalcapitalof£；300
playedinthefirstworkingperiod。Atthecloseofthe6thweekofthesecondperiodofturnoverthesecondworkingperiodisup。Thecapitalof£；900advancedinitreturnsafter3weeks，orattheendofthe9thweekofthesecond，12-weekperiodofturnover。Duringthe3weeksofitsperiodofcirculation，thefreedcapitalof£；300comesintoaction。Thisbeginsthethirdworkingperiodofacapitalof900inthe7thweekofthesecondperiodofturnover，orthe19thweekoftheyear。
Thirdperiodofturnover。Atthecloseofthe9thweekofthesecondperiodofturnoverthereisanewrefluxof£；900。Butthethirdworkingperiodhasalreadycommencedinthe7thweekofthepreviousperiodofturnoverand6weekshavealreadyelapsed。Thethirdworkingperiod，then，lastsonlyanother3weeks。Henceonly£；300ofthereturned£；900enterintotheproductiveprocess。Thefourthworkingperiodfillsouttheremaining9weeksofthisperiodofturnoverandthusthe37thweekoftheyearbeginssimultaneouslythefourthperiodofturnoverandthefifthworkingperiod。
Inordertosimplifythecalculationinthiscaseletusassumeaworkingperiodof5weeksandaperiodofcirculationof5weeks，makingaturnoverperiodof10weeks。Figuretheyearascomposedoffiftyweeksandthecapitaloutlayperweekas£；100。Aworkingperiodthenrequiresacirculatingcapitalof£；500andthetimeofcirculationanadditionalcapitalof£；500。Theworkingperiodsandtimesofturnoverthenareasfollows:
1stwrkg。period1st-5thwk。£；500ingoodsreturnedendof10thwk。2ndwrkg。period6th-10thwk。£；500ingoodsreturnedendof15thwk。3rdwrkg。period11th-15thwk。£；500ingoodsreturnedendof20thwk。4thwrkg。period16th-20thwk。£；500ingoodsreturnedendof25thwk。5thwrkg。period21st-25thwk。£；500ingoodsreturnedendof30thwk。andsoforth。Ifthetimeofcirculationiszero，sothattheperiodofturnoverisequaltotheworkingperiod，thenthenumberofturnoversisequaltothenumberofworkingperiodsoftheyear。Inthecaseofa5-weekworkingperiodthiswouldmake50/5，or10，periodsofturnoverperyear，andthevalueofthecapitalturnedoverwouldbe500times10，or5，000。Inourtable，inwhichwehaveassumedacirculationtimeof5weeks，thetotalvalueofthecommoditiesproducedperyearwouldalsobe£；5，000，butone-tenthofthis，or£；500，wouldalwaysbeintheformofcommodity-capital，andwouldnotreturnuntilafter5weeks。Attheendoftheyeartheproductofthetenthworkingperiodthe46thtothe50thworkingweekwouldhavecompleteditstimeofturnoveronlybyhalf，anditstimeofcirculationwouldfallwithinthefirstfiveweeksofthenextyear。
Nowletustakeathirdillustration:Workingperiod6weekstimeofcirculation3weeks，weeklyadvanceduringlabour-process£；100。
1stworkingperiod:1st-6thweek。Attheendofthe6thweekacommodity-capitalof£；600，returnedattheendofthe9thweek。
2ndworkingperiod:7th-12thweek。Duringthe7th-9thweek£；300ofadditionalcapitalisadvanced。Attheendofthe9thweek，returnof£；600。
Ofthis，£；300areadvancedduringthe10th-12thweek。Attheendofthe12thweektherefore£；300arefreeand£；600areintheformofcommodity-capital，returnableattheendofthe15thweek。
3rdworkingperiod:13th-18thweek。Duringthe13th-15thweek，advanceofabove£；300，thenrefluxof£；600，ofwhich300areadvancedforthe16th-18thweek。Attheendofthe18thweek，£；300arefreeinmoney-form，£；600onhandascommodity-capitalwhichreturnsattheendofthe21stweek。SeethemoredetailedpresentationofthiscaseunderII，below。
Inotherwordsduring9workingperiods54weeksatotalof600times9or£；5，400worthofcommoditiesareproduced。Attheendoftheninthworkingperiodthecapitalisthas£；300inmoneyand£；600
incommoditieswhichhavenotyetcompletedtheirtermofcirculation。
Acomparisonofthesethreeillustrationsshows，first，thatasuccessivereleaseofcapitalIof£；500andofadditionalcapitalIIoflikewise£；500takesplaceonlyinthesecondillustration，sothatthesetwoportionsofcapitalmoveseparatelyandapartfromeachother。Butthisissoonlybecausewehavemadetheveryexceptionalassumptionthattheworkingperiodandthetimeofcirculationformtwoequalhalvesoftheturnoverperiod。Inallothercases，whateverthedifferencebetweenthetwoconstituentsoftheperiodofturnover，themovementsofthetwocapitalscrosseachother，asinillustrationsIandIII，beginningwiththesecondperiodofturnover。TheadditionalcapitalII，withaportionofcapitalI，thenformsthecapitalfunctioninginthesecondturnoverperiod，whiletheremainderofcapitalIissetfreetoperformtheoriginalfunctionofcapitalII。Thecapitaloperatingduringthecirculationtimeofthecommodity-capitalisnotidentical，inthiscase，withthecapitalIIoriginallyadvancedforthispurpose，butitisofthesamevalueandformsthesamealiquotpartofthetotalcapitaladvanced。
Secondly:Thecapitalwhichfunctionedduringtheworkingperiodliesidleduringthetimeofcirculation。Inthesecondillustrationthecapitalfunctionsduringthe5weeksoftheworkingperiodandliesidleduringthe5weeksofthecirculationperiod。ThereforetheentiretimeduringwhichcapitalIliesidlehereamountstoonehalfoftheyear。
ItistheadditionalcapitalIIthatappearsduringthistimehaving，inthecasebeforeus，alsoinitsturnlainidlehalfayear。Buttheadditionalcapitalrequiredtoensurethecontinuityofproductionduringthetimeofcirculationisnotdeterminedbytheaggregatedamount，orsumtotal，ofthetimesofcirculationduringtheyear，butonlybytheratioofthetimeofcirculationtotheperiodofturnover。Weassume，ofcourse，thatalltheturnoverstakeplaceunderthesameconditions。Forthisreason£；500ofadditionalcapital，andnot£；2，500，arerequiredinthesecondillustration。Thisissimplyduetothefactthattheadditionalcapitalentersjustaswellintotheturnoverasthecapitaloriginallyadvanced，andthatitthereforemakesupitsmagnitudejustastheotherbythenumberofitsturnovers。
Thirdly:Thecircumstanceshereconsideredarenotaffectedbywhetherthetimeofproductionislongerthantheworkingtimeornot。
True，theaggregateoftheperiodsofturnoverisprolongedthereby，butthisextensiondoesnotnecessitateanyadditionalcapitalforthelabour-process。
Theadditionalcapitalservesmerelythepurposeoffillingthegapsinthelabour-processthatariseonaccountofthetimeofcirculation。Henceitistheresimplytoprotectproductionagainstinterruptions，originatinginthetimeofcirculation。Interruptionsarisingfromthespecificconditionsofproductionaretobeeliminatedinanotherway，whichneednotbediscussedatthispoint。Therearehoweverestablishmentsinwhichworkiscarriedononlyintermittently，toorder，sothattheremaybeintervalsbetweentheworkingperiods。Insuchcases，theneedforadditionalcapitalisprotantoeliminated。Ontheotherhandinmostcasesofseasonalworkthereisacertainlimitforthetimeofreflux。Thesameworkcannotberenewednextyearwiththesamecapital，ifthecirculationtimeofthiscapitalhasnot，inthemeantime，runout。Ontheotherhandthetimeofcirculationmayalsobeshorterthantheintervalbetweentwoperiodsofproduction。Inthateventthecapitalliesfallow，unlessitismeanwhileemployedotherwise。
Fourthly:Thecapitaladvancedforacertainworkingperiod——
forinstancethe£；600inthethirdillustration——isinvestedpartlyinrawandauxiliarymaterials，inaproductivesupplyfortheworkingperiod，inconstantcirculatingcapital，andpartlyinvariablecirculatingcapital，inthepaymentoflabouritself。Theportionlaidoutinconstantcirculatingcapital，maynotexistforthesamelengthoftimeintheformofaproductivesupply；therawmaterialforinstancemaynotbeonhandfortheentireworkingperiod，coalmaybeprocuredonlyeverytwoweeks。
However，ascreditisstilloutofthequestionhere，thisportionofcapital，insofarasitisnotavailableintheformofaproductivesupply，mustbekeptonhandintheformofmoneysothatitcanbeconvertedintoaproductivesupplyasandwhenneeded。Thisdoesnotalterthemagnitudeoftheconstantcirculatingcapital-valueadvancedfor6weeks。Ontheotherhand——regardlessofthemoney-supplyforunforeseenexpenses，thereservefundproperfortheeliminationofdisturbances——wagesarepaidinshorterintervals，mostlyweekly。Thereforeunlessthecapitalistcompelsthelabourertoadvancehislabourforalongertime，thecapitalrequiredforwagesmustbeonhandintheformofmoney。Duringtherefluxofthecapitalaportionmustthereforeberetainedinmoney-formforthepaymentofthelabour，whiletheremainingportionmaybeconvertedintoproductivesupply。
Theadditionalcapitalisdividedexactlyliketheoriginal。ButitisdistinguishedfromcapitalIbythefactthatapartfromcreditrelationsinordertobeavailableforitsownworkingperioditmustadvancedduringtheentiredurationofthefirstworkingperiodofcapitalI，intowhichitdoesnotenter。Duringthistimeitcanalreadybeconverted，atleastinpart，intoconstantcirculatingcapital，havingbeenadvancedfortheentireperiodofturnover。Towhatextentitassumesthisformorpersistsintheformofadditionalmoney-capitaluntilthisconversionbecomesnecessary，willdependpartlyonthespecialconditionsofproductionofdefinitelinesofbusiness，partlyonlocalconditions，partlyonthepricefluctuationsofrawmaterial，etc。Ifsocialcapitalisviewedinitsentirety，amoreorlessconsiderablepartofthisadditionalcapitalwillalwaysbeforaratherlongtimeinthestateofmoney-capital。ButasforthatportionofcapitalIIwhichistobeadvancedforwages，itisalwaysconvertedonlygraduallyintolabour-power，assmallworkingperiodsexpireandarepaidfor。ThisportionofcapitalII，then，isavailableintheformofmoney-capitalduringtheentireworkingperiod，untilbyitsconversionintolabour-powerittakepartinthefunctionofproductivecapital。
Consequently，theaccessionoftheadditionalcapitalrequiredforthetransformationofthecirculationtimeofcapitalIintotimeofproduction，increasesnotonlythemagnitudeoftheadvancedcapitalandthelengthoftimeforwhichtheaggregatecapitalmustnecessarilybeadvanced，butalso，andspecificallyso，thatportionoftheadvancedcapitalwhichexistsasmoney-supply，whichhenceexistsinthestateofmoney-capitalandhastheformofpotentialmoney-capital。
Thesamethingalsotakesplace——asfarasitconcernsboththeadvanceintheformofaproductivesupplyandinthatofamoney-
supply——whentheseparationofcapitalintotwopartsmadenecessarybythetimeofcirculation，namelyintocapitalforthefirstworkingperiodandreplacementcapitalforthetimeofcirculation，isnotcausedbytheincreaseofthecapitallaidoutbutbyadecreaseofthescaleofproduction。
Theamountofcapitaltiedupinthemoney-formgrowsherestillmoreinrelationtothescaleofproduction。
Whatisachievedingeneralbythisseparationofcapitalintoanoriginallyproductiveandanadditionalcapitalisacontinuoussuccessionoftheworkingperiods，theconstantfunctionofanequalportionoftheadvancedcapitalasproductivecapital。
Letuslookatthesecondillustration。Thecapitalcontinuouslyemployedintheprocessofproductionamountsto£；500。Astheworkingperiodis5weeksitoperatestentimesduring50weekstakenasayear。
Henceitsproduct，apartfromsurplus-value，is10times£；500，or£；5，000。Fromthestandpointofacapitalworkingdirectlyanduninterruptedlyintheprocessofproduction——acapital-valueof£；500——thetimeofcirculationseemstobebroughttonought。Theperiodofturnovercoincideswiththeworkingperiod，andthetimeofcirculationisassumedtobeequaltozero。
Butifthecapitalof£；500wereregularlyinterruptedinitsproductiveactivitybya5-weekcirculationtime，sothatitwouldagainbecomecapableofproductiononlyafterthecloseoftheentire10-weekturnoverperiod，weshouldhave5turnoversoftenweekseachinthe50
weeksoftheyear。Thesewouldcomprisefive5-weekperiodsofproduction，orasumof25productiveweekswithatotalproductworth5times£；500
or£；2，500，andfive5-weekperiodsofcirculation，oratotalcirculationtimeoflikewise25weeks。Ifwesayinthiscasethatthecapitalof£；500
hasbeenturnedover5timesintheyear，itwillbeclearandobviousthatduringhalfofeachperiodofturnoverthiscapitalof£；500
didnotfunctionatallasaproductioncapitalandthat，allinall，itperformeditsfunctionsonlyduringonehalfoftheyear，butdidnotfunctionatallduringtheotherhalf。
Inourillustrationthereplacementcapitalof£；500appearsonthesceneduringthosefiveperiodsofcirculationandtheturnoveristhusexpandedfrom£；2，500to£；5，000。Butnowtheadvancedcapitalis£；1，000insteadof£；500。5，000dividedby1，000is5。Hence，therearefiveturnoversinsteadoften。Andthatisjustthewaypeoplefigure。Butwhenitissaidthatthecapitalof£；1，000
hasbeenturnedoverfivetimesduringtheyear，therecollectionofthetimeofcirculationdisappearsfromthehollowskullsofthecapitalistsandaconfusedideaisformedthatthiscapitalhasservedcontinuouslyintheproductionprocesscuringthefivesuccessiveturnovers。Butifwesaythatthecapitalof£；1，000hasbeenturnedoverfivetimesthisincludesboththetimeofcirculationandthetimeofproduction。
Indeed，if£；1，000hadreallybeencontinuouslyactiveintheprocessofproduction，theproductwould，accordingtoourassumptions，havetobe£；10，000insteadof£；50，000。Butinordertohave£；1，000
continuouslyintheprocessofproduction，£；2，000wouldhavetobeadvanced。Theeconomists，whoasageneralrulehavenothingcleartosayinreferencetothemechanismoftheturnover，alwaysoverlookthismainpoint，towit，thatonlyapartoftheindustrialcapitalcanactuallybeengagedintheprocessofproductionifproductionistoproceeduninterruptedly。
Whileonepartisintheperiodofproduction，anothermustalwaysbeintheperiodofcirculation。Orinotherwords，onepartcanperformthefunctionofproductivecapitalonlyonconditionthatanotherpartiswithdrawnfromproductionproperintheformofcommodity-ormoney-capital。Inoverlookingthis，thesignificanceandroleofmoney-capitalisentirelyignored。
Wehavenowtoascertainwhatdifferencesintheturnoverariseifthetwosectionsoftheperiodofturnover，theworkingperiodandthecirculationperiod，areequal，oriftheworkingperiodisgreaterorsmallerthanthecirculationperiod，and，furthermore，whateffectthishasonthetie-upofcapitalintheformofmoney-capital。
Weassumethecapitaladvancedweeklytobeinallcases£；100，andtheperiodofturnover9weeks，sothatthecapitaltobeadvancedineachperiodofturnoveris£；900。
I。THEWORKINGPERIODEQUALTOTHECIRCULATIONPERIODAlthoughthiscaseoccursinrealityonlyasanaccidentalexception，itmustserveasourpointofdepartureinthisinvestigation，becausehererelationsshapethemselvesinthesimplestandmostintelligibleway。
ThetwocapitalscapitalIadvancedforthefirstworkingperiod，andsupplementalcapitalII，whichfunctionsduringthecirculationperiodofcapitalIrelieveoneanotherintheirmovementswithoutcrossing。
Withtheexceptionofthefirstperiod，eitherofthetwocapitalsisthereforeadvancedonlyforitsownperiodofturnover。Lettheperiodofturnoverbe9weeks，asindicatedinthefollowingillustrations，sothattheworkingperiodandthecirculationperiodareeach41/2weeks。Thenwehavethefollowingannualdiagram。
TableICAPITALI
PeriodsofTurnoverWorkingPeriodsAdvancePeriodsofCirculationI。1st-9thweekII。10th-18th”
III。19th-27th”
IV。28th-36th”
V。37th-45th”
VI。46th-[54th]”1st-4th1/2week10th-13th1/2”
19th-22nd1/2”
28th-31st1/2”
37th-40th1/2”
46th-49th1/2”£；450
£；450
£；450
£；450
£；450
£；4504th1/2-9thweek13th1/2-18th”
22nd1/2-27th”
31st1/2-36th”
40th1/2-45th”
49th1/2-[54th]”[31]CAPITALII
PeriodsofTurnoverWorkingPeriodsAdvancePeriodsofCirculationI。1st-9thweekII。10th-18th”
III。19th-27th”
IV。28th-36th”
V。37th-45th”
VI。46th-[54th]”4th1/2-9thweek13th1/2-18th”
22nd1/2-27th”
31st1/2-36th”
40th1/2-45th”
49th1/2-[54th]”£；450
£；450
£；450
£；450
£；450
£；45010th-13th1/2week19th-22nd1/2”
28th-31st1/2”
37th-40th1/2”
46th-49th1/2”
[55th-58th1/2]”Withinthe51weekswhichherestandforoneyear，capitalIrunsthroughsixfullworkingperiods，producing6times450，or£；2，700worthofcommodities，andcapitalIIproducinginfivefullworkingperiods5
times£；450，or£；2，250worthofcommodities。Inaddition，capitalIIproduced，withinthelastoneandahalfweeksoftheyearmiddleofthe50thtotheendofthe51stweek，anextra£；150worth。Theaggregateproductin51weeksisworth£；5，100。Sofarasthedirectproductionofsurplus-valueisconcerned，whichtakesplaceonlyduringtheworkingperiod，theaggregatecapitalof£；900wouldhavebeenturnedover52/3times52/3times900equals£；5，100。Butifweconsidertherealturnover，capitalIhasbeenturnedover52/3times，sinceatthecloseofthe51stweekitstillhas3weekstogoofitssixthperiodofturnover；52/3times450makes£；2，550；andcapitalIIturnedover51/6times，sinceithascompletedonly11/2weeksofitssixthperiodofturnover，sothat71/2weeksofitrunintothenextyear；5
1/6times450makes£；2，325；realaggregateturnover:£；4，875。
LetusconsidercapitalIandcapitalIIastwocapitalswhollyindependentofoneanother。Theyareentirelyindependentintheirmovements；
thesemovementscomplementoneanothermerelybecausetheirworkingandcirculatingperiodsdirectlyrelieveoneanother。Theymayberegardedastwototallyindependentcapitalsbelongingtodifferentcapitalists。
CapitalIhascompletedfivefullturnoversandtwo-thirdsofitssixthturnoverperiod。Attheendoftheyearithastheformofcommodity-capital，whichisthreeweeksshortofitsnormalrealisation。Duringthistimeitcannotenterintotheprocessofproduction。Itfunctionsascommodity-capital，itcirculates。Ithascompletedonlytwo-thirdsofitslastperiodofturnover。
Thisisexpressedasfollows:Ithasbeenturnedoveronlytwo-thirdsofatime，onlytwo-thirdsofitstotalvaluehaveperformedacompleteturnover。
Wesaythat£；450completetheirturnoverin9weeks，hence£；300
doin6weeks。Butinthismodeofexpressiontheorganicrelationsbetweenthetwospecificallydifferentcomponentsoftheturnovertimeareignored。
Theexactmeaningoftheexpressionthattheadvancedcapitalof£；450
hasmade52/3turnoversismerelythatithasaccomplishedfiveturnoversfullyandonlytwo-thirdsofthesixth。Ontheotherhandtheexpressionthattheturned-overcapitalequals52/3timestheadvancedcapital——
hence，intheabovecase，52/3times£；450，making£；2，550——
iscorrect，meaningthatunlessthiscapitalof£；450werecomplementedbyanothercapitalof£；450，oneportionofitwouldhavetobeintheprocessofproductionwhileanotherintheprocessofcirculation。
Ifthetimeofturnoveristobeexpressedintermsofthecapitalturnedover，itcanalwaysbeexpressedonlyintermsofexistingvalueinfact，offinishedproduct。Thecircumstancethattheadvancedcapitalisnotinaconditioninwhichitmayre-opentheprocessofproductionfindsexpressioninthefactthatonlyapartofitisinastatecapableofproductionorthat，inordertobeinastateofuninterruptedproduction，thecapitalwouldhavetobedividedintoaportionwhichwouldbecontinuallyintheperiodofproductionandintoanotherwhichwouldbecontinuallyintheperiodofcirculation，dependingupontherelationoftheseperiodstoeachother。Itisthesamelawwhichdeterminesthequantityoftheconstantlyfunctioningproductivecapitalbytheratioofthetimeofcirculationtothetimeofturnover。
Bytheendofthe51stweek，whichweregardhereastheendoftheyear，£；150ofcapitalIIhavebeenadvancedtotheproductionofanunfinishedlotofgoods。Anotherpartofitexistsintheformofcirculatingconstantcapital——rawmaterials，etc——i。e。，inaforminwhichitcanfunctionasproductivecapitalintheproductionprocess。
Butathirdpartofitexistsintheformofmoney，atleasttheamountofthewagesfortheremainderoftheworkingperiod3weeks，whichisnotpaid，however，untiltheendofeachweek。Now，althoughatthebeginningofanewyear，henceofanewturnovercycle，thisportionofthecapitalisnotintheformofproductivecapitalbutinthatofmoney-capital，inwhichitcannottakepartintheprocessofproduction，attheopeningofthenewturnovercirculatingvariablecapital，i。e。，livinglabour-power，isneverthelessactiveintheprocessofproduction。Thisisduetothefactthatlabour-powerisnotpaiduntiltheendoftheweek，althoughboughtatthebeginningoftheworkingperiod，say，perweek，andsoconsumed。
Moneyserveshereasameansofpayment。Forthisreasonitisstillasmoneyinthehandsofthecapitalist，ontheonehand，while，ontheotherhand，labour-power，thecommodityintowhichmoneyisbeingtransformed，isalreadyactiveintheprocessofproduction，sothatthesamecapital-valueappearsheredoubly。
Ifwelookmerelyattheworkingperiods，capitalIproduces6times450，or£；2，700capitalIIproduces51/3times450，or£；2，400——Hencetogether51/3times900，or£；5，100。
Hencethetotaladvancedcapitalof£；900hasfunctioned52/3
timesthroughouttheyearasproductivecapital。Itisimmaterialfortheproductionofthesurplus-valuewhethertherearealways£；450intheproductionprocessandalways£；450inthecirculationprocess，orwhether£；900function41/2weeksintheprocessofproductionandthefollowing41/2weeksintheprocessofcirculation。
Ontheotherhand，ifweconsidertheperiodsofturnover，therehasbeenturnedover:
capitalI，52/3times450，or£；2，550capitalII，51/6times450，or£；2，325——Hencethetotalcapital55/12times900，or£；4，875。
ForthenumberofturnoversofthetotalcapitalisequaltothesumoftheamountsturnedoverbyIandII，dividedbythesumofIandII。
ItistobenotedthatifcapitalsIandIIwereindependentofeachothertheywouldneverthelessformmerelydifferentindependentportionsofthesocialcapitaladvancedinthesamesphereofproduction。HenceifthesocialcapitalwithinthissphereofproductionwerecomposedsolelyofIandII，thesamecalculationwouldapplytotheturnoverofthesocialcapitalinthissphereasappliesheretotheconstituentpartsIandII
ofthesameprivatecapital。Goingfurther，everyportionoftheentiresocialcapitalinvestedinanyparticularsphereofproductionmaybesocalculated。Butinthelastanalysis，thenumberofturnoversmadebytheentiresocialcapitalisequaltothesumofthecapitalsturnedoverinthevariousspheresofproductiondividedbythesumofthecapitalsadvancedinthosespheres。
ItmustfurtherbenotedthatjustascapitalsIandIIinthesameprivatebusinesshaveherestrictlyspeakingdifferentturnoveryearsthecycleofturnoverofcapitalIIbeginning41/2weekslaterthanthatofcapitalI，sothattheyearofIends41/2weeksearlierthanthatofII，sothevariousprivatecapitalsinthesamesphereofproductionbegintheiroperationsattotallydifferentperiodsandthereforeconcludetheirturnoveryearsatdifferenttimesoftheyear。ThesamecalculationofaveragesthatweemployedaboveforIandIIsufficesalsoheretobringdowntheturnoveryearsofthevariousindependentportionsofthesocialcapitaltooneuniformturnoveryear。
II。THEWORKINGPERIODGREATERTHANTHEPERIODOFCIRCULATIONTheworkingandturnoverperiodsofcapitalsIandIIcrossoneanotherinsteadofrelievingoneanother。Simultaneouslysomecapitalissetfree。
Thiswasnotsointhepreviouslyconsideredcase。
Butthisdoesnotalterthefactthat，asbefore，1thenumberofworkingperiodsofthetotalcapitaladvancedisequaltothesumofthevalueoftheannualproductofbothadvancedportionsofcapitaldividedbythetotalcapitaladvanced，and2thenumberofturnoversmadebythetotalcapitalisequaltothesumofthetwoamountsturnedoverdividedbythesumofthetwoadvancedcapitals。Heretoowemustconsiderbothportionsofcapitalasiftheyperformedturnovermovementsentirelyindependentofeachother。
Thus，weassumeoncemore，that£；100aretobeadvancedweeklytothelabour-process。Lettheworkingperiodlast6weeks，requiringthereforeeverytimeanadvanceof£；600capitalI。Letthetimeofcirculationbe3weeks，sothattheperiodofturnoveris9weeks，asbefore。LetcapitalIIof£；300stepinduringthethree-weekcirculationperiodofcapitalI。Consideringbothcapitalsasindependentofeachother，wefindthescheduleoftheannualturnovertobeasfollows:
TableIICAPITALI，£；600
PeriodsofTurnoverWorkingPeriodsAdvancePeriodsofCirculationI。1st-9thweekII。10th-18th”
III。19th-27th”
IV。28th-36th”
V。37th-45th”
VI。46th-[54th]”1st-6thweek10th-15th”
19th-24th”
28th-33rd”
37th-42nd”
46th-51st”£；600
£；600
£；600
£；600
£；600
£；6007th-9thweek16th-18th”
25th-27th”
34th-36th”
43rd-45th”
[52nd-54th]”ADDITIONALCAPITALII，£；300
PeriodsofTurnoverWorkingPeriodsAdvancePeriodsofCirculationI。7th-15thweekII。16th-24th”
III。25th-33rd”
IV。34th-42nd”
V。43rd-51st”7th-9thweek16th-18th”
25th-27th”
34th-36th”
43rd-45th”£；300
£；300
£；300
£；300
£；30010th-15thweek19th-24th”
28th-33rd”
37th-42nd”
46th-51st”Theprocessofproductioncontinuesuninterruptedlythewholeyearroundonthesamescale。ThetwocapitalsIandIIremainentirelyseparate。
Butinordertorepresentthemasseparate，wehadtotearaparttheirrealintersectionsandintertwinings，andthusalsotochangethenumberofturnovers。Foraccordingtotheabovetabletheamountsturnedoverwouldbe:
bycapitalI，52/3times600，or£；3，400andbycapitalII，5times300，or£；1，500——Hencebythetotalcapital54/9times900，or£；4，900。
Butthisisnotcorrect，for，asweshallsee，theactualperiodsofproductionandcirculationdonotabsolutelycoincidewiththoseoftheaboveschedule，inwhichitwasmainlyaquestionofpresentingcapitalsIandIIasindependentofeachother。
Inreality，capitalIIhasnoworkingandcirculatingperiodsseparateanddistinctfromthoseofcapitalI。Theworkingperiodis6
weeks，thecirculationperiod3weeks。SincecapitalIIamountstoonly£；300，itcansufficeonlyforapartoftheworkingperiod。Thisisindeedthecase。Attheendofthe6thweekaproductvaluedat£；600
passesintocirculationandreturnsinmoney-formatthecloseofthe9thweek。Then，attheopeningofthe7thweek，capitalIIbeginsitsactivity，andcoverstherequirementsofthenextworkingperiod，the7thto9thweek。Butaccordingtoourassumptiontheworkingperiodisonlyhalfupattheendofthe9thweek。HencecapitalIof£；600havingjustreturned，atthebeginningofthe10thweek，oncemoreentersintooperationandwithits£；300suppliestheadvancesneededforthe10thto12thweek。
Thisdisposesofthesecondworkingperiod。Aproductvalueof£；600
isincirculationandwillreturnatthecloseofthe15thweek。Atthesametime，£；300，theamountoftheoriginalcapitalII，aresetfreeandareabletofunctioninthefirsthalfofthefollowingworkingperiod，thatistosay，inthe13thto15thweek。Afterthelapseoftheseweeksthe£；600return；£；300ofthemsufficefortheremainderoftheworkingperiod，and£；300remainforthefollowingworkingperiod。
Thethingthereforeworksasfollows:
Firstperiodofturnover:1st-9thweek。1stworkingperiod:1st-6thweek。CapitalI，£；600，performsitsfunction。1stperiodofcirculation:7th-9thweek。Endof9thweek，£；600return。Secondperiodofturnover:7th-15thweek。2ndworkingperiod:7th-12thweek。
Firsthalf:7th-9thweek。CapitalII，£；300，performsitsfunction。
Endof9thweek，£；600returninmoney-formcapitalI。
Secondhalf:10th-12thweek。£；300ofcapitalIperformtheirfunction。Theother£；300ofcapitalIremainfreed。2ndperiodofcirculation:13th-15thweek。
Endof15thweek，£；600halftakenfromcapitalI，halffromcapitalIIreturnintheformofmoney。Thirdperiodofturnover；13-21stweek。3rdworkingperiod:13th-18thweek。
Firsthalf:13th-15thweek。Thefreed£；300performtheirfunction。
Endof15thweek，£；600returninmoney-form。
Secondhalf:16th-18thweek，£；300ofthereturned£；600
function，theother£；300againremainfreed。3rdperiodofcirculation:19th-21stweekatthecloseofwhich£；600
againreturninmoney-form。Inthese£；600capitalIandcapitalII
arenowindistinguishablyfused。Andsothereareeightfullturnoverperiodsofacapitalof£；600
I:1st-9thweek；II:7th-15thweek；III:13th-21st；IV:19th-27th；V:
25th-33rd；VI:31st-39th；VII:37th-45th；VIII:43rd-51stweektotheendofthe51stweek。Butasthe49th-51stweeksfallwithintheeighthperiodofcirculation，the£；300offreedcapitalmuststepinandkeepproductiongoing。Thustheturnoverattheendoftheyearisasfollows:
£；600havecompletedtheircircuiteighttimes，making£；4，800。
Inadditionwehavetheproductofthelast3weeks49th-51st，which，however，hascompletedonlyone-thirdofitscircuitof9weeks，sothatinthesumturnedoveritcountsforonlyone-thirdofitsamount，£；100。
If，then，theannualproductof51weeksis£；5，100，thecapitalturnedoverisonly4，800plus100，or£；4，900。Thetotalcapitaladvanced，£；900，hasthereforebeenturnedover54/9times，atriflemorethaninthefirstcase。
Inthepresentexampleweassumedacaseinwhichtheworkingtimewas2/3andthecirculationtime1/3oftheperiodofturnover，i。e。，theworkingtimewasasimplemultipleofthecirculationtime。Thequestionnowiswhethercapitalislikewisesetfree，inthewayshownabove，whenthisassumptionisnotmade。
Letusassumeaworkingof5weeks，acirculationtimeof4weeks，andacapitaladvanceof£；100perweek。
Firstperiodofturnover:1st-9thweek。1stworkingperiod:1st-5thweek。CapitalI，or£；500，performsitsfunction。1stcirculationperiod:6th-9thweek。Endof9thweek，£；500returninmoney-form。Secondperiodofturnover:6th-14thweek。2ndworkingperiod:6th-10thweek。
Firstsection:6th-9thweek。CapitalII，of£；400，performsitsfunction。Endof9thweek，capitalIof£；500returnsinmoney-form。
Secondsection:10thweek。£；100ofthereturned£；500performtheirfunction。Theremaining£；400aresetfreeforthefollowingworkingperiod。2ndcirculationperiod:11th-14thweek。Endof14thweek。£；500returninmoney-form。Uptotheendofthe14thweek11th-14th，the£；400setfreeaboveperformtheirfunction；£；100ofthe£；500thenreturnedfilltherequirementsofthethirdworkingperiod11th-15thweeksothat£；400
areoncemorereleasedforthefourthworkingperiod。Thesamethingisrepeatedineveryworkingperiod；atitsbeginning£；40arereadyathand，sufficingforthefirst4weeks。Endofthe4thweek，£；500
returninmoney-form，only£；100ofwhichareneededforthelastweek，whiletheother£；400remainfreeforthenextworkingperiod。
Letusfurtherassumeaworkingperiodof7weeks，withacapitalIof£；700；acirculationperiodof2weeks，withacapitalIIof£；200。
Inthatcasethefirstperiodofturnoverlastsfromthe1sttothe9thweek；itsfirstworkingperiodfromthe1sttothe7thweek，withanadvanceof£；700，itsfirstcirculationperiodfromthe8thtothe9thweek。Endofthe9thweek，£；700flowbackinmoney-form。
Thesecondperiodofturnover，fromthe8thtothe16thweek，containsthesecondworkingperiodofthe8thtothe14thweek。Therequirementsofthe8thand9thweeksofthisperiodarecoveredbycapitalII。Endofthe9thweek，theabove£；700return。Uptothecloseofthisworkingperiod10th-14thweek，£；500ofthissumareusedup；£；200
remainfreeforthenextworkingperiod。Thesecondcirculationperiodlastsfromthe15thtothe16thweek。Endofthe16thweek£；700returnoncemore。Fromnowon，thesamethingisrepeatedineveryworkingperiod。
Theneedforcapitalduringthefirsttwoweeksiscoveredbythe£；200
setfreeatthecloseoftheprecedingworkingperiod；atthecloseofthesecondweek£；700return；butonly5weeksremainoftheworkingperiod，sothatitcanconsumeonly£；500；therefore£；200alwaysremainfreeforthenextworkingperiod。
Wefind，then，thatinthegivencase，wheretheworkingperiodhasbeenassumedtobegreaterthanthecirculationperiod，amoney-capitalwillatalleventshavebeensetfreeatthecloseofeachworkingperiod，whichisofthesamemagnitudeascapitalIIadvancedforthecirculationperiod。InourthreeillustrationscapitalIIwas£；300inthefirst，£；400inthesecond，and£；200inthird。Accordingly，thecapitalsetfreeatthecloseofeachworkingperiodwas£；300，£；400
and£；200respectively。
III。THEWORKINGPERIODSMALLERTHANTHECIRCULATIONPERIODWebeginbyassumingoncemoreaperiodofturnoverof9weeks，ofwhich3weeksareassignedtotheworkingperiodwithanavailablecapitalI
of£；300。Letthecirculationperiodbe6weeks。Forthese6weeks，anadditionalcapitalof£；600isrequired，whichwemaydivideinturnintotwocapitalsof£；300，eachofthemmeetingtherequirementsofoneworkingperiod。Wethenhavethreecapitalsof£；300each，ofwhich£；300arealwaysengagedinproduction，while£；600
circulate。
TableIIICAPITALI
PeriodsofTurnoverWorkingPeriodsPeriodsofCirculationI。1st-9thweekII。10th-18th”
III。19th-27th”
IV。28th-36th”
V。37th-45th”
VI。46th-[54th]”1st-3rdweek10th-12th”
19th-21st”
28th-30th”
37th-39th”
46th-48th”4th-9thweek13th-18th”
22nd-27th”
31st-36th”
40th-45th”
49th-[54th]”CAPITALII
PeriodsofTurnoverWorkingPeriodsPeriodsofCirculationI。4th-12thweekII。13th-21st”
III。22nd-30th”
IV。31st-39th”
V。40th-48th”
VI。49th-[57th]”4th-6thweek13th-15th”
22nd-24th”
31st-33rd”
40th-42nd”
49th-51st”7th-12thweek16th-21st”
25th-30th”
34th-39th”
43rd-48th”
51st-[57th]”CAPITALIII
PeriodsofTurnoverWorkingPeriodsPeriodsofCirculationI。7th-15thweekII。16th-24th”
III。25th-33rd”
IV。34th-42nd”
V。43rd-51st”7th-9thweek16th-18th”
25th-27th”
34th-36th”
43rd-45th”10th-15thweek19th-24th”
28th-33rd”
37th-42nd”
46th-51st”WehaveheretheexactcounterpartofCaseI，withtheonlydifferencethatnowthreecapitalsrelieveoneanotherinsteadoftwo。Thereisnointersectionorintertwiningofcapitals。Eachoneofthemcanbetracedseparatelytotheendoftheyear。JustasinCaseI，nocapitalissetfreeatthecloseofaworkingperiod，CapitalIiscompletelylaidoutattheendofthe3rdweek，returnsentirelyattheendofthe9th，andresumesitsfunctionsatthebeginningofthe10thweek。SimilarlywithcapitalsIIandIII。Theregularandcompletereliefexcludesanyreleaseofcapital。
Thetotalturnoverisasfollows:
capitalI，£；300times52/3，or£；1，700capitalII，£；300times51/3，or£；1，600capitalIII，£；300times5
，or£；1，500——Totalcapital，£；900times51/3，or£；4，800
Letusnowalsotakeanillustrationinwhichthecirculationperiodisnotanexactmultipleoftheworkingperiod。Forinstance，workingperiod——4weeks，circulationperiod——5weeks。Thecorrespondingamountsofcapitalwouldthenbe:capitalI——£；400；capitalII——£；400；
capitalIII——£；100。Wepresentonlythefirstthreeturnovers。
TableIVCAPITALI
PeriodsofTurnoverWorkingPeriodsPeriodsofCirculationI。1st-9thweekII。9th-17th”
III。18th-25th”1st-4thweek9。10th-12th”
17。18th-20th”5th-9thweek13th-17th”
21st-25th”CAPITALII
PeriodsofTurnoverWorkingPeriodsPeriodsofCirculationI。5th-13thweekII。13th-21st”
III。21st-29th”5th-8thweek13。14th-16th”
21。22nd-24th”9th-13thweek17th-21st”
25th-29th”CAPITALIII
PeriodsofTurnoverWorkingPeriodsPeriodsofCirculationI。9th-17thweekII。17th-25th”
III。25th-33rd”9thweek17th”
25th”10th-17thweek18th-25th”
26th-33rd”ThereisinthiscaseanintertwiningofcapitalsinsofarastheworkingperiodofcapitalII，whichhasnoindependentworkingperiod，becauseitsufficesforonlyoneweek，coincideswiththefirstworkingweekofcapitalI。Ontheotherhandanamountof£；100，equaltocapitalIII，issetfreeatthecloseoftheworkingperiodofbothcapitalIandII。ForifcapitalIIIfillsupthefirstweekofthesecondandallsucceedingworkingperiodsofcapitalIand£；400，theentirecapitalI，returnatthecloseofthisfirstweek，thenonly3weeksandacorrespondingcapitalinvestmentof£；300willremainfortherestoftheworkingperiodofcapitalI。The£；200thussetfreesufficeforthefirstweekoftheimmediatelyfollowingworkingperiodofcapitalII；attheendofthatweektheentirecapitalIIof£；400returns。Butsincetheworkingperiodalreadystartedcanabsorbonlyanother£；300，£；100areoncemoredisengagedatitsclose。Andsoforth。Wehave，then，areleaseofcapitalatthecloseofaworkingperiodwheneverthecirculationperiodisnotasimplemultipleoftheworkingperiod。Andthisliberatedcapitalisequaltothatportionofthecapitalwhichhastofilluptheexcessofthecirculationperiodovertheworkingperiodoroveramultipleofworkingperiods。
Inallcasesinvestigateditwasassumedthatboththeworkingperiodandthecirculationperiodremainthesamethroughouttheyearinanyofthebusinesseshereexamined。Thisassumptionwasnecessaryifwewishedtoascertaintheinfluenceofthetimeofcirculationontheturnoverandadvancementofcapital。Thatinrealitythisassumptionisnotsounconditionallyvalid，andthatitfrequentlyisnotvalidatalldoesnotalterthecaseintheleast。
Inthisentiresectionwehavediscussedonlytheturnoversofthecirculatingcapital，notthoseofthefixed，forthesimplereasonthatthequestionatissuehasnothingtodowithfixedcapital。Theinstrumentsoflabour，etc。，employedintheprocessofproductionformonlyfixedcapital，inasmuchastheirtimeofemploymentexceedstheperiodofturnoverofthecirculatingcapital；inasmuchastheperiodoftimeduringwhichtheseinstrumentsoflabourcontinuetoserveinperpetuallyrepeatedlabour-processesisgreaterthantheperiodofturnoverofthecirculatingcapital，andhenceequaltothenperiodsofturnoverofthecirculatingcapital。Regardlessofwhetherthetotaltimerepresentedbythesenperiodsofturnoverofthecirculatingcapitalislongerorshorter，thatportionoftheproductivecapitalwhichwasadvancedforthistimeinfixedcapitalisnotadvancedanewduringitscourse。Itcontinuesitsfunctionsinitsolduse-form。
Thedifferenceismerelythis:Inproportiontothevaryinglengthofasingleworkingperiodofeachperiodofturnoverofthecirculatingcapital，thefixedcapitalgivesupagreaterorsmallerpartofitsoriginalvaluetotheproductofthatworkingperiod，andproportionallytothedurationofthecirculationtimeofeachperiodofturnoverthisvalue-partofthefixedcapitalgivenuptotheproductreturnsquickerorslowerinmoney-form。Thenatureofthesubjectwearediscussinginthissection——theturnoverofthecirculatingportionofproductivecapital——derivesfromtheverynatureofthisportion。Thecirculatingcapitalemployedinaworkingperiodcannotbeappliedinanewworkingperioduntilithascompleteditsturnover，untilithasbeentransformedintocommodity-capital，fromthatintomoney-capital，andfromthatbackintoproductivecapital。
Hence，inorderthatthefirstworkingperiodmaybeimmediatelyfollowedbyasecond，capitalmustbeadvancedanewandconvertedintothecirculatingelementsofproductivecapital，anditsquantitymustbesufficienttofillthevoidoccasionedbythecirculationperiodofthecirculatingcapitaladvancedorthefirstworkingperiod。Thisisthesourceoftheinfluenceexertedbythelengthoftheworkingperiodofthecirculatingcapitaloverthescaleofthelabour-processandthedivisionoftheadvancedcapitalortheadditionofnewportionsofcapital。Thiswaspreciselywhatwehadtoexamineinthissection。
IV。CONCLUSION>FromtheprecedinginvestigationitfollowsthatA。Thedifferentportionsintowhichcapitalmustbedividedinorderthatonepartofitmaybecontinuallyintheworkingperiodwhileothersareintheperiodofcirculation，relieveoneanother，likedifferentindependentindividualcapitals，intwocases:1whentheworkingperiodisequaltotheperiodofcirculation，sothattheperiodofturnoverisdividedintotwoequalsections；2whentheperiodofcirculationislongerthantheworkingperiod，butatthesametimeisasimplemultipleoftheworkingperiod，sothatoneperiodofcirculationisequaltonworkingperiods，inwhichcasenmustbeawholenumber。Inthesecasesnoportionofthesuccessivelyadvancedcapitalissetfree。
B。Ontheotherhandinallcasesinwhich1theperiodofcirculationislongerthantheworkingperiodwithoutbeingasimplemultipleofit，and2inwhichtheworkingperiodislongerthanthecirculationperiod，aportionofthetotalcirculatingcapitalissetfreecontinuallyandperiodicallyatthecloseofeachworkingperiod，beginningwiththesecondturnover。Thisfreedcapitalisequaltothatportionofthetotalcapitalwhichhasbeenadvancedforthecirculationperiod，providedtheworkingperiodislongerthantheperiodofcirculation；andequaltothatportionofthecapitalwhichhastofilluptheexcessofthecirculationperiodovertheworkingperiodoroveramultipleofworkingperiods，providedthecirculationperiodislongerthantheworkingperiod。
C。Itfollowsthatfortheaggregatesocialcapital，sofarasitscirculatingpartisconcerned，thereleaseofcapitalmustbetherule，whilethemerealternationofportionsofcapitalfunctioningsuccessivelyintheproductionprocessmustbetheexception。Fortheequalityoftheworkingandcirculationperiods，ortheequalityoftheperiodofcirculationandasimplemultipleoftheworkingperiod，thisregularproportionalityofthetwocomponentsoftheperiodofturnoverhasabsolutelynothingtodowiththenatureofthecaseandforthisreasonitcanoccuronthewholeonlyasamatterofexception。
Averyconsiderableportionofthesocialcirculatingcapital，whichisturnedoverseveraltimesayear，willthereforeperiodicallyexistintheformofreleasedcapitalduringtheannualturnovercycle。
Itisfurthermoreevidentthat，allothercircumstancesbeingequal，themagnitudeofthereleasedcapitalgrowswiththevolumeofthelabour-processorwiththescaleofproduction，hencewiththedevelopmentofcapitalistproductioningeneral。InthecasecitedunderB，2，becausethetotaladvancedcapitalincreases；inB1，becausewiththedevelopmentofcapitalistproductionthelengthoftheperiodofcirculationgrows，hencealsotheperiodofturnoverinthosecaseswheretheworkingperiodislessthantheperiodofcirculation，andthereisnoregularratiobetweenthetwoperiods。
Inthefirstcaseforinstancewehadtoinvest£；100perweek。Thisrequired£；600foraworkingperiodof6weeks，£；300
foracirculationperiodof3weeks，totalling£；900。Inthatcase£；300arereleasedcontinually。Ontheotherhandif£；300areinvestedweekly，wehave£；1，800fortheworkingperiodand£；900
forthecirculationperiod。Hence£；900forthecirculationperiod。
Hence£；900insteadof£；300areperiodicallysetfree。
D。Atotalcapitalof，say£；900mustbedividedintotwoportions，asabove，£；600fortheworkingperiodand£；300
fortheperiodofcirculation。Thatportionwhichisreallyinvestedinthelabour-processisthusreducedbyone-third，from£；900to£；600；
consequently，thescaleofproductionisdiminishedbyone-third。Ontheotherhandthe£；300functiononlytomaketheworkingperiodcontinuous，inorderthat£；100maybeinvestedeveryweekoftheyearinthelabour-process。
Abstractlyspeaking，itisallthesamewhether£；600workduring6times8，or48，weeksproduct£；4，800orwhetherthetotalcapitalof£；900isexpendedduring6weeksinthelabour-processandthenliesidleduringthe3-weekperiodofcirculation。Inthelattercase，itwouldbeworking，inthecourseofthe48weeks，51/3times6，or32weeksproduct51/3times900，or£；4，800，andlieidlefor16weeks。But，apartfromthegreaterspoilageofthefixedcapitalduringtheidle16weeksandapartfromtheappreciationoflabour，whichmustbepaidduringtheentireyear，evenifemployedonlyduringapartofit，sucharegularinterruptionoftheprocessofproductionisaltogetherirreconcilablewiththeoperationsofmodernbigindustry。Thiscontinuityisitselfaproductivepoweroflabour。
Now，ifwetakeacloserlookatthereleased，orrathersuspended，capital，wefindthataconsiderablepartofitmustalwaysbeintheformofmoney-capital。Letusadheretoourillustration:Workingperiod——
6weeks，periodofcirculation——3weeks，investmentperweek——£；100。
Inthemiddleofthesecondworkingperiod，endofthe9thweek，£；600
return，andonly£；300ofthemmustbeinvestedfortheremainderoftheworkingperiod。Attheendofthesecondworkingperiod，£；300
arethereforereleased。Inwhatstatearethese£；300？Weshallassumethat1/3isinvestedforwagesand2/3areforrawandauxiliarymaterials。
Then£；200ofthereturned£；600existintheformofmoneyforwagesand£；400intheformofproductivesupply，intheformofelementsoftheconstantcirculatingproductivecapital。Butsinceonlyonehalfofthisproductivesupplyisrequiredforthesecondhalfofthesecondworkingperiod，theotherhalfexistsfor3weeksintheformofasurplusproductivesupply，i。e。，ofasupplyexceedingtherequirementsofoneworkingperiod。Butthecapitalistknowsthatheneedsonlyonehalf，or£；200，ofthisportion£；400ofthereturnedcapitalforthecurrentworkingperiod。Itwillthereforedependonmarketconditionswhetherhewillimmediatelyreconvertthese£；200，inwholeorinpart，intoasurplusproductivesupply，orkeepthementirelyorpartiallyintheformofmoney-capitalinanticipationofamorefavourablemarket。Ontheotherhanditgoeswithoutsayingthattheportiontobelaidoutforwages£；200isretainedintheformofmoney。Thecapitalistcannotstorelabour-powerinwarehousesafterhehasboughtit，ashemaydowiththerawmaterial。Hemustincorporateitintheprocessofproductionandpayforitattheendoftheweek。Atanyratethese£；100ofthereleasedcapitalof£；300willthereforehavetheformofmoney-capitalsetfree，i。e。，notrequiredfortheworkingperiod。Thecapitalreleasedintheformofmoney-capitalmustthereforebeatleastequaltothevariableportionofcapitalinvestedinwages。Atamaximum，itmaycomprisetheentirereleasedcapital。Inrealityitfluctuatesconstantlybetweenthisminimumandmaximum。
Themoney-capitalthusreleasedbythemeremechanismoftheturnovermovementtogetherwiththatfreedbythesuccessiverefluxoffixedcapitalandthatrequiredineverylabour-processforvariablecapitalmustplayanimportantroleassoonasthecreditsystemdevelopsandmustatthesametimeformoneofthelatter’sfoundations。
Letusassumethatthetimeofcirculationinourillustrationisshortenedfrom3to2weeks。Thisisnottobeanormalchange，butdue，say，toprosperoustimes，shortertermsofpayment，etc。Thecapitalof£；600，whichislaidoutduringtheworkingperiod，returnsoneweekearlierthanneed。Itisthereforereleasedforthisweek。Furthermore，inthemiddleoftheworkingperiod，asbefore，£；300arereleasedaportionofthose£；600，butfor4weeksinsteadof3。Therearethen，onthemoney-market£；600foroneweekand£；300for4
insteadof3weeks。Asthisconcernsnotonecapitalistalonebutmanyandoccursinvariousperiodsindifferentbusinesses，moreavailablemoney-capitalmakesitsappearanceinthemarket。Ifthisconditionslastsforsometime，productionwillbeexpandedwhereverfeasible。Capitalistsoperatingonborrowedmoneywillexerciselessdemandonthemoney-market，whicheasesitasmuchasincreasedsupply；orfinallythesumswhichhavebecomesuperfluousforthemechanismarethrowndefinitelyonthemoney-market。
Inconsequenceofthecontractionofthetimeofcirculationfrom3weeksto2，andconsequentlyoftheperiodofturnoverfrom9weeksto8，one-ninthofthetotalcapitaladvancedbecomessuperfluous。The6-weekworkingperiodcannowbekeptgoingascontinuouslywith£；800asformerlywith£；900。Oneportionofthevalueofthecommodity-capital，equalto£；100，onceithasbeenreconvertedintomoney，persiststhereforeinthestateofmoney-capitalwithoutperforminganymorefunctionsasapartofthecapitaladvancedfortheprocessofproduction。Whilethescaleofproductionandotherconditions，suchasprices，etc。，remainthesame，thesumofvalueoftheadvancedcapitalisreducedfrom£；900
to£；800。Theremainderoftheoriginallyadvancedvalueamountingto£；100iseliminatedintheformofmoney-capital。Assuchitentersthemoney-marketandformsanadditionalportionofthecapitalsfunctioninghere。
Thisshowsthewayinwhichaplethoraofmoney-capitalmayarise——andnotonlyinthesensethatthesupplyofmoney-capitalisgreaterthanthedemand；thisisalwaysonlyarelativeplethora，whichoccursforinstanceinthe搈elancholyperiod”openinganewcycleaftertheendofacrisis。Butalsointhesensethatadefiniteportionofthecapital-valueadvancedbecomessuperfluousfortheoperationoftheentireprocessofsocialreproductionwhichincludestheprocessofcirculationandisthereforeeliminatedintheformofmoney-capital——aplethorabroughtaboutbythemerecontractionoftheperiodofturnover，whilethesaleofproductionandpriesremainthesame。Theamountofmoneyincirculation，whethergreatorsmall，didnotinfluenceitintheleast。
Letusassumeonthecontrarythattheperiodofcirculationisprolongedfrom，say，3weeksto5。Inthatcaseattheverynextturnovertherefluxoftheadvancedcapitaltakesplace2weekstoolate。Thelastpartoftheprocessofproductionofthisworkingperiodcannotbecarriedonfurtherbythemechanismoftheturnoveroftheadvancedcapitalitself。
Shouldthisconditionlastanylengthoftime，acontractionoftheprocessofproduction，areductionofitsvolume，mighttakeplace，justasanextensionoccurredinthepreviouscase。Butinordertocontinuetheprocessonthesamescale，theadvancedcapitalwouldhavetobeincreasedby2/9，or£；200，fortheentiretermoftheprolongationofthecirculationperiod。Thisadditionalcapitalcanbeobtainedonlyfromthemoney-market。
Ifthelengtheningoftheperiodofcirculationappliestooneorseveralbigbranchesofbusiness，itmayexertpressureonthemoney-market，unlessthiseffectisparalysedbysomecounter-effect。Inthiscaseitislikewiseevidentandobviousthatthispressure，likethatplethorabefore，hadnothingwhatevertodowithamovementeitherofpricesofthecommoditiesorthemassofexistingcirculatingmedium。
[Thepreparationofthischapterforpublicationpresentednosmallnumberofdifficulties。FirmlygroundedasMarxwasinalgebra，hedidnotgettheknackofhandlingfigures，particularlycommercialarithmetic，althoughthereexistsathickbatchofcopybookscontainingnumerousexamplesofallkindsofcommercialcomputationswhichhehadsolvedhimself。Butknowledgeofthevariousmethodsofcalculationandexerciseindailypracticalcommercialarithmeticarebynomeansthesame，andconsequentlyMarxgotsotangledupinhiscomputationsofturnoversthatbesidesplacesleftuncompletedanumberofthingswereincorrectandcontradictory。InthetablesreproducedaboveIhavepreservedonlythesimplestandarithmeticallycorrectdata。Myreasonfordoingsowasmainlythefollowing:
TheuncertainresultsofthesepainstakingcalculationsledMarxtoattachunwarrantedimportancetoacircumstance，whichinmyopinion，hasactuallylittlesignificance。Irefertowhathecallsthe搑elease”
ofmoney-capital。Theactualstateofaffairs，basedontheaboveassumptions，isthis:
Nomatterwhatmaybetheratiobetweentheworkingperiodandcirculationtime，hencebetweencapitalIandcapitalII，thereisreturnedtothecapitalist，intheformofmoney，aftertheendofthefirstturnoverandthereafteratregularintervalsequaltothedurationofoneworkingperiod，thecapitalrequiredforoneworkingperiod，i。e。，asumequaltocapitalI。
Iftheworkingperiodis5weeks，thecirculationtime4weeks，andcapitalI£；500，thenasumofmoneyequalto£；500returnseachtimeattheendofthe9th，14th，19th，24th，29thweek，etc。
Iftheworkingperiodis6weeks，thecirculationtime3weeks，andcapitalI£；600，then£；600returnattheendofthe9th，15th，21st，27th，33rdweek，etc。
Finally，iftheworkingperiodis4weeks，thecirculationtime5weeks，andcapitalI£；400，then£；400arereturnedattheendofthe9th，13th，17th，21st，25thweek，etc。
Whetherany，andifsohowmuch，ofthisreturnedmoneyissuperfluousandthusreleasedforthecurrentworkingperiodisimmaterial。Itisassumedthatproductioncontinuesuninterruptedlyonthecurrentscale，andinorderthatthismaycomeaboutmoneymustbeavailableandmustthereforereturn，whether搑eleased”ornot。Ifproductionisinterrupted，releasestopslikewise。
Inotherwords:Thereisindeedareleaseofmoney，aformationthereforeoflatent，merelypotential，capitalintheformofmoney。Butittakesplaceunderallcircumstancesandnotonlyunderthespecialconditionssetforthinthetext；anditcomesaboutonalargerscalethanthatassumedinthetext。SofarascirculatingcapitalIisconcerned，theindustrialcapitalistisinthesamesituationattheendofeachturnoveraswhenheestablishedhisbusiness:hehasallofitinonebulk，whilehecanconvertitbackintoproductivecapitalonlygradually。
Theessentialpointinthetextistheproofthatontheonehandaconsiderableportionoftheindustrialcapitalmustalwaysbeavailableintheformofmoneyandthatontheotherhandastillmoreconsiderableportionmusttemporarilyassumetheformofmoney。Theproofis，ifanything，renderedstrongerbytheseadditionalremarksofmine——F。E。]
V。THEEFFECTOFACHANGEOFPRICESWehaveontheonehandjustassumedunalteredpricesandanunalteredscaleofproduction，andacontractionorexpansionofthetimeofcirculationontheother。Nowletussupposeonthecontraryanunalteredperiodofturnoverandanunalteredscaleofproduction，andontheotherhandpricechanges，i。e。，riseorfallofpricesofrawmaterials，auxiliarysubstances，andlabour，orofthetwofirst-namedelementsalone。Takeitthatthepriceofrawandauxiliarymaterials，aswellaswages，fallbyonehalf。
Inthatcasethecapitaltobeadvancedinourexamplewouldbe£；50
insteadof£；100perweek，andthatforthe9-weekturnoverperiodwouldbe£；450insteadof£；900。£；450oftheadvancedcapital-valueareeliminatedfirstofallintheformofmoney-capital，buttheprocessofproductioncontinuesonthesamescale，withthesameperiodofturnover，andwiththepreviousdivisionofthelatter。Theannualoutputlikewiseremainsthesamebutitsvaluehasbeencutinhalf。Thischange，whichisaccompaniedbyachangeinthesupplyanddemandofmoney-capital，isbroughtaboutneitherbyanaccelerationofthecirculation，norbyachangeinthequantityofcirculatingmoney。Onthecontrary。Afallbyhalfinthevalue，orprice，oftheelementsofproductivecapitalwouldfirsthavetheeffectofdiminishingbyhalfthecapital-valuetobeadvancedforthecontinuationofBusinessXonthesamescaleasbefore，andhenceonlyonehalfofthemoneywouldhavetobethrownonthemarketbyBusinessX，sinceBusinessXadvancesthiscapital-valuefirstintheformofmoney，i。e。，asmoney-capital。Theamountofmoneythrownintocirculationwoulddecreasebecausethepricesoftheelementsofproductionfell。Thiswouldbethefirsteffect。
Inthesecondplacehoweveronehalfoftheoriginallyadvancedcapital-valueof£；900，or£；450，whichapassedsuccessivelythroughtheformsofmoney-capital，productivecapital，andcommodity-capital，andbexistedsimultaneouslyandconstantlysidebysidepartlyintheformofmoney-capital，partlyinthatofproductivecapital，andpartlyinthatofcommodity-capital，wouldbeeliminatedfromthecircuitofBusinessX，andthuscomeintothemoney-marketasadditionalmoney-capital，affectingitasanadditionalconstituent。Thesereleased£；450actasmoney-capital，notbecausetheyhavebecomesuperfluousmoneyfortheoperationofBusinessXbutbecausetheyareaconstituentpartoftheoriginalcapital-value，andhenceareintendedtofunctionfurtherascapitalandnottobeexpendedasmeremeansofcirculation。Thebestmethodoflettingthemoperateascapitalisthatofthrowingthemasmoney-capitalonthemoney-market。