ON TIIE DURATION OF MACHINERY.

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working of the old, when sold at a reduced price.This change, however, can he only transient; for a timewill arrive when the old machinery, although in goodrepair, must become worthless. The improvementwhich took place not long ago in frames for makingpatent-net was so great, that a machine, in goodrepair, which had cost 1200/., sold a few years afterfor 60 l. During the great speculations in that trade,th'e improvements succeeded each other so rapidly,that machines which had never been finished wereabandoned in the hands of their makers, because newimprovements had superseded their utility.

(263.) The durability of common watches, whenwell made, is very considerable. One was produced,in “ going order," before a committee of the House of Commons to inquire into the watch trade, whichwas made in the year 1660 ; and there are many ofancient date, in the possession of the Clock-maker’sCompany, which are actually kept going. Thenumber of watches manufactured for home con-sumption was, in the year 1798, about 50,000 annu-ally. If this supply was for Great Britain only, itwas consumed by about ten and a half millions ofpersons.

(264.) Machines are, in some trades, let out to hire,and a certain sum is paid for their use in the mannerof rent. This is the case amongst the frame-workknitters : and Mr. Henson, in speaking of the rateof payment for the use of their frames, states, thatthe proprietor receives such a rent that, besidespaying the full interest for his capital, he clearsthe value of his frame in nine years. When therapidity with which improvements succeed each