On the Economy of Machinery and Manufactures

(233.) There are many inquiries which ought always to be made previous to the commencement of the manufacture of any new article. These chiefly relate to the expense of tools, machinery, raw materials, and all the outgoings necessary for its production,—to the extent of the demand which is likely to arise,—to the time in which the circulating capital will be replaced,—and to the quickness or slowness with which the new article will supersede those already in use.

(234.) The expense of tools and of new machines will be more difficult to ascertain, in proportion as they differ from those already employed; but the variety in constant use, in our various manufactories, is such, that few inventions now occur in which some considerable portion may not be found resembling others already constructed. The cost of the raw material is usually less difficult to determine; but there occasionally arise cases in which it becomes important to examine whether the supply, at the given price, can be depended upon: for, in the case of a small consumption, the additional demand arising from a factory may produce a considerable temporary rise in price; although the same circumstance may ultimately reduce its price.

(235.) The quantity of any new article likely to be consumed is a most important subject for the consideration of the projector of a new manufacture. As these pages are not intended for the instruction of the manufacturer, but rather for the purpose of giving a general view of the subject, an illustration of the way in which such questions are regarded by practical men, will, perhaps, be most instructive.