machinery, workshops, raw material, and labour, but to be good enough to place the constant capital, invested in buildings, machinery, raw material, &c., on one side of the account, and the capital advanced in wages on the other side. If the Professor then found, that in accordance with the calculation of the manufacturers, the workman reproduced or replaced his wages in 2 half-hours, in that case, he should have continued his analysis thus:

According to your figures, the workman in the last hour but one produces his wages, and in the last hour your surplus-value or net profit. Now, since in equal periods he produces equal values, the produce of the last hour but one, must have the same value as that of the last hour. Further, it is only while he labours that he produces any value at all, and the amount of his labour is measured by his labour-time. This you say, amounts to 11 1/2 hours a day. He employs one portion of these 11 1/2 hours, in producing or replacing his wages, and the remaining portion in producing your net profit. Beyond this he does absolutely nothing. But since, on your assumption, his wages, and the surplus-value he yields, are of equal value, it is clear that he produces his wages in 5 3/4 hours, and your net profit in the other 5 3/4 hours. Again, since the value of the yarn produced in 2 hours, is equal to the sum of the values of his wages and of your net profit, the measure of the value of this yarn must be 11 1/2 working-hours, of which 5 3/4 hours measure the value of the yarn produced in the last hour but one, and 5 3/4, the value of the yarn produced in the last hour. We now come to a ticklish point; therefore, attention! The last working-hour but one is, like the first, an ordinary working-hour, neither more nor less. How then can the spinner produce in one hour, in the shape of yarn, a value that embodies 5 3/4 hours' labour? The truth is that he performs no such miracle. The use-value produced by him in one hour, is a definite quantity of yarn. The value of this yarn is measured by 5 3/4 working-hours, of which 4 3/4 were, without any assistance from him, previously embodied in the means of production, in the cotton, the machinery, and so on; the remaining one hour alone is added by him. Therefore since his wages are produced in 5 3/4 hours, and the yarn produced in one hour also contains 5 3/4 hours' work, there is no witchcraft in the result, that the value created by his 5 3/4 hours' spinning, is equal to the value of the product spun in one hour. You are altogether on the wrong track, if you think that he loses a single moment of his working-day, in reproducing or replacing the values of the cotton, the machinery, and so on. On the contrary, it is because his labour converts the cotton and spindles into yarn, because he spins, that the values of the cotton and spindles go over to the yarn of their own accord. This result is owing to the quality of his labour, not to its quantity. It is true, he will in one hour transfer to the yarn more value, in the shape of cotton, than he will in half an hour; but that is only because in one hour he spins up more cotton than in half an hour. You see then, your assertion, that the workman produces, in the last hour but one, the value of his wages, and in the last hour your net profit, amounts to no more than this, that in the yarn produced by him in 2 working-hours, whether they are the 2 first or the 2 last hours of the working-day, in that yarn, there are incorporated 11 1/2 working-hours, or just a whole day's work, i.e., two hours of his own work and 9 1/2 hours of other people's. And my assertion that, in the first 5 3/4 hours, he produces his wages, and in the last 5 3/4 hours your net profit, amounts only to this, that you pay him for the former, but not for the latter. In speaking of payment of labour, instead of payment of labour- power, I only talk your own slang. Now, gentlemen, if you compare the working-time you pay for, with that which you do not pay for, you will find that they are to one another, as half a day is to half a day; this gives a rate of 100%, and a very pretty percentage it is. Further, there is not the least doubt, that if you make you "hands" toil for 13 hours, instead of 11 1/2, and, as may be expected from you, treat the work done in that extra one hour and a half, as pure surplus-labour, then the latter will be increased from 5 3/4 hours' labour to 7 1/4 hours' labour, and the rate of surplus-value from 100% to 126 2/23%. So that you are altogether too sanguine, in expecting that by such an addition of 1 1/2 hours to the working-day, the rate will rise from 100% to 200% and more, in other words that it will be "more than doubled." On the other hand-man's heart is a wonderful thing, especially when carried in the purse — you take too pessimist a view, when you fear, that with a reduction of the hours of labour from 11 1/2 to 10, the whole of your net profit will go to the dogs. Not at all. All other conditions remaining the same, the surplus-labour will fall from 5 3/4 hours to 4 3/4 hours, a period that still gives a very profitable rate of surplus-value, namely 82 14/23%. But this dreadful "last hour," about which you have invented more stories than have the millenarians about the day of judgment, is "all bosh." If it goes, it will cost neither