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　　Ontheotherhandthescaleofproductionapartfromfixedcapitalmightbedoubled。Inthatcaseaproductiveprocessofdoublethepreviousvolumewouldbecarriedonwiththesameadvancedcapitalof&pound；900。

　　Ifontheotherhandthepricesofthecirculationelementsofproductivecapitalweretoincreasebyonehalf，&pound；1500insteadof&pound；100or&pound；1，350insteadof&pound；900wouldberequiredperweek。Itwouldtakeanadditionalcapitalof&pound；450tocarryonthebusinessonthesamescale，andthiswouldexertaprotantopressureonthemoney-market，bigorsmalldependingonitscondition。Ifallthecapitalavailableonthismarketwerethenalreadyengaged，therewouldbeincreasedcompetitionforavailablecapital。Ifaportionofitwereunemployed，itwouldprotantobecalledintoaction。

　　But，inthethirdplace，givenacertainscaleofproduction，theturnovervelocityandthepricesoftheelementsofthecirculatingproductivecapitalremainingthesame，thepriceoftheproductsofBusinessXmayriseorfall。IfthepriceofthecommoditiessuppliedbyBusinessXfalls，thepriceofitscommodity-capitalof&pound；600，whichitconstantlythrewintocirculation，dropsto，say，&pound；500。Henceone-sixthofthevalueoftheadvancedcapitaldoesnotreturnfromtheprocessofcirculation。

　　Thesurplus-valuecontainedinthecommodity-capitalisnotconsideredhere。Itislostinthatprocess。Butsincethevalue，orprice，oftheelementsofproductionremainsthesame，thisrefluxof&pound；500sufficesonlytoreplace5/6ofthecapitalof&pound；600constantlyengagedintheprocessofproduction。Itwouldthereforerequiredanadditionalmoney-capitalof&pound；100tocontinueproductiononthesamescale。

　　Viceversa，ifthepriceoftheproductofBusinessXweretorise，thenthepriceofthe&pound；600commodity-capitalwouldbeincreased，say，to&pound；700。One-seventhofthisprice，or&pound；100，doesnotoriginateintheprocessofproduction，isnotadvancedinthisprocess，butderivesfromtheprocessofcirculation。Butonly&pound；600areneededtoreplacetheelementsofproduction。Hence，thereleaseof&pound；100。

　　Itdoesnotfallwithinthescopeoftheinvestigationhithertomadetoascertainwhy，inthefirstcase，theperiodofturnoverisshortenedorlengthened，andwhyinthesecondcasethepricesofrawmaterialsandlabour，andinthethird，thepricesoftheproductssupplied，riseorfall。

　　Butthefollowingdoesbelonginit:

　　Firstcase:UnchangedScaleofProduction，UnchangedPricesoftheElementsofProductionandofProducts，andaChangeinthePeriodofCirculationandThusofTurnover。

　　Accordingtotheassumptionsofourexample，one-ninthlessofthetotaladvancedcapitalisneededasaresultofthecontractionoftheperiodofcirculation，sothatthetotalcapitalisreducedfrom&pound；900

　　to&pound；800and&pound；100ofmoney-capitaliseliminated。

　　BusinessXsupplies，justasbefore，thesamesixweeks’productofthesamevalueof&pound；600，andasworkcontinuesyearinyearoutwithoutinterruption，itsuppliesin51weeksthesamequantityofproducts，valuedat&pound；5，100。Thereis，then，nochangesofarasthequantityandpriceoftheproductthrownintocirculationbythisbusinessareconcerned，norinthetimeswhenitthrowsitsproductonthemarket。But&pound；100

　　areeliminatedbecauseduetothecontractionofthecirculationperiodtherequirementsoftheprocessaresatisfiedwithonly&pound；800insteadoftheformer&pound；900。The&pound；100eliminatedcapitalexistintheformofmoney-capital。Buttheydonotbyanymeansrepresentthatportionoftheadvancedcapitalwhichwouldhavetofunctionconstantlyintheformofmoney-capital。Letusassumethat4/5，or&pound；480，oftheadvancedcirculatingcapitalIof&pound；600areconstantlyinvestedinproductivematerialsand1/5，or&pound；120，inwages。Thentheweeklyinvestmentinmaterialsofproductionwouldbe&pound；80andinwages&pound；20。CapitalII，amountingto&pound；300，shouldthenalsobedividedinto4/5，or&pound；240，formaterialsofproductionand1/5，or&pound；60，forwages。Thecapitalinvestedinwagesmustalwaysbeadvancedintheformofmoney。Assoonasthecommodity-product，worth&pound；600，hasbeenreconvertedintothemoney-form，orsold，&pound；480ofitcanbetransformedintomaterialsofproductionproductivesupply，but&pound；120retaintheirmoney-forminordertoserveforthepaymentofwagesforsixweeks。These&pound；120

　　aretheminimumofthereturningcapitalof&pound；600whichmustalwaysberenewedandreplacedintheformofmoney-capitalandthereforemustalwaysbekeptonhandasthatportionoftheadvancedcapitalwhichfunctionsintheformofmoney。

　　Now，if&pound；100ofthe&pound；300periodicallyreleasedforthreeweeks，andlikewisedivisibleinto&pound；240forproductivesupplyand&pound；60forwages，isentirelyeliminated，completelythrustoutoftheturnovermechanism，intheformofmoney-capitalbyshorteningthecirculationtime，wheredoesthemoneyforthismoney-capitalof&pound；100

　　comefrom？Onlyone-fifthofthisamountconsistsofmoney-capitalperiodicallysetfreewithintheturnovers。Butfour-fifths，or&pound；80，arealreadyreplacedbyanadditionalproductivesupplyofthesamevalue。Inwhatmanneristhisadditionalproductivesupplyconvertedintomoney，andwheredoesthemoneyforthisconversioncomefrom？

　　Iftheabridgedperiodofcirculationhasbecomeafact，thenonly&pound；400oftheabove&pound；600，insteadof&pound；480，arereconvertedintoproductivesupply。Theremainder，&pound；80，isretainedinitsmoney-formandconstitutes，togetherwiththeabove&pound；20forwages，the&pound；100

　　ofeliminatedcapital。Althoughthese&pound；100comefromthesphereofcirculationthroughthesaleofthe&pound；600worthofcommodity-capitalandarenowwithdrawnfromitbynotbeingreinvestedinwagesandelementsofproduction，itmustnotbeforgottenthat，beinginthemoney-form，theyareoncemoreinthatforminwhichtheywereoriginallythrownintocirculation。Inthebeginning&pound；900wereinvestedinproductivesupplyandwages。Nowonly&pound；800arenecessarytocarryoutthesameproductiveprocess。The&pound；100thusreleasedinmoneynowformanew，employment-seekingmoney-capital，anewconstituentpartofthemoney-market。True，theyhavealreadypreviouslybeenperiodicallyintheformofreleasedmoney-capitalandofadditionalproductivecapital，buttheselatentstateswerethemselvestherequisitesfortheexecutionoftheprocessofproduction，becausetheyweretherequisitesforitscontinuity。Nowtheyarenolongerneededforthatpurposeandforthisreasonformnewmoney-capitalandaconstituentpartofthemoney-market，althoughtheybynomeansformeitheranadditionalelementoftheavailablesocialmoney-supplyfortheyexistedatthebeginningofthebusinessandwerethrownbyitintothecirculation，oranewlyaccumulatedhoard。

　　These&pound；100arenowinactualfactwithdrawnfromcirculationinasmuchastheyareapartoftheadvancedmoney-capitalthatisnolongeremployedinthesamebusiness。Butthiswithdrawalispossibleonlybecausetheconversionofthecommodity-capitalintomoney，andofthismoneyintoproductivecapital，C’——M——C，isacceleratedbyoneweek，sothatthecirculationofthemoneyoperatinginthisprocessislikewisehastened。

　　TheyhavebeenwithdrawnfromitbecausetheyarenolongerneededfortheturnoverofcapitalX。

　　Ithasbeenassumedherethattheadvancedcapitalbelongstohimwhoemploysit。Hadheborroweditnothingwouldbechanged。Withtheshorteningofthetimeofcirculationhewouldhavetoborrowonly&pound；800

　　insteadof&pound；900。The&pound；100，ifreturnedtothelender，wouldasbeforeform&pound；100ofnewmoney-capital，onlyinthehandsofY

　　insteadofX。shouldcapitalistXreceive&pound；480worthofmaterialsofproductiononcredit，sothathehastoadvanceonly&pound；210inmoneyforwagesoutofhisownpocket，hewouldnowhavetoprocure&pound；80

　　worthofmaterialslessoncreditandthissumwouldconstitutesuperfluouscommodity-capitalforthecapitalistgrantingthecredit，whilecapitalistXwouldhaveeliminated&pound；20inmoney。

　　Theadditionalsupplyforproductionisnowreducedbyone-third。

　　Itconsistedof&pound；240constitutingfour-fifthsof&pound；300，theadditionalcapitalII，butnowitisonly&pound；160，i。e。，additionalsupplyfor2insteadof3weeks。Itisnowrenewedevery2weeksinsteadofevery3，butonlyfor2insteadof3weeks。Thepurchases，forinstanceinthecottonmarket，arethusmorefrequentandsmaller。Thesameamountofcottoniswithdrawnfromthemarket，forthequantityoftheproductremainsthesame。Butthewithdrawalsaredistributeddifferentlyintime，extendingoveralongerperiod。Supposingthatitisaquestionof3monthsor2。Iftheannualconsumptionofcottonamountsto1，200bales，thesalesinthefirstcasewillbe:

　　January1，300bales，leftinstorage900balesApril1，300””””600”July1，300””””300”October1，300””””0”

　　Butinthesecondcase:January1，sold200，instorage1，000balesMarch1，”200，””800”May1，”

　　200，””600”July1，”200，””400”September1，”200，””200”November1，”200，””0”

　　Sothemoneyinvestedincottononlyreturnscompletelyonemonthlater，inNovemberinsteadofOctober。Ifthereforeone-ninthoftheadvancedcapital，or&pound；100，iseliminatedintheformofmoney-capitalbythecontractionofthecirculationtimeandthusoftheturnoverandifthese&pound；100arecomposedof&pound；20worthofperiodicallysuperfluousmoney-capitalforthepaymentofweeklywages，andof&pound；80whichexistedasperiodicallysuperfluousproductivesupplyforoneweek，thenthediminishedsuperfluousproductivesupplyinthehandsofthemanufacturercorresponds，sofarasthese&pound；80areconcerned，toanenlargedcommodity-supplyinthehandsofthecottondealer。Thelongerthiscottonliesinthelatter’swarehouseasacommodity，thelessitliesinthestoreroomofthemanufacturerasaproductivesupply。

　　HithertowepresupposedthatthecontractionofthetimeofcirculationinBusinessXwasduetothefactthatXsoldhisarticlesquicker，receivedhismoneyforthemsooner，or，intheeventofcredit，wasgivenshortertermsofpayment。Thecontractionwasthereforeattributedtoaquickersaleofthecommodities，toaquickertransformationofcommodity-capitalintomoney-capital，C’——M，thefirstphaseoftheprocessofcirculation。

　　Butitmightalsoderivefromthesecondphase，M——C，andhencefromasimultaneouschange，beitintheworkingperiodorinthetimeofcirculationofcapitalsY，Z，etc。，whichsupplycapitalistXwiththeproductiveelementsofhiscirculatingcapital。

　　Forinstanceifcotton，coal，etc。，withtheoldmethodsoftransport，arethreeweeksintransitfromtheirplaceofproductionorstoragetotheplaceofproductionofcapitalistX，thenX’sproductivesupplymustlastatleastforthreeweeks，untilthearrivalofnewsupplies。Solongascottonandcoalareintransit，theycannotserveasmeansofproduction。

　　Theyarethenratherasubjectoflabourforthetransportindustryandthecapitalemployedinit；theyarealsocommodity-capitalintheprocessofcirculationfortheproducerofcoalorthedealerincotton。Supposeimprovementsintransportreducethetransittotwoweeks。Thentheproductivesupplycanbechangedfromathree-weeklyintoafortnightlysupply。Thisreleasestheadditionaladvancedcapital&pound；80setasideforthispurposeandlikewisethe&pound；20forwages，becausetheturned-overcapitalof&pound；600returnsoneweeksooner。

　　Ontheotherhandifforinstancetheworkingperiodofthecapitalwhichsuppliestherawmaterialsiscutdownexamplesofwhichweregivenintheprecedingchapters，sothatthepossibilityarisesofrenewingthesupplyofrawmaterialsinlesstime，thentheproductivesupplymaybereducedandtheintervalbetweenperiodsofrenewalshortened。

　　If，viceversa，thetimeofcirculation，andthustheperiodofturnover，areprolonged，thenitisnecessarytoadvanceadditionalcapital。

　　Thismustcomeoutofthepocketofthecapitalisthimselfifhehasanyadditionalcapital。Butitwillthenbeinvestedinsomeformorotherasapartofthemoney-market。Tomakeitavailable，itmustbepriedloosefromitsoldform。Forinstancestocksmustbesold，depositswithdrawn，sothatinthiscasetoothemoney-marketisindirectlyaffected。Orhemustborrowit。Asforthatpartoftheadditionalcapitalwhichisneededforwages，itmustundernormalconditionsalwaysbeadvancedintheformofmoney-capital，andforthatpurposethecapitalistXexertshisshareofdirectpressureonthemoney-market。Butthisisindispensableforthepartwhichmustbeinvestedinmaterialsofproductiononlyifhemustpayforthemincash。Ifhecangetthemoncredit，thisdoesnothaveanydirectinfluenceonthemoney-market，becausetheadditionalcapitalisthenadvanceddirectlyasaproductivesupplyandnotinthefirstinstanceasmoney-capital。ButifthelenderthrowsthebillofexchangereceivedfromXdirectlyonthemarket，discountsit，etc。，thiswouldinfluencethemoney-marketindirectly，throughsomeoneelse。If，however，heusesthisnotetocoveradebtnotyetdueforinstance，thisadditionaladvancedcapitaldoesnotaffectthemoney-marketeitherdirectlyorindirectly。

　　SecondCase。AChangeinthePriceofMaterialsofProduction，AllOtherCircumstancesRemainingtheSame。

　　Wejustassumedthatthetotalcapitalof&pound；900wasfour-fifthsinvestedinmaterialsofproductionequalling&pound；720andone-fifthinwagesequalling&pound；180。

　　Ifthematerialsofproductiondroptohalf，theyrequireforthe6-weekperiodonly&pound；240insteadof&pound；480，andfortheadditionalcapitalNo。IIonly&pound；120insteadof&pound；240。CapitalIisthusreducedfrom&pound；600to&pound；240plus&pound；120，or&pound；360，andcapitalIIfrom&pound；300to&pound；120plus&pound；60，or&pound；180。

　　Thetotalcapitalof&pound；900isthereforereducedto&pound；360plus&pound；180，or&pound；540。Asumof&pound；360isthereforereleased。

　　Thiseliminatedandnowunemployedcapital，ormoney-capital，seekingemploymentinthemoney-market，isnothingbutaportionofthecapitalof&pound；900originallyadvancedasmoney-capital，which，duetothefallinthepricesofthematerialsofproduction，intowhichitisperiodicallyreconverted，hasbecomesuperfluousifthebusinessisnottobeexpandedbutcarriedononthesamescale。Ifthisfallinpriceswerenotduetoaccidentalcircumstancesaparticularlyrichharvest，over-supply，etc。buttoanincreaseofproductivepowerinthebranchofproductionwhichfurnishestherawmaterials，thenthismoney-capitalwouldbeanabsoluteadditiontothemoney-market，andtothecapitalavailableintheformofmoney-capitalingeneral，becauseitwouldnolongerconstituteanintegralpartofthecapitalalreadyinvested。

　　ThirdCase。AChangeintheMarketPriceoftheProductItself。

　　Inthecaseofafallinpricesaportionofthecapitalislost，andmustconsequentlybemadegoodbyanewadvanceofmoney-capital。Thislossofthesellermaybeagaintothebuyer。Directly，ifthemarketpriceoftheproducthasfallenmerelybecauseofanaccidentalfluctuation，andafterwardsrisesoncemoretoitsnormallevel。Indirectly，ifthechangeofpricesiscausedbyachangeofvaluereactingontheoldproductandifthisproductpassesagain，asanelementofproduction，intoanothersphereofproductionandtherereleasescapitalprotanto。IneithercasethecapitallostbyX，andforwhosereplacementheexertspressureonthemoney-market，maybesuppliedtohimbyhisbusinessfriendsasnewadditionalcapital。Allthattakesplacethenisatransfer。

　　If，onthecontrary，thepriceoftheproductrises，aportionofthecapitalwhichwasnotadvancedistakenoutofcirculation。Thisisnotanorganicpartofthecapitaladvancedintheprocessofproductionandunlessproductionisexpandedthereforeconstitutesmoney-capitaleliminated。

　　Aswehaveassumedthatthepricesoftheelementsoftheproductweregivenbeforeitwasbroughttomarketascommodity-capital，arealchangeofvaluemighthavecausedtheriseofpricessinceitactedretroactively，causingasubsequentriseinthepriceof，say，rawmaterials。InthateventcapitalistXwouldrealiseagainonhisproductcirculatingascommodity-capitalandonhisavailableproductivesupply。Thisgainwouldgivehimanadditionalcapital，whichwouldnowbeneededforthecontinuationofhisbusinesswiththenewandhigherpricesoftheelementsofproduction。

　　Ortheriseofpricesisbuttemporary。WhatcapitalistXthenneedsbywayofadditionalcapitalbecomesreleasedcapitalfortheotherside，insofarasX’sproductformsanelementofproductionforotherbranchesofbusiness。Whattheonehaslosttheotherhasgained。

　　NOTES

　　[31]Theweeksfallingwithinthesecondyearofturnoverareputinparenthesis。

　　1885:CapitalII——Chapter16

　　partII

　　THETURNOVEROFCAPITAL

　　CHAPTERXVI

　　THETURNOVEROFVARIABLECAPITALI。THEANNUALRATEOFSURPLUS-VALUE

　　Letusassumeacirculatingcapitalof&pound；2，500four-fifthsofwhich，or&pound；2，000，areconstantcapitalmaterialsofproductionandone-fifth，or&pound；500，isvariablecapitalinvestedinwages。

　　Lettheperiodofturnoverbe5weeks:theworkingperiod4weeks，theperiodofcirculation1week。ThencapitalIis&pound；2，000，consistingof&pound；1，600ofconstantcapitaland&pound；400ofvariablecapital；

　　capitalIIis&pound；500，&pound；400ofwhichareconstantand&pound；100

　　variable。Ineveryworkingweekacapitalof&pound；500isinvested。Inayearof50weeksanannualproductof50times500，or&pound；2，500，ismanufactured。CapitalIof&pound；2，000，constantlyemployedintheworkingperiod，isthereforeturnedover121/2times。121/2times2，000

　　makes&pound；25，000。Ofthese&pound；25，000four-fifths，or&pound；20，000，areconstantcapitallaidoutinmeansofproduction，andone-fifth，or&pound；5，000isvariablecapitallaidoutinwages。Thetotalcapitalof&pound；25，000isthusturnedover25，000/2，500，or10times。

　　Thevariablecirculatingcapitalexpendedinproductioncanserveafreshintheprocessofcirculationonlytotheextentthattheproductinwhichitsvalueisreproducedhasbeensold，convertedfromacommodity-capitalintoamoney-capital，inordertobeoncemorelaidoutinpaymentoflabour-power。

　　Butthesameistrueoftheconstantcirculatingcapitalmaterialsofproductioninvestedinproduction，thevalueofwhichreappearsintheproductasaportionofitsvalue。Whatthesetwoportions——thevariableandtheconstantpartofthecirculatingcapital——haveincommonandwhatdistinguishesthemfromthefixedcapitalisnotthatthevaluetransferredfromthemtotheproductiscirculatedbythecommodity-capital，i。e。，throughthecirculationoftheproductasacommodity。Oneportionofthevalueoftheproduct，andthusoftheproductcirculatingasacommodity，ofthecommodity-capital，alwaysconsistsofthewearandtearofthefixedcapital，thatistosay，ofthatportionofthevalueofthefixedcapitalwhichistransferredtotheproductduringtheprocessofproduction。Thedifferenceisreallythis:Thefixedcapitalcontinuestofunctionintheprocessofproductioninitsolduse-formforalongerorshortercycleofturnoverperiodsofthecirculatingcapitalequaltoconstantcirculatingplusvariablecirculatingcapital，whileeverysingleturnoverisconditionedonthereplacementoftheentirecirculatingcapitalpassingfromthesphereofproduction——intheformofcommodity-capital——intothesphereofcirculation。theconstantcirculatingandvariablecirculatingcapitalhavethefirstphaseofcirculation，C’——M，incommon。Inthesecondphasetheyseparate。Themoneyintowhichthecommodityisreconvertedisinparttransformedintoaproductivesupplyconstantcirculatingcapital。

　　Dependingonthedifferenttermsofpurchaseofitsconstituentparts，oneportionofthemoneymaysooner，anotherlater，beconvertedfrommoneyintomaterialsofproduction，butfinallyitiswhollyconsumedthatway。

　　Anotherportionofthemoneyrealisedbythesaleofthecommodityisheldintheformofamoney-supply，inordertobegraduallyexpendedinthepaymentofthelabour-powerincorporatedintheprocessofproduction。

　　Thispartconstitutesthevariablecirculatingcapital。Neverthelesstheentirereplacementofeitherportionalwaysoriginatesfromtheturnoverofcapital，fromitsconversionintoaproduct，fromaproductintoacommodity，fromacommodityintomoney。Thisisthereasonwhy，intheprecedingchapter，theturnoverofthecirculatingcapital，constantandvariable，wastreatedjointlyandseparatelywithoutpayinganyregardtothefixedcapital。

　　Inthequestionwhichweshallnowtakeup，wemustgoastepfartherandproceedwiththevariableportionofthecirculatingcapitalasthoughitalongconstitutedthecirculatingcapital。Inotherwords，weleaveoutofconsiderationtheconstantcirculatingcapitalwhichisturnedovertogetherwithit。

　　Asumof&pound；2，500hasbeenadvancedandthevalueoftheannualproductis&pound；25，000。Butthevariableportionofthecirculatingcapitalis&pound；500；thereforethevariablecapitalcontainedin&pound；25，000

　　amountsto25，000dividedby5，or&pound；5，000。Ifwedividethese&pound；5，000

　　by&pound；500，wefindthenumberofturnoversis10，justasitisinthecaseofthetotalcapitalof&pound；2，500。

　　Here，whereitisonlyaquestionoftheproductionofsurplus-value，itisabsolutelycorrecttomakethisaveragecalculation，accordingtowhichthevalueoftheannualproductisdividedbythevalueoftheadvancedcapitalandnotbythevalueofthatportionofthiscapitalwhichisemployedconstantlyinoneworkingperiodthus，inthepresentcastnotby400

　　butby500，notbycapitalIbutbycapitalIpluscapitalII。Weshallseelaterthat，fromanotherpointofview，thecalculationisnotquiteexact，justasthisaveragecalculationgenerallyisnotquiteexact。Thatistosay，itserveswellenoughforthepracticalpurposesofthecapitalist，butitdoesnotexpressexactlyorproperlyalltherealcircumstancesoftheturnover。

　　Wehavehithertoignoredonepartofthevalueofthecommodity-capital，namelythesurplus-valuecontainedinit，whichwasproducedduringtheprocessofproductionandincorporatedintheproduct。Tothiswehavenowtodirectourattention。

　　Supposethevariablecapitalof&pound；100investedweeklyproducesasurplus-valueof100%，or&pound；100，thenthevariablecapitalof&pound；500

　　investedovera5-weekturnoverperiodproduces&pound；500ofsurplus-value，i。e。，onehalfoftheworkingdayconsistsofsurplus-labour。

　　If&pound；500ofvariablecapitalproduceasurplus-valueof&pound；500，then&pound；5，000producetentimes&pound；500，or&pound；5，000insurplus-value。

　　Buttheadvancedvariablecapitalamountsto&pound；500。Theratioofthetotalsurplus-valueproducedduringoneyeartothesumofvalueoftheadvancedvariablecapitaliswhatwecalltheannualrateofsurplus-value。

　　Inthecaseathanditis5，000to500or1，000%。Ifweanalysethisratemoreclosely，wefindthatitisequaltotherateofsurplus-valueproducedbytheadvancedvariablecapitalduringoneperiodofturnover，multipliedbythenumberofturnoversofthevariablecapitalwhichcoincideswiththenumberofturnoversoftheentirecirculatingcapital。

　　Thevariablecapitaladvancedinthecasebeforeusforoneperiodofturnoveris&pound；500。Thesurplus-valueproducedduringthisperiodislikewise&pound；500。Therateofsurplus-valueforoneperiodofturnoveristherefore500s/500vor100%。This100%，multipliedby10，thenumberofturnoversinoneyear，makes5，000s/500v，or1，000%。

　　Thatreferstotheannualrateofsurplus-value。Asfortheamountofsurplus-valueobtainedduringaspecifiedperiodofturnover，itisequaltothevalueofthevariablecapitaladvancedduringthisperiod，of&pound；500inthepresentcase，multipliedbytherateofsurplus-value，inthepresentcasetherefore500times100/100，or500times1，or&pound；500。

　　iftheadvancedvariablecapitalwere&pound；1，500，thenwiththesamerateofthesurplus-valuetheamountofsurplus-valuewouldbe1，500times100/100，or&pound；1，500。

　　WeshallapplythetermcapitalAtothevariablecapitalof&pound；500，whichisturnedovertentimesperyear，producinganannualsurplus-valueof&pound；5，00forwhich，therefore，theyearlyrateofsurplus-valueis1，000%。

　　Nowletusassumethatanothervariablecapital，B，of&pound；5，000，isadvancedforonewholeyeari。e。，herefor50weeks，sothatitisturnedoveronlyonceayear。Weassumefurthermorethatattheendoftheyeartheproductispaidforonthesamedaythatitisfinished，sothatthemoney-capital，intowhichitisconverted，returnsonthesameday。Thecirculationperiodisthenzero，theperiodofturnoverequalstheworkingperiod，namely，oneyear。Asintheprecedingcasethereistobefoundinthelabour-processeachweekavariablecapitalof&pound；100，orof&pound；5，000in50weeks。Lettherateofsurplus-valuebethesame，or100%，i。e。，letonehalfoftheworking-dayofthesamelengthconsistofsurplus-labour。Ifweconsider5weeks，theinvestedvariablecapitalis&pound；500，therateofsurplus-value100%andthereforetheamountofsurplus-valueproducedin5weeks&pound；500。Thequantityoflabour-powerhereexploited，andtheintensityofitsexploitation，areassumedtobeexactlythesameasthoseofcapitalA。

　　Eachweektheinvestedvariablecapitalof&pound；100producesasurplus-valueof&pound；100，hencein50weekstheinvestedcapitalof50x100=&pound；5，000producesasurplus-valueof&pound；5，000。Theamountofsurplus-valueproducedannuallyisthesameasinthepreviouscase，&pound；5，000，buttheyearlyrateofsurplus-valueisentirelydifferent。

　　Itisequaltothesurplus-valueproducedinoneyeardividedbytheadvancedvariablecapital:5，000s/5，500v，or100%，whileinthecaseofcapitalAitwas1，000%。

　　InthecaseofbothcapitalsAandB，wehaveinvestedavariablecapitalof&pound；100aweek。Thedegreeofself-expansion，ortherateofsurplus-value，islikewisethesame，100%，andsoisthemagnitudeofthevariablecapital，&pound；100。Thesamequantityoflabour-powerisexploited，thevolumeanddegreeofexploitationareequalinbothcases，theworking-daysarethesameandequallydividedintonecessarylabourandsurplus-labour。Theamountofvariablecapitalemployedinthecourseoftheyearis&pound；5，000ineithercase；itsetsthesameamountoflabourinmotion，andextractsthesameamountofsurplus-value，&pound；5，000，fromthelabour-powersetinmotionbythesetwoequalcapitals。Neverthelessthereisadifferenceof900%intheannualrateofsurplus-valueofthetwocapitalsAandB。

　　Thisphenomenoncreatestheimpression，atallevents，thattherateofsurplus-valuedependsnotonlyonthequantityandintensityofexploitationofthelabour-powersetinmotionbythevariablecapital，butbesidesoninexplicableinfluencesarisingfromtheprocessofcirculation。

　　Andithasindeedbeensointerpreted，andhas——ifnotinthisitspureform，thenatleastinitsmorecomplicatedanddisguisedform，thatoftheannualrateofprofit——completelyroutedtheRicardianschoolsincethebeginningofthetwenties。

　　ThestrangenessofthisphenomenondisappearsatoncewhenweplacecapitalsAandBinexactlythesameconditions，notonlyseeminglybutactually。TheseequalconditionsexistonlywhenthevariablecapitalBinitsentirevolumeisexpendedforthepaymentoflabour-powerinthesameperiodoftimeascapitalA。

　　Inthatcasethe&pound；5，000ofcapitalBareinvestedfor5

　　weeks，&pound；1。000perweekmakesaninvestmentof&pound；50，000peryear。

　　Thesurplus-valueisthenlikewise&pound；50，000，accordingtoourpremises。

　　Theturned-overcapitalof&pound；50，000dividedbytheadvancedcapitalof&pound；5，000makesthenumberofturnovers10。Therateofsurplus-value，5，000s/5，500v，or100%，multipliedbythenumberofturnovers，10，makestheannualrateofsurplus-value50，000s/5，500v，or10/1，or1，000%。Nowtheannualrateofsurplus-valuearealikeforAandB，namely1，000%，buttheamountsofthesurplus-valueare&pound；50，000inthecaseofB，and&pound；5，000inthecaseofA。Theamountsofthesurplus-valueproducedarenowinthesameproportiontooneanotherastheadvancedcapital-valuesBandA，towit:5，000:500=10:1。ButcapitalBhassetinmotiontentimesasmuchlabour-powerascapitalAwithinthesametime。

　　Onlythecapitalactuallyemployedinthelabour-powerproducessurplus-valueandtoitapplyalllawsrelatingtosurplus-value，includingthereforethelawaccordingtowhichthequantityofsurplus-value，itsratebeinggiven，isdeterminedbytherelativemagnitudeofthevariablecapital。[SeeKarlMarx，Capital，Ch。XI——Ed。]

　　Thelabour-processitselfismeasuredbytime。Ifthelengthoftheworking-dayisgivenashere，wherewassumeallconditionsrelatingtoAandBtobeequal，inordertoelucidatethedifferenceintheannualrateofsurplus-value，theworkingweekconsistsofadefinitenumberofworking-days。Orwemayconsideranyworkingperiod，forinstancethisworkingperiodof5weeks，asonesingleworking-dayof，say，300hours，iftheworking-dayhas10hoursandtheweek6days。Wemustfurthermultiplythisnumberbythenumberoflabourerswhoareemployedconjointlyeverydaysimultaneouslyinthesamelabour-process。Ifthatnumberistakenas10，therewillbe60times10or600hoursinoneweek，andaworkingperiodof5weekswouldhave600times5，or3，000hours。Therateofsurplus-valueandthelengthoftheworking-daybeingthesame，variablecapitalsofequalmagnitudearethereforeemployed，ifequalquantitiesoflabour-poweralabour-powerofthesamepricemultipliedbythenumberoflabourers

　　aresetinmotioninthesametime。

　　Letusnowreturntoouroriginalexamples。Inbothcases，AandB，equalvariablecapitalsof&pound；100perweeareinvestedeveryweekthroughouttheyear。Theinvestedvariablecapitalsactuallyfunctioninginthelabour-processarethereforeequal，buttheadvancedvariablecapitalsareveryunequal。InthecaseofA，&pound；500areadvancedforevery5

　　weeks，ofwhich&pound；100areemployedeveryweek。InthecaseofB，&pound；5，000

　　mustbeadvancedforthefirst5-weekperiod，ofwhichonly&pound；100

　　perweek，or&pound；500in5weeks，orone-tenthoftheadvancedcapital，isemployed。Inthesecond5-weekperiod&pound；4，500mustbeadvanced，butonly&pound；500ofthisisemployed，etc。Thevariablecapitaladvancedforadefiniteperiodoftimeisconvertedintoemployed，henceactuallyfunctioningandoperativevariablecapitalonlytotheextentthatitreallystepsintothesectionsofthatperiodoftimetakenupbythelabour-process，totheextentthatitreallyfunctionsinthelabour-process。Intheintermediatetime，inwhichaportionofitisadvancedinordertobeemployedlater，thisportionispracticallynon-existentforthelabour-processandhasthereforenoinfluenceontheformationofeithervalueorsurplus-value。

　　TakeforinstancecapitalA，of&pound；500。Itisadvancedfor5weeks，buteveryweekonly&pound；100entersuccessivelyintothelabour-process。

　　Inthefirstweekone-fifthofthiscapitalisemployed；four-fifthsareadvancedwithoutbeingemployed，althoughtheymustbeinstock，andthereforeadvanced，forthelabour-processesofthefollowing4weeks。

　　Thecircumstanceswhichdifferentiatetherelationbetweentheadvancedandtheemployedvariablecapitalaffecttheproductionofsurplus-value——therateofsurplus-valuebeinggiven——onlytotheextent，andonlybyreasonofthefactthattheydifferentiatethequantityofvariablecapitalwhichcanbereallyemployedinastatedperiodoftime，forinstanceinoneweek，5weeks，etc。Theadvancedvariablecapitalfunctionsasvariablecapitalonlytotheextentandonlyduringthetimethatitisactuallyemployed，andnotduringthetimeinwhichitremainsinstock，isadvanced，withoutbeingemployed。Butallthecircumstanceswhichdifferentiatetherelationbetweentheadvancedandtheemployedvariablecapitalcomedowntothedifferenceoftheperiodsofturnoverdeterminedbythedifferenceofeithertheworkingperiod，orthecirculationperiod，orboth。Thelawofproductionofsurplus-valuestatesthatequalquantitiesoffunctioningvariablecapitalproduceequalquantitiesofsurplus-valueiftherateofsurplus-valueisthesame。Ifthen，equalquantitiesofvariablecapitalareemployedbythecapitalsAandBinequalperiodsoftimewithequalratesofsurplus-value，theymustgenerateequalquantitiesofsurplus-valueinequalperiodsoftime，nomatterhowdifferenttheratioofthisvariablecapitalemployedduringadefiniteperiodoftimetothevariablecapitaladvancedduringthesametime，andnomatterthereforehowdifferenttheratioofthequantitiesofsurplus-valueproduced，nottotheemployedbuttotheadvancedvariablecapitalingeneral。Thedifferenceofthisratio，farfromcontradictingthelawsoftheproductionofsurplus-valuethathavebeendemonstrated，rathercorroboratesthemandisoneoftheirinevitableconsequences。

　　Letusconsiderthefirst5-weekproductiveperiodofcapitalB。Attheendofthefifthweek&pound；500havebeenemployedandconsumed。

　　Thevalueoftheproductis&pound；1，000，hence500s/500v=100%。JustthesameaswithcapitalA。Thefactthat，inthecaseofcapitalA，thesurplus-valueisrealisedtogetherwiththeadvancedcapital，whileinthecaseofBitisnot，doesnotconcernushere，whereitisonlyaquestionoftheproductionofsurplus-valueandofitsratiotothevariablecapitaladvancedduringitsproduction。Butifonthecontrarywecalculatetherationofsurplus-valueinB，nottothatportionoftheadvancedcapitalof&pound；5，000whichhasbeenemployedandhenceconsumedduringitsproduction，buttothistotaladvancedcapitalitself，wefindthatitis500s/5，500vof1/10，or10%。Henceitis10%forcapitalBand100%forcapitalA，i。e。，ten-fold。Ifitweresaid:thisdifferenceintherateofsurplus-valueforequalcapitals，whichhavesetinmotionequalquantitiesoflabourequallydividedatthatintopaidandunpaidlabour，iscontrarytothelawsoftheproductionofsurplus-value，theanswerwouldbesimpleandpromptedbyamereglanceattheactualrelations:InthecaseofA，theactualrateofsurplus-valueisexpressed，i。e。，therelationofasurplus-valueproducedin5weeksbyavariablecapitalof&pound；500，tothevariablecapitalof&pound；500。InthecaseofBontheotherhandthecalculationisofakindwhichhasnothingtodoeitherwiththeproductionofsurplus-valueorwiththedeterminationofitscorrespondingrateofsurplus-value。Forthe&pound；500ofsurplus-valueproducedbyavariablecapitalof&pound；500

　　ofvariablecapitaladvancedduringtheirproduction，butwithreferencetoacapitalof&pound；5，000，nine-tenthsofwhich，or&pound；4，500，havenothingwhatevertodowiththeproductionofthissurplus-valueof&pound；500，butareonthecontraryintendedtofunctiongraduallyinthecourseofthefollowing45weeks，sothattheydonotexistatallsofarastheproductionofthefirst5weeksisconcerned，whichaloneisatissueinthisinstance。Henceinthiscasethedifferenceintheratesofsurplus-valueofAandBpresentsnoproblematall。

　　Letusnowcomparetheannualratesofsurplus-valueforcapitalsBandA。ForcapitalBitis500s/500v=100%；forcapitalAitis5，000s/500v=1，000%。Buttheratiooftheratesofsurplus-valueisthesameasbefore。

　　TherewehadRateofSurplus-ValueofCapitalB10%——RateofSurplus-ValueofCapitalA=100%NowwehaveAnnualRateofSurplus-ValueofCapitalB

　　100%——AnnualRateofSurplus-ValueofCapitalA=1，000%But10%:100%=100%:1，000%，sothattheproportionisthesame。

　　Butnowtheproblemhaschanged。TheannualrateofcapitalB，5，000s/5，500v=100%，offersnottheslightestdeviation——noteventhesemblanceofadeviation——fromthelawsofproductionknowntousandoftherateofsurplus-valuecorrespondingtothisproduction。Duringtheyear5，000vhavebeenadvancedandproductivelyconsumed，andtheyhaveproduced5，000s。Therateofsurplus-valuethereforeequalstheabovefraction，5，000s/5，500v=100%。Theannualrateagreeswiththeactualrateofsurplus-value。

　　InthiscaseitisthereforenotcapitalBbutcapitalAwhichpresentstheanomalythathastobeexplained。

　　Wehaveheretherateofsurplus-value5，000s/500v=1，000%。Butwhileinthefirstcase500s，theproductof5weeks，wascalculatedforanadvancedcapitalof&pound；5，000，nine-tenthsofwhichwerenotemployedbyitsproduction，wehavenow5，000scalculatedfor500v，i。e。，foronlyone-tenthofthevariablecapitalactuallyemployedintheproductionof5，000s；forthe5，000saretheproductofavariablecapitalof&pound；5，000

　　productivelyconsumedduring50weeks，notthatofacapitalof&pound；500

　　consumedinonesingleperiodof5weeks。Inthefirstcasethesurplus-valueproducedin5weekshadbeencalculatedforacapitaladvancedfor50weeks，acapitaltentimesaslargeastheoneconsumedduringthe5weeks。Nowthesurplus-valueproducedin50weeksiscalculatedforacapitaladvancedfor5weeks，acapitaltentimessmallerthantheoneconsumedin50weeks。

　　CapitalA，of&pound；500，isneveradvancedformorethan5weeks。

　　Attheendofthistimeitreturnsandcanrenewthesameprocessinthecourseoftheyeartentimes，asitmakestenturnovers。Twoconclusionsfollowfromthis:

　　Firstly:ThecapitaladvancedinthecaseofAisonlyfivetimeslargerthanthatportionofcapitalwhichisconstantlyemployedintheproductiveprocessofoneweek。OntheotherhandcapitalBwhichisturnedoveronlyoncein50weeksandmustthereforebeadvancedfor50weeks，isfiftytimeslargerthanthatoneofitsportionswhichcanconstantlybeemployedforoneweek。Theturnoverthereforemodifiestherelationbetweenthecapitaladvancedduringtheyearfortheprocessofproductionandthecapitalconstantlyemployableforadefiniteperiodofproduction，say，aweek。Herewehave，thenthefirstcase，inwhichthesurplus-valueof5weeksisnotcalculatedforthecapitalemployedduringthese5weeks，butforacapitaltentimeslarger，employedfor50weeks。

　　Secondly:The5-weekperiodofturnoverofcapitalAcomprisesonlyone-tenthoftheyear，sothatoneyearcontainstensuchturnoverperiods，inwhichcapitalAof&pound；500issuccessivelyre-invested。

　　Theemployedcapitalishereequaltothecapitaladvancedfor5weeks，multipliedbythenumberofperiodsofturnoverperyear。Thecapitalemployedduringtheyearis500times10，or&pound；5，000。Thecapitaladvancedduringtheyearis5，000/10，or&pound；5，00。Indeed，althoughthe&pound；500

　　arealwaysre-employed，thesumadvancedevery5weeksneverexceedsthesesame&pound；500。OntheotherhandincaseofcapitalBonly&pound；500

　　areemployedduring5weeksandadvancedforthese5weeks。Butastheperiodofturnoverinthiscaseis50weeks，thecapitalemployedinoneyearisequaltothecapitaladvancedfor50weeksandnottothatadvancedforevery5weeks。Theannuallyproducedquantityofsurplus-value，giventherateofsurplus-value，ishowevercommensuratewiththecapitalemployedduringtheyear，notwiththecapitaladvancedduringtheyear。Henceitisnotlargerforthiscapitalof&pound；5，000，whichisturnedoveronceayear，thanitisforthecapitalof&pound；500，whichisturnedovertentimesayear。Anditissobigonlybecausethecapitalturnedoveronceayearisitselftentimeslargerthanthecapitalturnedovertentimesayear。

　　Thevariablecapitalturnedoverduringoneyear——hencetheportionoftheannualproduct，oroftheannualexpenditureequaltothatportion——isthevariablecapitalactuallyemployed，productivelyconsumed，duringthatyear。ItfollowsthereforethatifthevariablecapitalAturnedoverannuallyandthevariablecapitalBturnedoverannuallyareequalandtheemployedunderequalconditionsofself-expansion，sothattherateofsurplus-valueisthesameforbothofthem，thenthequantityofsurplus-valueproducedannuallymustlikewisebethesameforbothofthem。

　　Hencetherateofsurplus-valuecalculatedforayearmustalsobethesame，sincetheamountsofcapitalemployedarethesame，sofarastherateisexpressedbyquantityofsurplus-valueproducedannually——variablecapitalturnedoverannually。Or，expressedgenerally:Whatevertherelativemagnitudeoftheturned-overvariablecapitals，therateofthesurplus-valueproducedbytheminthecourseoftheyearisdeterminedbytherateofsurplus-valueatwhichtherespectivecapitalshaveworkedinaverageperiodssay，theaverageofaweekorday。

　　Thisistheonlyconsequenceofthelawsofproductionofsurplus-valueandofthedeterminationoftherateofsurplus-value。

　　LetusseefurtherwhatisexpressedbytheratioCapitalturnedoverannually——capitaladvancedtakingintoaccount，aswehavesaidbefore，onlythevariablecapital。

　　Thedivisionshowsthenumberofturnoversmadebythecapitaladvancedinoneyear。

　　InthecaseofcapitalAwehave:

　　&pound；5，000ofcapitalturnedoverannually——&pound；500ofcapitaladvancedInthecaseofcapitalBwehave:

　　&pound；5，000ofcapitalturnedoverannually——&pound；5，000ofcapitaladvancedInbothratiosthenumeratorexpressedtheadvancedcapitalmultipliedbythenumberofturnovers；inthecaseofA，500times10；inthecaseofB，5，000times1。Oritmaybemultipliedbytheinvertedtimeofturnovercalculatedforoneyear。ThetimeofturnoverforAis1/10

　　ofayear；theinvertedtimeofturnoveris10/1years；hence500times10/1，or5，000。InthecaseofB，5，000times1/1，or5，000。Thedenominatorexpressestheturned-overcapitalmultipliedbytheinvertednumberofturnovers；inthecaseofA，5，000times1/10；inthecaseofB，5，000

　　times1/1。

　　Therespectivequantitiesoflabourthesumofthepaidandunpaidlabour，whicharesetinmotionbythetwovariablecapitalsturnedoverannually，areequalinthiscase，becausetheturned-overcapitalsthemselvesareequalandtheirratesofself-expansionarelikewiseequal。

　　Theratioofvariablecapitalturnedoverannuallytothevariablecapitaladvancedindicates1theratioofthecapitaltobeadvancedtothevariablecapitalemployedduringadefiniteworkingperiod。Ifthenumberofturnoversis10，asinthecaseofA，andtheyearassumedtohave50weeks，thentheperiodofturnoveris5weeks。Forthese5weeksvariablecapitalmustbeadvancedandthecapitaladvancedfor5weeksmustbe5timesaslargeasthevariablecapitalemployedduringoneweek。

　　Thatistosay，onlyone-fifthoftheadvancedcapitalinthiscase&pound；500

　　canbeemployedinthecourseofoneweek。Ontheotherhand，inthecaseofcapitalB，wherethenumberofturnoversis11/，thetimeofturnoveris1year，or50weeks。Theratiooftheadvancedcapitaltothecapitalemployedweeklyistherefore50:1。IfmatterswerethesameforBastheyareforA，thenBwouldhavetoinvest&pound；1，000perweekinsteadof&pound；100。2ItfollowsthatBehasemployedtentimesasmuchcapital&pound；5，000asAtosetinmotionthesamequantityofvariablecapitalandhence——therateofsurplus-valuebeinggiven——oflabourpaidandunpaid，andthustoproducealsothesamequantityofsurplus-valueduringtheyear。Therealrateofsurplus-valueexpressesnothingbuttheratioofthevariablecapitalemployedduringadefiniteperiodtothesurplus-valueproducedinthesametime；orthequantityofunpaidlaboursetinmotionbythevariablecapitalemployedduringthistime。Ithasabsolutelynothingtodowiththatportionofthevariablecapitalwhichisadvancedduringthetimeinwhichitisnotemployed。Henceithaslikewisenothingtodowiththeratiobetweenthatportionofcapitalwhichisadvancedduringadefiniteperiodoftimeandthatportionwhichisemployedduringthesameperiodoftime——aratiothatismodifiedanddifferentiatedfordifferentcapitalsbytheturnoverperiod。

　　Itfollowsratherfromwhathasbeensetforthabovethattheannualrateofsurplus-valuecoincidesonlyinonesinglecasewiththerealrateofsurplus-valuewhichexpressesthedegreeofexploitationoflabour；namelyinthecasewhentheadvancedcapitalisturnedoveronlyonceayearandthecapitaladvancedisthusequaltothecapitalturnedoverinthecourseoftheyear，whenthereforetheratioofthequantityofthesurplus-valueproducedduringtheyeartothecapitalemployedduringtheyearinthisproductioncoincidesandisidenticalwiththeratioofthequantityofsurplus-valueproducedduringtheyeartothecapitaladvancedduringtheyear。

　　ATheannualrateofsurplus-valueisequaltothequantityofsurplus-valueproducedduringtheyear——variablecapitaladvancedButthequantityofthesurplus-valueproducedduringtheyearisequaltotherealrateofsurplus-valuemultipliedbythevariablecapitalemployedinitsproduction。Thecapitalemployedintheproductionoftheannualquantityofsurplus-valueisequaltotheadvancedcapitalmultipliedbythenumberofitsturnovers，whichweshallcalln。FormulaAisthereforetransformedintothefollowing:

　　BTheannualrateofsurplus-valueisequaltotherealrateofsurplus-valuexvariablecapitaladvancedxn——variablecapitaladvancedForinstance，inthecaseofcapitalB=100x5，000x1/5，000，or100%。

　　Onlywhennisequalto1，thatis，whenthevariablecapitaladvancedisturnedoveronlyonceayear，andhenceequaltothecapitalemployedorturnedoverduringayear，theannualrateofsurplus-valueisequaltoitsrealrate。

　　Letuscalltheannualrateofsurplus-valueS’，therealrateofsurplus-values’，theadvancedvariablecapitalv，thenumberofturnoversn。ThenS’=s’vn/v=s’n。Inotherwords，S’isequaltos’n，anditisequaltos’onlywhenn=1，andhenceS’=s’times1，ors’。

　　Itfollowsfurthermorethattheannualrateofsurplus-valueisalwaysequaltos’n，i。e。，totherealrateofsurplus-valueproducedinoneperiodofturnoverbythevariablecapitalconsumedduringthatperiod，multipliedbythenumberofturnoversofthisvariablecapitalduringoneyear，orwhatamountstothesamemultipliedbyitsinvertedtimeofturnovercalculatedforoneyear。Ifthevariablecapitalisturnoverovertentimesperyear，thenitstimeofturnoveris1/10

　　ofayear；itsinvertedtimeofturnovertherefore10/1or10。

　　ItfollowsfurthermorethatS’=s’whennisequalto1。S’isgreaterthans’whennisgreaterthan1；i。e。，whentheadvancedcapitalisturnedovermorethanonceayearortheturned-overcapitalisgreaterthanthecapitaladvanced。

　　Finally，S’issmallerthans’whennissmallerthan1，thatis，whenthecapitalturnedoverduringtheyearisonlyapartoftheadvancedcapital，sothattheperiodofturnoverislongerthanoneyear。

　　Letusdwellamomentonthislastcase。

　　Weretainallthepremisesofourformerillustration，exceptthattheperiodofturnoverislengthenedto55weeks。Thelabour-processrequiresavariablecapitalof&pound；100perweek，hence&pound；5，500

　　fortheperiodofturnover，andproduceseveryweek100s；s’istherefore100%，asbefore。Thenumberofturnovers，n，ishere50/55or10/11，becausethetimeofturnoveris1plus1/10oftheyearof50weeks，or11/10years。

　　S’=100%x5，500x10/11/5，500=100x10/11=1000/11=90

　　10/11%。Itisthereforesmallerthan100%。

　　Indeed，iftheannualrateofsurplus-valuewere100%，thenduringtheyear5，500vwouldproduce5，500s，whereas10/11yearsarerequiredforthat。The5，500vproduceonly5，000sduringoneyear，thereforetheannualrateofsurplus-valueis5，000s/5，500v，or10/11or9010/11%。

　　Theannualrateofsurplus-value，orthecomparisonbetweenthesurplus-valueproducedduringoneyearandthevariablecapitaladvancedingeneralasdistinguishedfromthevariablecapitalturnedoverduringtheyear，isthereforenomerelysubjectivecomparison；theactualmovementofthecapitalitselfgivesrisetothiscontraposition。SofarastheownerofcapitalAisconcerned，hisadvancedvariablecapitalofx500hasreturnedtohimattheendoftheyear，andx5，000ofsurplus-valueinaddition。Itisnotthequantityofcapitalemployedbyhimduringtheyear，butthequantityreturningtohimperiodicallythatexpressesthemagnitudeofhisadvancedcapital。Itisimmaterialforthepresentissuewhetherattheendoftheyearthecapitalexistspartlyasaproductivesupply，orpartlyasmoney-orcommodity-capital，andinwhatproportionsitmayhavebeendividedintothesedifferentparts。SofarastheownerofcapitalBisconcerned，&pound；5，000，hisadvancedcapital，hasreturnedtohimbesides&pound；5，000insurplus-value。FortheownerofcapitalCthelastconsidered，worth&pound；5，500surplus-valuetotheamountof&pound；5，000hasbeenproducedduringtheyear&pound；5，000investedandrateofsurplus-value100%，buthisadvancedcapitalhasnotyetreturnedtohim，norhashisproducedsurplus-value。

　　S’=s’nindicatesthattherateofsurplus-valuevalidforthevariablecapitalemployedduringoneperiodofturnover，towit，quantityofsproducedinoneturnoverperiod——vemployedinoneturnoverperiodmustbemultipliedbythenumberofturnoverperiods，oroftheperiodsofreproductionoftheadvancedvariablecapital，bythenumberofperiodsinwhichitrenewsitscircuit。

　　WehavealreadyseenBuchI，Kap。IV[Englishedition:PartII——

　　Ed。]TheTransformationofMoneyintoCapital，andfurthermoreBuchI，Kap。XXI[Englishedition:Ch。XXIII——Ed。]SimpleReproduction，thatthecapital-valueisingeneraladvanced，notexpended，asthisvalue，havingpassedthroughthevariousphasesofitscircuit，returnstoitspointofdeparture，andatthatenrichedbysurplus-value。

　　Thischaracterisesitasadvanced。Thetimethatelapsesfromthemomentofitsdeparturetothemomentofitsreturnisthetimeforwhichitwasadvanced。Theentirecircularmovementdescribedbycapital-value，measuredbythetimefromitsadvancetoitsreturn，constitutesitsturnover，andthedurationofthisturnoverisaperiodofturnover。Whenthisperiodhasexpiredandthecircuitiscompleted，thesamecapital-valuecanrenewthesamecircuit，canthereforeexpandanew，cancreatesurplus-value。

　　Ifthevariablecapitalisturnedovertentimesinoneyear，asinthecaseofcapitalA，thenthesameadvanceofcapitalbegetsinthecourseofoneyeartentimesthequantityofsurplus-valuethatcorrespondstooneperiodofturnover。

　　Onemustgetaclearconceptionofthenatureofthisadvancefromthestandpointofcapitalistsociety。

　　CapitalA，whichisannuallyturnedovertentimes，isadvancedtentimesduringoneyear。Itisadvancedanewforeverynewperiodofturnover。Butatthesametime，duringtheyearAneveradvancesmorethanthissamecapital-valueof&pound；500andinactualfactneverdisposesofmorethanthese&pound；500fortheproductiveprocessexaminedbyus。

　　Assoonasthese&pound；500havecompletedonecircuitAmakesthemstartanewthesamecircuit；byitsverynaturecapitalpreservesitscharacterofcapitalonlybecauseitalwaysfunctionsascapitalinsuccessiveproductionprocesses。Itis，moreover，neveradvancedformorethanfiveweeks。Shouldtheturnoverlastlonger，itprovesinadequate。Shouldtheturnoverbecurtailed，apartbecomesuperfluous。Nottencapitalsof&pound；500areadvanced，butonecapitalof&pound；500isadvancedtentimesatsuccessiveintervals。Theannualrateofsurplus-valueisthereforenotcalculatedfortenadvancesofacapitalof&pound；500orfor&pound；5，000，butforoneadvanceofacapitalof&pound；500。Itisthesameasifoneshillingcirculatestentimesandyetneverrepresentsmorethanonesingleshillingincirculation，althoughitperformsthefunctionof10shillings。

　　Butinthepocketwhichholdsitaftereachchangeofhandsitretainsthesameidenticalvalueofoneshillingasbefore。

　　InthesamewaycapitalAindicatesateachsuccessivereturn，andlikewiseonitsreturnattheendoftheyear，thatitsownerhasoperatedalwayswiththesamecapital-valueof&pound；500。Henceonly&pound；500

　　returntohimeachtime。Hisadvancedcapitalisthereforenevermorethan&pound；500。Hencetheadvancedcapitalof&pound；500formsthedenominatorofthefractionwhichexpressestheannualrateofsurplus-value。WehadforittheaboveformulaS’=s’vn/v=s’n。Sincetherealrateofsurplus-value，s’，equalss/v，thequantityofsurplus-valuedividedbythevariablecapitalwhichproducedit，wemaysubstitutes/vforthevalueofs’ins’n，andgettheotherformulaS’=sn/v。

　　Butbyitsten-foldturnoverandthustheten-foldrenewalofitsadvance，thecapitalof&pound；500performsthefunctionofatentimeslargercapital，ofacapitalof&pound；5，000，justas500shillingswhichcirculatetentimesperyearperformthesamefunctionas5，000shillingswhichcirculateonlyonce。

　　II。THETURNOVEROFTHEINDIVIDUALVARIABLECAPITAL”Whatevertheformoftheprocessofproductioninasociety，itmustbeacontinuousprocess，mustcontinuetogoperiodicallythroughthesamephases……Whenviewedthereforeasaconnectedwholeandasflowingonwithincessantrenewal，everysocialprocessofproductionis，atthesametime，aprocessofreproduction……Asaperiodicincrementofthecapitaladvanced，orperiodicfruitofcapitalinprocess，surplus-valueacquirestheformofarevenueflowingoutofcapital。”BuchI，Kap。XXI，pp。588，589。[Englishedition:pp。566and567——Ed。]

　　InthecaseofcapitalAwehave10five-weekturnoverperiods。

　　Inthefirstperiodofturnover&pound；500ofvariablecapitalareadvanced；

　　i。e。，&pound；100areweeklyconvertedintolabour-power，sothat&pound；500

　　arespentonlabour-powerattheendofthefirstturnoverperiod。These&pound；500，originallyapartofthetotalcapitaladvanced，haveceasedtobecapital。Theyarepaidoutinwages。Thelabourersintheirturnpaythemoutinthepurchaseofmeansofsubsistence，consumingmeansofsubsistenceworth&pound；500。Aquantityofcommoditiesofthatvalueisthereforeannihilated；whatthelabourermaysaveupinmoney，etc。，isnotcapitaleither。Asfarasconcernsthelabourer，thisquantityofcommoditieshasbeenconsumedunproductively，exceptinasmuchasitpreservestheefficacyofhislabour-power，aninstrumentindispensabletothecapitalist。

　　Inthesecondplacehoweverthese&pound；500havebeentransformed，forthecapitalist，intolabour-powerofthesamevalueorprice。Labour-powerisconsumedbyhimproductivelyinthelabour-process。Attheendof5

　　weeksaproductvaluedat&pound；1，000hasbeencreated。Halfofthis，&pound；500，isthereproducedvalueofthevariablecapitalexpendedinpaymentoflabour-power。Theotherhalf，&pound；500，isnewlyproducedsurplus-value。Butthe5-weeklylabour-power，throughexchangeforwhichaportionofthecapitalwasconvertedintovariablecapital，islikewiseexpended，consumed，althoughproductively。Thelabourwhichwasactiveyesterdayisnotthesamethatisactivetoday。Itsvalueplusthatofsurplus-valuecreatedbyitexistsnowasthevalueofathingdistinctfromlabour-power，towit，ofaproduct。Butbyconvertingtheproductintomoney，thatportionofitsvaluewhichisequaltothevalueofvariablecapitaladvancedcanoncemorebeexchangedforlabour-powerandthusagainfunctionasvariablecapital。Thefactthatthesameworkmen，i。e。，thesamebearersoflabour-power，aregivenemploymentnotonlybythereproducedcapital-valuebutalsobythatwhichhasbeenreconvertedintotheformisimmaterial。Itispossibleforthecapitalisttohiredifferentworkmenforthesecondperiodofturnover。

　　Inactualfactthereforeacapitalof&pound；5，000，andnotof&pound；500，isexpendedsuccessivelyinwagesduringthetenperiodsofturnoverof5weekseach，andthesewageswillagainbespentbythelabourerstobuymeansofsubsistence。Thecapitalof&pound；5，000soadvancedisconsumed。Itceasestoexist。Ontheotherhandlabour-powerworth&pound；5，000，not&pound；500，isincorporatedsuccessivelyintheproductiveprocessandreproducesnotonlyitsownvalueof&pound；5，000，butproducesoverandabovethatasurplus-valueof&pound；5，000。Thevariablecapitalof&pound；500advancedduringthesecondperiodofturnoverisnottheidenticalcapitalof&pound；500thathadbeenadvancedduringthefirstperiodofturnover。Thathasbeenconsumed，spentinwages。Butitisreplacedbynewvariablecapitalof&pound；500，whichwasproducedinthefirstperiodofturnoverintheformofcommodities，andreconvertedintomoney。

　　Thisnewmoney-capitalof&pound；500isthereforethemoney-formofthequantityofcommoditiesnewlyproducedinthefirstperiodofturnover。

　　Thefactthatanidenticalsumofmoney，&pound；500，isagaininthehandsofthecapitalist，i。e。，apartfromthesurplus-value，preciselyasmuchmoney-capitalashehadoriginallyadvanced，concealsthecircumstancethatheisoperatingwithnewlyproducedcapital。Asfortheotherconstituentsofvalueofthecommodity-capital，whichreplacetheconstantpartsofcapital，theirvalueisnotnewlyproduced，butonlytheformischangedinwhichthisvalueexists。

　　Letustakethethirdperiodofturnover。Hereitisevidentthatthecapitalof&pound；500，advancedforathirdtime，isnotanoldbutanewlyproducedcapital，foritisthemoney-formofthequantityofcommoditiesproducedinthesecond，notthefirst，periodofturnover，i。e。，ofthatportionofthisquantityofcommoditieswhosevalueisequaltothatoftheadvancedvariablecapital。Thequantityofcommoditiesproducedinthefirstperiodofturnoverissold。Apartofitsvalueequaltothevariableportionofthevalueoftheadvancedcapitalwastransformedintothenewlabour-powerofthesecondperiodofturnover；itproducedanewquantityofcommodities，whichweresoldintheirturnandaportionofwhosevalueconstitutesthecapitalof&pound；500advancedinthethirdturnoverperiod。

　　Andsoforthduringthetenperiodsofturnover。Inthecourseofthese，newlyproducedquantitiesofcommoditieswhosevalue，inasmuchasitreplacesvariablecapital，isalsonewlyproduced，anddoesnotmerelyre-appearasinthecaseoftheconstantcirculatingpartofthecapital

　　arethrownuponthemarketevery5weeks，inordertoincorporateevernewlabour-powerintheprocessofproduction。

　　Thereforewhatisaccomplishedbytheten-foldturnoveroftheadvancedvariablecapitalof&pound；500isnotthatthiscapitalof&pound；500

　　canbeproductivelyconsumedtentimes，orthatavariablecapitallastingfor5weekscanbeemployedfor50weeks。Rather，tentimes&pound；500

　　ofvariablecapitalisemployedinthe50weeks，andthecapitalof&pound；500

　　alwayslastsonlyfor5weeksandmustbereplacedattheendofthe5

　　weeksbyanewlyproducedcapitalof&pound；500。ThisappliesequallytocapitalsAandB。Butatthispointthedifferencebegins。

　　Attheendofthefirstperiodof5weeksavariablecapitalof&pound；500hasbeenadvancedandexpendedbyBaswellasA。BothAandBhaveconverteditsvalueintolabour-powerandreplaceditbythatportionofthevalueoftheproductnewlycreatedbythislabour-powerwhichisequaltothevalueoftheadvancedvariablecapitalof&pound；500。ForbothBandAthelabour-powerhasnotonlyreplacedthevalueoftheexpendedvariablecapitalof&pound；500byanewvalueofthesameamount，butalsoaddedasurplus-valuewhich，accordingtoourassumption，isofthesamemagnitude。

　　ButinthecaseofBthevalue-product，whichreplacestheadvancedvariablecapitalandaddstoitasurplus-value，isnotintheforminwhichitcanfunctionanewasproductive，orvariable，capital。ItisinsuchaforminthecaseofA。AnduptotheendoftheyearBdoesnotpossessthevariablecapitalexpendedinthefirst5andeverysubsequent5weeksalthoughithasbeenreplacedbynewlyproducedvalueplussurplus-value

　　intheforminwhichitcanagainfunctionasproductive，orvariable，capital。True，itsvalueisreplacedbynewvalue，hencerenewed，buttheformofitsvalueinthiscasetheabsoluteformofvalue，itsmoney-formisnotrenewed。

　　Forthesecondperiodof5weeksandthusforeverysucceeding5weeksoftheyearanother&pound；500mustagainbeavailable，thesameasforthefirstperiod。Hence，regardlessofcreditconditions，&pound；5，000

　　mustbeavailableatthebeginningoftheyearasalatentadvancedmoney-capital，althoughtheyarereallyexpended，turnedintolabour-power，onlygradually，inthecourseoftheyear。

　　ButbecauseinthecaseofAthecircuit，theturnoveroftheadvancedcapital，isconsummated，thereplacementvalueafterthelapseofthefirst5weeksisalreadyintheforminwhichitcansetnewlabour-powerinmotionforatermof5weeks——initsoriginalform，themoney-form。

　　IncasesofbothAandBnewlabour-powerisconsumedinthesecond5-weekperiodandanewcapitalof&pound；500isspentinpaymentofthislabour-power。Themeansofsubsistenceofthelabourers，paidwiththefirst&pound；500，aregone；atalleventstheirvaluehasvanishedfromthehandsofthecapitalist。Withthesecond&pound；500newlabour-powerisbought，newmeansofsubsistencewithdrawnfromthemarket。Inshort，itisanewcapitalof&pound；500thatisbeingexpended，nottheold。

　　ButinthecaseofAthisnewcapitalof&pound；500isthemoney-formofthenewlyproducedsubstituteforthevalueoftheformerlyexpended&pound；500，whileinthecaseofB，thissubstituteisinaforminwhichitcannotfunctionasvariablecapital。Itisthere，butnotintheformofvariablecapital。Forthecontinuationoftheprocessofproductionforthenext5weeksanadditionalcapitalof&pound；500mustthereforebeavailableandadvancedintheherindispensableformofmoney。Thus，during50weeks，bothAandBexpendanequalamountofvariablecapital，payforandconsumeanequalquantityoflabour-power。Only，Bmustpayforitwithanadvancedcapitalequaltoitstotalvalueof&pound；5，000，whileApaysforitsuccessivelywiththeeverrenewedmoney-formofthevalue-substitute，producedevery5weeks，forthecapitalof&pound；500advancedforevery5weeks，i。e。，nevermorethanthatadvancedforthefirst5weeks，viz。，&pound；500。

　　These&pound；500lastfortheentireyear。Itisthereforeclearthat，thedegreeofexploitationoflabourandtherealrateofsurplus-valuebeingthesame，theannualratesofsurplus-valueofAandBmustbeinverselyproportionaltothemagnitudesofthevariablemoney-capitalswhichhavetobeadvancedinordertosetinmotionthesameamountoflabour-powerduringtheyear。

　　A:5，000s/500v=1，000%；B:5，000s/5，000v=100%。But500v:5，000v=1:10=100%:1，000%。Thedifferenceisduetothedifferenceintheperiodsofturnover，i。e。，theperiodsinwhichthevalue-substituteofthevariablecapitalemployedforadefinitetimecanfunctionanewascapital，henceasnewcapital。

　　InthecaseofBaswellasA，thereisthesamereplacementofvalueforthevariablecapitalemployedduringthesameperiods。Thereisalsothesameincrementofsurplus-valueduringthesameperiods。ButinthecaseofB，whileevery5weeksthereisareplacementofthevalueof&pound；500

　　andasurplus-valueof&pound；500，thisvalue-substitutedoesnotconstitutenewcapital，becauseitdoesnotexistintheformofmoney。InthecaseofAtheoldcapital-valueisnotonlyreplacedbyanewone，butisrehabilitatedinitsmoney-form，hencereplacedasanewcapitalcapableofperformingitsfunction。

　　Theconversion，soonerorlater，ofthevalue-substituteintomoney，andthusintotheforminwhichvariablecapitalisadvanced，isobviouslyanimmaterialcircumstance，sofarastheproductionofsurplus-valueitselfisconcerned。Thisproductiondependsonthemagnitudeofvariablecapitalemployedandthedegreeofexploitationoflabour。Butthatcircumstancemodifiesthemagnitudeofthemoney-capitalwhichmustbeadvancedinordertosetadefinitequantumoflabour-powerinmotionduringtheyear，andthereforeitdeterminestheannualrateofsurplus-value。

　　III。THETURNOVEROFTHEVARIABLECAPITALFROMTHESOCIALPOINTOFVIEW

　　Letuslookatthismatterforamomentfromthepointofviewofsociety。

　　Letthewagesofonelabourerbe&pound；1perweek，theworking-day10

　　hours。IncaseofAaswellasB100labourersareemployedduringayear&pound；100for100labourersperweek，or&pound；500for5weeks，or&pound；5，000

　　for50weeks，andeachoneofthemworks60hoursperweekof6days。

　　So100labourerswork6，000hoursperweekand300，000hoursin50weeks。

　　Thislabour-poweristakenholdofbyAandBandthereforecannotbeexpendedbysocietyforanythingelse。TothisextentthematteristhesamesociallywithbothAandB。Furthermore:InthecasesofbothAandBthe100labourersemployedbyeithersidereceiveayearlywageof&pound；5，000or，togetherforthe200labourers，&pound；10，000andwithdrawfromsocietymeansofsubsistencetothatamount。SofarthematteristhereforesociallythesameinthecaseofbothAandB。Sincethelabourersineithercasearepaidbytheweek，theyweeklywithdrawtheirmeansofsubsistencefromsocietyand，ineithercase，throwaweeklyequivalentinmoneyintocirculation。

　　Butherethedifferencebegins。

　　First。ThemoneywhichtheAlabourerthrowsintocirculationisnotonly，asitisfortheBlabourer，themoney-formofthevalueofhislabour-powerinfactameansofpaymentforlabouralreadyperformed；

　　itis，countingfromthesecondturnoverperiodaftertheopeningofthebusiness，themoney-formofhisownvalueequaltothepriceofthelabour-powerplusthesurplus-valuecreatedduringthefirstperiodofturnover，bywhichhislabourispaidduringthesecondperiodofturnover。