If — all other things, and not only the scale of production, but above
 all the productivity of labour, remaining the same — a greater part of the
 fixed element of IIc expires than did the year before, and hence a greater
 part must be renewed in kind, then that part of the fixed capital which is
 as yet only on the way to its demise and is to be replaced meanwhile in
 money until its day of expiry, must shrink in the same proportion,
 inasmuch as it was assumed that the sum (and the sum of the value) of
 the fixed part of capital functioning in II remains the same. This however
 brings with it the following circumstances. First: If the greater part of
 commodity-capital I consists of elements of the fixed capital of IIc, then a
 correspondingly smaller portion consists of circulating component parts
 of IIc, because the total production of I for IIc remains unchanged. If one of these parts increases the other decreases, and vice versa. On the
 other hand the total production of class II also retains the same volume.
 But how is this possible if its raw materials, semi-finished products, and
 auxiliary materials (i.e., the circulating elements of constant capital II)
 decrease? Second: the greater part of fixed capital IIc, restored in its money-form, flows to I to be reconverted from its money-form into its
 bodily form. So there is a greater flow of money to I, aside from the
 money circulating between I and II merely for the exchange of their
 commodities; more money which is not instrumental in effecting mutual
 commodity exchange, but acts only one-sidedly in the function of a
 means of purchase. But then the mass of commodities of IIc, which is
 the bearer of the wear-and-tear equivalent — and thus the mass of
 commodities II that must only be exchanged for money I and not for
 commodities I — would also shrink proportionately. More money would
 have flown from II to I as mere means of purchase, and there would be
 fewer commodities II in relation to which I would have to function as a
 mere buyer. A greater portion of Is — for Iv is already converted into commodities II — would not therefore be convertible into commodities II, but would persist in the form of money.