This change, however, can be
only transient; for a time will arrive when the old machinery,
although in good repair, must become worthless. The improvement
which took place not long ago in frames for making patent-net was
so great, that a machine, in good repair, which had cost L1200,
sold a few years after for L60. During the great speculations in
that trade, the improvements succeeded each other so rapidly,
that machines which had never been finished were abandoned in the
hands of their makers, because new improvements had superseded
their utility.
345. The durability of watches, when well made, is very
remarkable. One was produced, in going order, before a committee
of the House of Commons to enquire into the watch trade, which
was made in the year 1660; and there are many of ancient date, in
the possession of the Clockmaker's Company, which are still
actually kept going. The number of watches manufactured for home
consumption was, in the year 1798, about 50,000 annually. If this
supply was for Great Britain only, it was consumed by about ten
and a half millions of persons.
346. Machines are, in some trades, let out to hire, and a
certain sum is paid for their use; in the manner of rent.
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