add them together, and the sum is a surplus-value of £3 11s. 0d. The sum of £3 19s. 0d., paid for seed and manure, is constant capital, and we put it equal to zero. There is left the sum of £3 10s. 0d., which is the variable capital advanced: and we see that a new value of £3 10s. 0d + £3 11s. 0d. has been produced in its place. Therefore ' s/v = £3 11s. 0d. / £3 10s. 0d., giving a rate of surplus-value of more than 100%. The labourer employs more than one half of his working-day in producing the surplus-value, which different persons, under different pretexts, share amongst themselves.⁹

SECTION 2.

THE REPRESENTATION OF THE COMPONENTS OF THE VALUE OF THE PRODUCT BY CORRESPONDING PROPORTIONAL PARTS OF THE PRODUCT ITSELF

Let us now return to the example by which we were shown how the capitalist converts money into capital.

The product of a working-day of 12 hours is 20 lbs. of yarn, having a value of 30s. No less than 8/10ths of this value, or 24s., is due to mere re-appearance in it, of the value of the means of production (20 lbs. of cotton, value 20s., and spindle worn away, 4s.): it is therefore constant capital. The remaining 2/10ths or 6s. is the new value created during the spinning process: of this one half replaces the value of the day's labour-power, or the variable capital, the remaining half constitutes a surplus-value of 3s. The total value then of the 20 lbs. of yarn is made up as follows:

30s. value of yarn = 24s. const. + 3s. var. + 3s. surpl.

Since the whole of this value is contained in the 20 lbs. of yarn produced, it follows that the various component parts of this value, can be represented as being contained respectively in corresponding parts of the product.

If the value of 30s. is contained in 20 lbs. of yarn, then 8/10ths of this value, or the 24s. that form its constant part, is contained in 8/10ths of the product or in 16 lbs. of yarn. Of the latter 13 1/3 lbs. represent the value of the raw material, the 20s. worth of cotton spun, and 2 2/3 lbs. represent the 4s. worth of spindle, &c., worn away in the process.

Hence the whole of the cotton used up in spinning the 20 lbs. of yarn, is represented by 13 1/3 lbs. of yarn. This latter weight of yarn contains, it is true, by weight, no more than 13 1/3 lbs. of cotton, worth 13 1/3 shillings; but the 6 2/3 shillings additional value contained in it, are the equivalent for the cotton consumed in spinning the remaining 6 2/3 lbs. of yarn. The effect is the same as if these 6 2/3 lbs. of yarn contained no cotton at all, and the whole 20 lbs. of cotton were concentrated in the 13 1/3 lbs. of yarn. The latter weight, on the other hand, does not contain an atom either of the value of the auxiliary materials and implements, or of the value newly created in the process.

In the same way, the 2 2/3 lbs. of yarn, in which the 4s., the remainder of the constant capital, is embodied, represents nothing but the value of the auxiliary materials and instruments of labour consumed in producing the 20 lbs. of yarn.

We have, therefore, arrived at this result: although eight-tenths of the product, or 16 lbs. of yarn, is, in its character of an article of utility, just as much the fabric of the spinner's labour, as the remainder of the same product, yet when viewed in this connexion, it does not contain, and has not absorbed any labour expended during the process of spinning. It is just as if the cotton had converted itself into yarn, without help; as if the shape it had assumed was mere trickery and deceit: for so soon as our capitalist sells it for 24s., and with the money replaces his means of production, it becomes evident that this 16 lbs. of yarn is nothing more than so much cotton and spindle-waste in disguise.

On the other hand, the remaining 2/10 ths of the product, or 4 lbs. of yarn, represent nothing but the new value of 6s., created during the 12 hours' spinning process. All the value transferred to those 4 lbs., from the raw material and instruments of labour consumed, was, so to say, intercepted in order to be