On the Economy of Machinery and ManufacturesBabbage, Charles
ReligionComparative
On the Economy of Machinery and Manufactures
Babbage, Charles
Machinery; Manufactures
193. It is important, if possible, always to connect the name
of the workman with the work he has executed: this secures for
him the credit or the blame he may justly deserve; and
diminishes, in some cases, the necessity of verification. The
extent to which this is carried in literary works, published in
America, is remarkable. In the translation of the Mecanique
Celeste by Mr Bowditch, not merely the name of the printer, but
also those of the compositors, are mentioned in the work.
194. Again, if the commodity itself is of a perishable
nature, such, for example, as a cargo of ice imported into the
port of London from Norway a few summers since, then time will
supply the place of competition; and, whether the article is in
the possession of one or of many persons, it will scarcely reach
a monopoly price. The history of cajeput oil during the last few
months, offers a curious illustration of the effect of opinion
upon price. In July of last year, 1831, cajeput oil was sold,
exclusive of duty, at 7 d. per ounce. The disease which had
ravaged the East was then supposed to be approaching our shores,
and its proximity created alarm. At this period, the oil in
question began to be much talked of, as a powerful remedy in that
dreadful disorder; and in September it rose to the price of 3s.
and 4s. the ounce. In October there were few or no sales: but in
the early part of November, the speculations in this substance
reached their height, and between the 1st and the 15th it
realized the following prices: 3s. 9d., 5s., 6s. 6d., 7s. 6d.,
8s., 9s., 10s., 10s. 6d., 11s. After 15 November, the holders of
cajeput oil were anxious to sell at much lower rates; and in
December a fresh arrival was offered by public sale at 5s., and
withdrawn, being sold afterwards, as it was understood, by
private contract, at 4s. or 4s. 6d. per oz. Since that time, 1s.
6d. and 1s. have been realized; and a fresh arrival, which is
daily expected (March, 1832) will probably reduce it below the
price of July. Now it is important to notice, that in November,
the time of greatest speculation, the quantity in the market was
held by few persons, and that it frequently changed hands, each
holder being desirous to realize his profit. The quantity
imported since that time has also been considerable.(2*)
195. The effect of the equalization of price by an increased
number of dealers, may be observed in the price of the various
securities sold at the Stock Exchange. The number of persons who
deal in the 3 per cent stock being large, any one desirous of
selling can always dispose of his stock at one-eighth per cent
under the market price; but those who wish to dispose of bank
stock, or of any other securities of more limited circulation,
are obliged to make a sacrifice of eight or ten times this amount
upon each hundred pounds value.
Public-domain text, read in full here on John Shaqi.
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