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The values assigned to m, &c. are entirely arbitrary, if m, m), m, 5 I each = 6” and k = 2 ”
In the value of Do the whole of C is supposed to be taken from the labour-fund, the data necessary for calculating the effect of the change enunciated in the proposition are not given.
RICARDO, 3d Edition, 469.
A capitalist employs £20000, £7000 of which is vested in irremoveable capital, and £13000 in labour, profits being 10 per cent. He then abstracts £.6500 to pay machine makers, and £1000 for half the profits during the year the machinery is in progress. His capital is now £6500 to pay wages, and £.7500 in machinery, in addition to the £7000 irremoveable.
The machinery is supposed indestructible, and no more is produced by it than will pay the common profits on the £7500.
Take the capital as £,13000, and suppose that with the aid of the £.7000 profits are raised on this from q – 1 to q, -1. 20000 20 Then qi – l = iãood (7-4) - i;(q-1).
Now before the machinery was employed the produce of the £.7500 must have fetched 7500. q, and afterwards 7500. (q – 1);
If therefore it were possible that the capitalist could be influenced by a motive which would induce him to employ machinery under such circumstances as these, the community would gain nothing, and the labourer would lose the whole.
A manufacturer has £.1000, with which he pays 20 men £.50 each; his capital is suddenly increased to £2000, when he lays out £.1500 in machinery, which takes 1 year to complete, and does the work of 15 men, but requires 1 man to keep it in repair, and also lasts 15 years, profits 10 per cent.
But £.500 only of the £1500 was before employed in labour, and therefore the loss to the labour-fund during the year that the machine is making, is
- - - - - 4. - which is negative if m be > 15, or if the labourer receive more than #
of the price of the machine; the amount paid for wages will be increased. After the completion, we have II
and the machine does the work of 14 men, for whose labour the con
the gain in price is 770–197 = 573, and the capitalist gains 100; ..". G = 100 + 573 = 673. There has been taken from the labour-fund £.500. There is returned to it m (197–150) + 3 m, k + m, (1 – k)p; 673.
The labour-fund gains after the 2" year, and receives an addition of
£ o every subsequent year.
In this solution the value of A, taken by Mr M*Culloch (not B) in refuting Mr Barton's views, is employed. Taking what I have assumed to be a more correct value, we get,
The capital employed in the machinery = C(1 + y)= 1680; and therefore it must produce as much as £.680 paid in wages.
Hence, gain in cost of produce= # . 680 – 220 = 528, and the capitalist gains 100; ‘. G = 528 + 100 = 628.
The labour-fund will have gained at the end of the 3" year.
was employed. The machine must therefore do the work of as many men as the capitalist is deprived of the means of paying.
XXVII. Novitiae Florae Maderensis : or Notes and Gleanings of Maderan Botany. By the Rev. R. T. Lowe, M.A.
[Read May 28, 1838.]
1. Acrostichum paleaceum, Hook. et Grev. Icon. Fil. t. 235.
Identical I apprehend with A. squamosum of Swartz. Although his character of “frondes 1–2-pedales” certainly exceeds the average of Maderan specimens, I have lately seen some fully 18 inches long, without the stipes: and I am informed by my friend J. I. Bennett, Esq., that in “the Banksian Herbarium are barren fronds of 15 or 16 inches in length, in addition to the stipes (as by Swartz described) of 3 or 4; and some of them, which are abruptly mutilated, would, I think, justify the describing them as “1–2-pedales.” In every other particular Swartz's description perfectly agrees; and was, I have little doubt, drawn up from the Maderan plant.
2. Polypodium drepanum, nob. Aspidium drepanum Sw. (Aspidium ? drepanum nob. Primit. p. 6. No. 3.), proves, as I have already stated in the Botanical Miscellany (New Series, I. p. 26.), to be a genuine Polypodium; not having the slightest trace of an indusium in any stage of growth. The following description of the fructification is derived both from abundant wild specimens, and from others cultivated in my garden, and watched carefully for several years. Indusia nulla. Sori nudi, globosi, valde convexi, tumidi, distinctissimi, subconferti, biseriati, purpureo-nigri, capsulis nitidissimis; demum (sporis effusis) pallide ferruginei, minuti, punctiformes. Polypodii species Vera. Wol. VI. PART III 3 X