var。Whentheprocessofproductionisfinished，wegetacommoditywhosevalue=（cv）s，wheresisthesurplus—value;ortakingourformerfigures，thevalueofthiscommoditymaybe（£410const。
　　£90var。）£90surpl。TheoriginalcapitalhasnowchangedfromCtoC’，from£500to£590。Thedifferenceissorasurplusvalueof£90，Sincethevalueoftheconstituentelementsoftheproductisequaltothevalueoftheadvancedcapital，itismeretautologytosay，thattheexcessofthevalueoftheproductoverthevalueofitsconstituentelements，isequaltotheexpansionofthecapitaladvancedortothesurplus—valueproduced。
　　Nevertheless，wemustexaminethistautologyalittlemoreclosely。
　　Thetwothingscomparedare，thevalueoftheproductandthevalueofitsconstituentsconsumedintheprocessofproduction。Nowwehaveseenhowthatportionoftheconstantcapitalwhichconsistsoftheinstrumentsoflabour，transferstotheproductiononlyafractionofitsvalue，whiletheremainderofthatvaluecontinues。toresideinthoseinstruments。
　　Sincethisremainderplaysnopartintheformationofvalue，wemayatpresentleaveitononeside。Tointroduceitintothecalculationwouldmakenodifference。Forinstance，takingourformerexample，c=£410:
　　supposethissumtoconsistof£312valueofrawmaterial，£44
　　valueofauxiliarymaterial，and£54valueofthemachinerywornawayintheprocess;andsupposethatthetotalvalueofthemachineryemployedis£1，054。Outofthislattersum，then，wereckonasadvancedforthepurposeofturningouttheproduct，thesumof£54alone，whichthemachinerylosesbywearandtearintheprocess;forthisisallitpartswithtotheproduct。Nowifwealsoreckontheremaining£1，000，whichstillcontinuesinthemachinery，astransferredtotheproduct，weoughtalsotoreckonitaspartofthevalueadvanced，andthusmakeitappearonbothsidesofourcalculation。[1]Weshould，inthisway，get£1，500ononesideand£1，590ontheother。Thedifferenceofthesetwosums，orthesurplus—value，wouldstillbe£90。ThroughoutthisBooktherefore，byconstantcapitaladvancedfortheproductionofvalue，wealwaysmean，unlessthecontextisrepugnantthereto，thevalueofthemeansofproductionactuallyconsumedintheprocess，andthatvaluealone。
　　Thisbeingso，letusreturntotheformulaC=cv，whichwesawwastransformedintoC’=（cv）s，CbecomingC’。Weknowthatthevalueoftheconstantcapitalistransferredto，andmerelyre—appearsintheproduct。Thenewvalueactuallycreatedintheprocess，thevalueproduced，orvalue—product，isthereforenotthesameasthevalueoftheproduct;itisnot，asitwouldatfirstsightappear（cv）sor£410
　　const。£90var。£90surpl。;butvsor£90var。
　　£90surpl。，not£590but£180。Ifc=0，orinotherwords，iftherewerebranchesofindustryinwhichthecapitalistcoulddispensewithallmeansofproductionmadebypreviouslabour，whethertheyberawmaterial，auxiliarymaterial，orinstrumentsoflabour，employingonlylabour—powerandmaterialssuppliedbyNature，inthatcase，therewouldbenoconstantcapitaltotransfertotheproduct。Thiscomponentofthevalueoftheproduct，i。e。，the£410inourexample，wouldbeeliminated，butthesumof£180，theamountofnewvaluecreated，orthevalueproduced，whichcontains£90ofsurplus—value，wouldremainjustasgreatasifcrepresentedthehighestvalueimaginable。
　　WeshouldhaveC=（0v）=vorC’theexpandedcapital=vsandthereforeC’
　　—C=sasbefore。Ontheotherhand，ifs=0，orinotherwords，ifthelabour—power，whosevalueisadvancedintheformofvariablecapital，weretoproduceonlyitsequivalent，weshouldhaveC=cvorC’thevalueoftheproduct？（cv）0orC=C’。Thecapitaladvancedwould，inthiscase，nothaveexpandeditsvalue。
　　Fromwhathasgonebefore，weknowthatsurplus—valueispurelytheresultofavariationinthevalueofv，ofthatportionofthecapitalwhichistransformedintolabour—power;consequently，vs=vv，orvplusanincrementofv。Butthefactthatitisvalonethatvaries，andtheconditionsofthatvariation，areobscuredbythecircumstancethatinconsequenceoftheincreaseinthevariablecomponentofthecapital，thereisalsoanincreasein。thesumtotaloftheadvancedcapital。Itwasoriginally£500andbecomes£590。Thereforeinorderthatourinvestigationmayleadtoaccurateresults，wemustmakeabstractionfromthatportionofthevalueoftheproduct，inwhichconstantcapitalaloneappears，andconsequentlymustequatetheconstantcapitaltozeroormakec=0。Thisismerelyanapplicationofamathematicalrule，employedwheneverweoperatewithconstantandvariablemagnitudes，relatedtoeachotherbythesymbolsofadditionandsubtractiononly。
　　Afurtherdifficultyiscausedbytheoriginalformofthevariablecapital。Inourexample，C’=£410const。£90var。£90
　　surpl。;but£90isagivenandthereforeaconstantquantity;henceitappearsabsurdtotreatitasvariable。Butinfact，theterm£90
　　var。isheremerelyasymboltoshowthatthisvalueundergoesaprocess。
　　Theportionofthecapitalinvestedinthepurchaseoflabour—powerisadefinitequantityofmaterialisedlabour，aconstantvaluelikethevalueofthelabour—powerpurchased。Butintheprocessofproductiontheplaceofthe£90istakenbythelabour—powerinaction，deadlabourisreplacedbylivinglabour，somethingstagnantbysomethingflowing，aconstantbyavariable。Theresultisthereproductionofvplusanincrementofv。Fromthepointofviewthenofcapitalistproduction，thewholeprocessappearsasthespontaneousvariationoftheoriginallyconstantvalue，whichistransformedintolabour—power。Boththeprocessanditsresult，appeartobeowingtothisvalue。If，therefore，suchexpressionsas"£9O
　　variablecapital，"or"somuchself—expandingvalue"，appearcontradictory，thisisonlybecausetheybringtothesurfaceacontradictionimmanentincapitalistproduction。
　　Atfirstsightitappearsastrangeproceeding，toequatetheconstantcapitaltozero。Yetitiswhatwedoeveryday。If，forexample，wewishtocalculatetheamountofEngland’sprofitsfromthecottonindustry，wefirstofalldeductthesumspaidforcottontotheUnitedStates，India，Egyptandothercountries;inotherwords，thevalueofthecapitalthatmerelyre—appearsinthevalueoftheproduct，isput=0。
　　Ofcoursetheratioofsurplus—valuenotonlytothatportionofthecapitalfromwhichitimmediatelysprings，andwhosechangeofvalueitrepresents，butalso—tothesumtotalofthecapitaladvancediseconomicallyofverygreatimportance。Weshall，therefore，inthethirdbook，treatofthisratioexhaustively。Inordertoenableoneportionofacapitaltoexpanditsvaluebybeingconvertedintolabour—power，itisnecessarythatanotherportionbeconvertedintomeansofproduction。
　　Inorderthatvariablecapitalmayperformitsfunction，constantcapitalmustbeadvancedinproperproportion，aproportiongivenbythespecialtechnicalconditionsofeachlabour—process。Thecircumstance，however，thatretortsandothervessels，arenecessarytoachemicalprocess，doesnotcompelthechemisttonoticethemintheresultofhisanalysis。Ifwelookatthemeansofproduction，intheirrelationtothecreationofvalue，andtothevariationinthequantityofvalue，apartfromanythingelse，theyappearsimplyasthematerialinwhichlabour—power，thevalue—creator，incorporatesitself。Neitherthenature，northevalueofthismaterialisofanyimportance。Theonlyrequisiteisthattherebeasufficientsupplytoabsorbthelabourexpendedintheprocessofproduction。Thatsupplyoncegiven，thematerialmayriseorfallinvalue，orevenbe，aslandandthesea，withoutanyvalueinitself;butthiswillhavenoinfluenceonthecreationofvalueoronthevariationinthequantityofvalue。[2]
　　Inthefirstplacethenweequatetheconstantcapitaltozero。Thecapitaladvancedisconsequentlyreducedfromcvtov，andinsteadofthevalueoftheproduct（cv）swehavenowthevalueproduced（vs）。Giventhenewvalueproduced=£180，whichsumconsequentlyrepresentsthewholelabourexpendedduringtheprocess，thensubtractingfromit£90thevalueofthevariablecapital，wehaveremaining£90，theamountofthesurplus—value。Thissumof£90orsexpressestheabsolutequantityofsurplus—valueproduced。Therelativequantityproduced，ortheincreasepercentofthevariablecapital，isdetermined，itisplain，bytheratioofthesurplus—valuetothevariablecapital，orisexpressedbys/v。Inourexamplethisratiois90/90，whichgivesanincreaseof100%。Thisrelativeincreaseinthevalueofthevariablecapital，ortherelativemagnitudeofthesurplus—value，Icall，"Therateofsurplus—value。"[3]
　　Wehaveseenthatthelabourer，duringoneportionofthelabour—process，producesonlythevalueofhislabour—power，thatis，thevalueofhismeansofsubsistence。Nowsincehisworkformspartofasystem，basedonthesocialdivisionoflabour，hedoesnotdirectlyproducetheactualnecessarieswhichhehimselfconsumes;heproducesinsteadaparticularcommodity，yarnforexample，whosevalueisequaltothevalueofthosenecessariesorofthemoneywithwhichtheycanbebought。Theportionofhisday’slabourdevotedtothispurpose，willbegreaterorless，inproportiontothevalueofthenecessariesthathedailyrequiresonanaverage，or，whatamountstothesamething，inproportiontothelabour—timerequiredonanaveragetoproducethem。Ifthevalueofthosenecessariesrepresentonanaveragetheexpenditureofsixhours’labour，theworkmanmustonanaverageworkforsixhourstoproducethatvalue。Ifinsteadofworkingforthecapitalist，heworkedindependentlyonhisownaccount，hewould，otherthingsbeingequal，stillbeobligedtolabourforthesamenumberofhours，inordertoproducethevalueofhislabour—power，andtherebytogainthemeansofsubsistencenecessaryforhisconservationorcontinuedreproduction。Butaswehaveseen，duringthatportionofhisday’slabourinwhichheproducesthevalueofhislabour—power，saythreeshillings，heproducesonlyanequivalentforthevalueofhislabour—poweralreadyadvanced[4]bythecapitalist;thenewvaluecreatedonlyreplacesthevariablecapitaladvanced。Itisowingtothisfact，thattheproductionofthenewvalueofthreeshillingstakesthesemblanceofamerereproduction。Thatportionoftheworking—day，then，duringwhichthisreproductiontakesplace，I
　　call"necessary"labour—time，andthelabourexpendedduringthattimeIcall"necessary"labour[5]Necessary，asregardsthelabourer，becauseindependentoftheparticular。2socialformofhislabour;necessary，asregardscapital，andtheworldofcapitalists，becauseonthecontinuedexistenceofthelabourerdependstheirexistencealso。
　　Duringthesecondperiodofthelabour—process，thatinwhichhislabourisnolongernecessarylabour，theworkman，itistrue，labours，expendslabour—power;buthislabour，beingnolongernecessarylabour，hecreatesnovalueforhimself。Hecreatessurplus—valuewhich，forthecapitalist，hasallthecharmsofacreationoutofnothing。Thisportionoftheworking—day，Inamesurpluslabour—time，andtothelabourexpendedduringthattime，Igivethenameofsurplus—labour。Itiseverybitasimportant，foracorrectunderstandingofsurplus—value，toconceiveitasamerecongelationofsurpluslabour—time，asnothingbutmaterialisedsurplus—labour，asitis，forapropercomprehensionofvalue，toconceiveitasamerecongelationofsomanyhoursoflabour，asnothingbutmaterialisedlabour。Theessentialdifferencebetweenthevariouseconomicformsofsociety，between，forinstance，asocietybasedonslave—labour，andonebasedonwage—labour，liesonlyinthemodeinwhichthissurplus—labourisineachcaseextractedfromtheactualproducer，thelabourer。[6]
　　Since，ontheonehand，thevaluesofthevariablecapitalandofthelabour—powerpurchasedbythatcapitalareequal，andthevalueofthislabour—powerdeterminesthenecessaryportionoftheworking—day;andsince，ontheotherhand，thesurplus—valueisdeterminedbythesurplusportionoftheworking—day，itfollowsthatsurplus—valuebearsthesameratiotovariablecapital，thatsurplus—labourdoestonecessarylabour，orinotherwords，therateofsurplus—valuessurplus—labour？;;棗棗棗棗
　　vnecessarylabourBothratios，s/vandsurplus—labour/necessary—labour，expressthesamethingindifferentways;intheonecasebyreferencetomaterialised，incorporatedlabour，intheotherbyreferencetoliving，fluentlabour。
　　Therateofsurplus—valueisthereforeanexactexpressionforthedegreeofexploitationoflabour—powerbycapital，orofthelabourerbythecapitalist。[7]
　　Weassumedinourexample，thatthevalueoftheproduct£410const。£90var。£90surpl。，andthatthecapitaladvanced=£500。Sincethesurplus—value=£90，andtheadvancedcapital=£500，weshould，accordingtotheusualwayofreckoning，getastherateofsurplus—value（generallyconfoundedwithrateofprofits）
　　18%，aratesolowaspossiblytocauseapleasantsurprisetoMr。Careyandotherharmonisers。Butintruth，therateofsurplus—valueisnotequaltos/Cors/Cv:thusitisnot90/500but90/500or100%，whichismorethanfivetimestheapparentdegreeofexploitation。Although，inthecasewehavesupposed，weareignorantoftheactuallengthoftheworking—day，andofthedurationindaysorweeksofthelabour—process，asalsoofthenumberoflabourersemployed，yettherateofsurplus—values/vaccuratelydisclosestous，bymeansofitsequivalentexpression，surplus—labour/necessarylabourtherelationbetweenthetwopartsoftheworking—day。Thisrelationishereoneofequality，theratebeing100%。Hence，itisplain，thelabourer，inourexample，worksonehalfofthedayforhimself，theotherhalfforthecapitalist。
　　Themethodofcalculatingtherateofsurplus—valueistherefore，shortly，asfollows。Wetakethetotalvalueoftheproductandputtheconstantcapitalwhichmerelyre—appearsinit，equaltozero。Whatremains，istheonlyvaluethathas，intheprocessofproducingthecommodity，beenactuallycreated。Iftheamountofsurplus—valuebegiven，wehaveonlytodeductitfromthisremainder，tofindthevariablecapital。Andviceversâ，ifthelatterbegiven，andwerequiretofindthesurplus—value。
　　Ifbothbegiven，wehaveonlytoperformtheconcludingoperation，viz。，tocalculates/v，theratioofthesurplus—valuetothevvariablecapital。
　　Thoughthemethodissosimple，yetitmaynotbeamiss，bymeansofafewexamples，toexercisethereaderintheapplicationofthenovelprinciplesunderlyingit。
　　Firstwewilltakethecaseofaspinningmillcontaining10，000mulespindles，spinningNo。32yarnfromAmericancotton，andproducing1lb。
　　ofyarnweeklyperspindle。Weassumethewastetobe6%:underthesecircumstances10，600lbs。ofcottonareconsumedweekly，ofwhich600lbs。gotowaste。
　　ThepriceofthecottoninApril，1871，was73/4d。perlb。;therawmaterialthereforecostsinroundnumbers£342。The10，000spindles，includingpreparation—machinery，andmotivepower，cost，wewillassume，£1perspindle，amountingtoatotalof£10，000。
　　Thewearandtearweputat10%，or£1，000yearly=£20weekly。
　　Therentofthebuildingwesupposetobe£300ayear，or£6
　　aweek。Coalconsumed（for100horse—powerindicated，at4lbs。ofcoalperhorse—powerperhourduring60hours，andinclusiveofthatconsumedinheatingthemill），11tonsaweekat8s。6d。aton，amountstoabout£41/2aweek:gas，£1aweek，oil，&c。，£41/2aweek。Totalcostoftheaboveauxiliarymaterials，£10
　　weekly。Thereforetheconstantportionofthevalueoftheweek’sproductis£378。Wagesamountto£52aweek。Thepriceoftheyarnis121/4d。per。lb。whichgivesforthevalueof10，000lbs。thesumof£510。Thesurplus—valueisthereforeinthiscase£510—£430
　　=£80。Weputtheconstantpartofthevalueoftheproduct=0，asitplaysnopartinthecreationofvalue。Thereremains£132
　　astheweeklyvaluecreated，which=£52var。£80surpl。
　　Therateofsurplus—valueistherefore80/52=15311/13%。Inaworking—dayof10hourswithaveragelabourtheresultis:necessarylabour=331/33
　　hours，andsurplus—labour=62/33。[8]
　　Onemoreexample。Jacobgivesthefollowingcalculationfortheyear1815。Owingtothepreviousadjustmentofseveralitemsitisveryimperfect;
　　neverthelessforourpurposeitissufficient。Initheassumesthepriceofwheattobe8s。aquarter，andtheaverageyieldperacretobe22bushels。
　　VALUEPRODUCEDPERACRE
　　Seed£19s。0d。Tithes，Rates，andtaxes，£11s。0d。
　　Manure£210s。0d。Rent£18s。0d。
　　Wages£310s。0d。Farmer’sProfitandInterest£12s。0d。
　　TOTAL£79s。0d。TOTAL£311s0d。
　　Assumingthatthepriceoftheproductisthesameasitsvalue，weherefindthesurplus—valuedistributedunderthevariousheadsofprofit，interest，rent，&c。Wehave。nothingtodowiththeseindetail;wesimplyaddthemtogether，andthesumisasurplus—valueof£311s。
　　0d。Thesumof£319s。0d。，paidforseedandmanure，isconstantcapital，andweputitequaltozero。Thereisleftthesumof£310s。0d。，whichisthevariablecapitaladvanced:andweseethatanewvalueof£310s。0d£311s。0d。hasbeenproducedinitsplace。Therefore’s/v=£311s。0d。/£310s。
　　0d。，givingarateofsurplus—valueofmorethan100%。Thelaboureremploysmorethanonehalfofhisworking—dayinproducingthesurplus—value，whichdifferentpersons，underdifferentpretexts，shareamongstthemselves。[9]
　　SECTION2。THEREPRESENTATIONOFTHECOMPONENTSOFTHEVALUEOFTHEPRODUCTBYCORRESPONDING
　　PROPORTIONALPARTSOFTHEPRODUCTITSELF
　　Letusnowreturntotheexamplebywhichwewereshownhowthecapitalistconvertsmoneyintocapital。
　　Theproductofaworking—dayof12hoursis20lbs。ofyarn，havingavalueof30s。Nolessthan8/10thsofthisvalue，or24s。，isduetomerere—appearanceinit，ofthevalueofthemeansofproduction（20lbs。
　　ofcotton，value20s。，andspindlewornaway，4s。）:itisthereforeconstantcapital。Theremaining2/10thsor6s。isthenewvaluecreatedduringthespinningprocess:ofthisonehalfreplacesthevalueoftheday’slabour—power，orthevariablecapital，theremaininghalfconstitutesasurplus—valueof3s。Thetotalvaluethenofthe20lbs。ofyarnismadeupasfollows:
　　30s。valueofyarn=24s。const。3s。var。3s。surpl。
　　Sincethewholeofthisvalueiscontainedinthe20lbs。ofyarnproduced，itfollowsthatthevariouscomponentpartsofthisvalue，canberepresentedasbeingcontainedrespectivelyincorrespondingpartsoftheproduct。
　　Ifthevalueof30s。iscontainedin20lbs。ofyarn，then8/10thsofthisvalue，orthe24s。thatformitsconstantpart，iscontainedin8/10thsoftheproductorin16lbs。ofyarn。Ofthelatter131/3lbs。representthevalueoftherawmaterial，the20s。worthofcottonspun，and22/3
　　lbs。representthe4s。worthofspindle，&c。，wornawayintheprocess。
　　Hencethewholeofthecottonusedupinspinningthe20lbs。ofyarn，isrepresentedby131/3lbs。ofyarn。Thislatterweightofyarncontains，itistrue，byweight，nomorethan131/3lbs。ofcotton，worth131/3
　　shillings;butthe62/3shillingsadditionalvaluecontainedinit，aretheequivalentforthecottonconsumedinspinningtheremaining62/3
　　lbs。ofyarn。Theeffectisthesameasifthese62/3lbs。ofyarncontainednocottonatall，andthewhole20lbs。ofcottonwereconcentratedinthe131/3lbs。ofyarn。Thelatterweight，ontheotherhand，doesnotcontainanatomeitherofthevalueoftheauxiliarymaterialsandimplements，orofthevaluenewlycreatedintheprocess。
　　Inthesameway，the22/3lbs。ofyarn，inwhichthe4s。，theremainderoftheconstantcapital，isembodied，representsnothingbutthevalueoftheauxiliarymaterialsandinstrumentsoflabourconsumedinproducingthe20lbs。ofyarn。
　　Wehave，therefore，arrivedatthisresult:althougheight—tenthsoftheproduct，or16lbs。ofyarn，is，initscharacterofanarticleofutility，justasmuchthefabricofthespinner’slabour，astheremainderofthesameproduct，yetwhenviewedinthisconnexion，itdoesnotcontain，andhasnotabsorbedanylabourexpendedduringtheprocessofspinning。
　　Itisjustasifthecottonhadconverteditselfintoyarn，withouthelp;
　　asiftheshapeithadassumedwasmeretrickeryanddeceit:forsosoonasourcapitalistsellsitfor24s。，andwiththemoneyreplaceshismeansofproduction，itbecomesevidentthatthis16lbs。ofyarnisnothingmorethansomuchcottonandspindle—wasteindisguise。
　　Ontheotherhand，theremaining2/10thsoftheproduct，or4lbs。
　　ofyarn，representnothingbutthenewvalueof6s。，createdduringthe12hours’spinningprocess。Allthevaluetransferredtothose4lbs。，fromtherawmaterialandinstrumentsoflabourconsumed，was，sotosay，interceptedinordertobeincorporatedinthe16lbs。firstspun。Inthiscase，itisasifthespinnerhadspun4lbs。ofyarnoutofair，or，asifhehadspunthemwiththeaidofcottonandspindles，that，beingthespontaneousgiftofNature，transferrednovaluetotheproduct。
　　Ofthis4lbs。ofyarn，inwhichthewholeofthevaluenewlycreatedduringtheprocess，iscondensed，onehalfrepresentstheequivalentforthevalueofthelabourconsumed，orthe3s。variablecapital，theotherhalfrepresentsthe3s。surplus—value。
　　Since12working—hoursofthespinnerareembodiedin6s。，itfollowsthatinyarnofthevalueof30s。，theremustbeembodied60working—hours。
　　Andthisquantityoflabour—timedoesinfactexistinthe20lbs。ofyarn;
　　forin8/10thsor16lbs。therearematerialisedthe48hoursof10labourexpended，beforethecommencementofthespinningprocess，onthemeansofproduction;andintheremaining2thsor4lbs。there10arematerialisedthe12hours’workdoneduringtheprocessitself。
　　Onaformerpagewesawthatthevalueoftheyarnisequaltothesumofthenewvaluecreatedduringtheproductionofthatyarnplusthevaluepreviouslyexistinginthemeansofproduction。
　　Ithasnowbeenshownhowthevariouscomponentpartsofthevalueoftheproduct，partsthatdifferfunctionallyfromeachother，mayberepresentedbycorrespondingproportionalpartsoftheproductitself。
　　Tosplitupinthismannertheproductintodifferentparts，ofwhichonerepresentsonlythelabourpreviouslyspentonthemeansofproduction，ortheconstantcapital，another，onlythenecessarylabourspentduringtheprocessofproduction，orthevariablecapital，andanotherandlastpart，onlythesurplus—labourexpendedduringthesameprocess，orthesurplus—value;todothis，is，aswillbeseenlateronfromitsapplicationtocomplicatedandhithertounsolvedproblems，nolessimportantthanitissimple。
　　Intheprecedinginvestigationwehavetreatedthetotalproductasthefinalresult，readyforuse，ofaworking—dayof12hours。Wecanhoweverfollowthistotalproductthroughallthestagesofitsproduction;andinthiswayweshallarriveatthesameresultasbefore，ifwerepresentthepartialproducts，givenoffatthedifferentstages，asfunctionallydifferentpartsofthefinalortotalproduct。
　　Thespinnerproducesin12hours20lbs。ofyarn，orinIhour12/3
　　lbs;consequentlyheproducesin8hours132/3lbs。，orapartialproductequalinvaluetoallthecottonthatisspuninawholeday。Inlikemannerthepartialproductofthenextperiodof1hourand36minutes，is22/3
　　lbs。ofyarn:thisrepresentsthevalueoftheinstrumentsoflabourthatareconsumedin12hours。Inthefollowinghourand12minutes，thespinnerproduces2lbs。ofyarnworth3shillings，avalueequaltothewholevaluehecreatesinhis6hours’necessarylabour。Finally，inthelasthourand12minutesheproducesanother2lbs。ofyarn，whosevalueisequaltothesurplus—value，createdbyhissurplus—labourduringhalfaday。
　　ThismethodofcalculationservestheEnglishmanufacturerforevery—dayuse;itshows，hewillsay，thatinthefirst8hours，or2/3oftheworking—day，hegetsbackthevalueofhiscotton;andsoonfortheremaininghours。
　　Itisalsoaperfectlycorrectmethod:beinginfactthefirstmethodgivenabovewiththisdifference，thatinsteadofbeingappliedtospace，inwhichthedifferentpartsofthecompletedproductliesidebyside，itdealswithtime，inwhichthosepartsaresuccessivelyproduced。Butitcanalsobeaccompaniedbyverybarbariannotions，moreespeciallyintheheadsofthosewhoareasmuchinterested，practically，intheprocessofmakingvaluebegetvalue，astheyareinmisunderstandingthatprocesstheoretically。Suchpeoplemaygetthenotionintotheirheads，thatourspinner，forexample，producesorreplacesinthefirst8hoursofhisworking—daythevalueofthecotton;inthefollowinghourand36minutesthevalueoftheinstrumentsoflabourwornaway;
　　inthenexthourand12minutesthevalueofthewages;andthathedevotestotheproductionofsurplus—valueforthemanufacturer，onlythatwellknown"lasthour。"Inthiswaythepoorspinnerismadetoperformthetwo—foldmiraclenotonlyofproducingcotton，spindles，steam—engine，coal，oil，&c。，atthesametimethathespinswiththem，butalsoofturningoneworking—dayintofive;for，intheexampleweareconsidering，theproductionoftherawmaterialandinstrumentsoflabourdemandsfourworking—daysoftwelvehourseach，andtheirconversionintoyarnrequiresanothersuchday。Thattheloveoflucreinducesaneasybeliefinsuchmiracles，andthatsycophantdoctrinairesareneverwantingtoprovethem，isvouchedforbythefollowingincidentofhistoricalcelebrity。
　　SECTION3。SENIOR’S"LASTHOUR"
　　Onefinemorning，intheyear1836，NassauW。Senior，whomaybecalledthebel—espritofEnglisheconomists，wellknown，alikeforhiseconomic"science，"andforhisbeautifulstyle，wassummonedfromOxfordtoManchester，tolearninthelatterplace，thePoliticalEconomythathetaughtintheformer。Themanufacturerselectedhimastheirchampion，notonlyagainstthenewlypassedFactoryAct，butagainstthestillmoremenacingTen—hours’
　　agitation。Withtheirusualpracticalacuteness，theyhadfoundout—thatthelearnedProfessor"wantedagooddealoffinishing;"itwasthisdiscoverythatcausedthemtowriteforhim。OnhissidetheProfessorhasembodiedthelecturehereceivedfromtheManchestermanufacturers，inapamphlet，entitled:"LettersontheFactoryAct，asitaffectsthecottonmanufacture。"
　　London，1837。Herewefind，amongstothers，thefollowingedifyingpassage:
　　"Underthepresentlaw，nomillinwhichpersonsunder18yearsofageareemployed，……canbeworkedmorethan111/2hoursaday，thatis12
　　hoursfor5daysintheweek，andnineonSaturday。
　　"Nowthefollowinganalysis（！）willshowthatinamillsoworked，thewholenetprofitisderivedfromthelasthour。Iwillsupposeamanufacturertoinvest£100，000:？£80，000inhismillandmachinery，and£20，000inrawmaterialandwages。Theannualreturnofthatmill;supposingthecapitaltobeturnedonceayear，andgrossprofitstobe15percent。，oughttobegoodsworth£15，000……Ofthis£115，000，eachofthetwenty—threehalf—hoursofworkproduces5—115thsoronetwenty—third。Ofthese23—23rds（constitutingthewhole£115，000）twenty，thatistosay£100，000
　　outofthe£115，000，simplyreplacethecapital;？onetwenty—third（or£5，000outofthe£115，000）makesupforthedeteriorationofthemillandmachinery。Theremaining2—23rds，thatis，thelasttwoofthetwenty—threehalf—hoursofeveryday，producethenetprofitof10percent。If，therefore（pricesremainingthesame），thefactorycouldbekeptatworkthirteenhoursinsteadofelevenandahalf，withanadditionofabout£2，600tothecirculatingcapital，thenetprofitwouldbemorethandoubled。Ontheotherhand，ifthehoursofworkingwerereducedbyonehourperday（pricesremainingthesame），thenetprofitwouldbedestroyed？iftheywerereducedbyonehourandahalf，eventhegrossprofitwouldbedestroyed。"[10]
　　AndtheProfessorcallsthisan"analysis！"If，givingcredencetotheout—criesofthemanufacturers，hebelievedthattheworkmenspendthebestpartofthedayintheproduction，i。e。，thereproductionorreplacementofthevalueofthebuildings，machinery，cotton，coal，&c。，thenhisanalysiswassuperfluous。Hisanswerwouldsimplyhavebeen:？Gentlemen！
　　ifyouworkyourmillsfor10hoursinsteadof111/2;then，otherthingsbeingequal，thedailyconsumptionofcotton，machinery，&c。，willdecreaseinproportion。Yougainjustasmuchasyoulose。Yourwork—peoplewillinfuturespendonehourandahalflesstimeinreproducingorreplacingthecapitalthathasbeenadvanced。？If，ontheotherhand，hedidnotbelievethemwithoutfurtherinquiry，but，asbeinganexpertinsuchmatters，deemedananalysisnecessary，thenheought，inaquestionthatisconcernedexclusivelywiththerelationsofnetprofittothelengthoftheworking—day，beforeallthingstohaveaskedthemanufacturers，tobecarefulnottolumptogethermachinery，workshops，rawmaterial，andlabour，buttobegoodenoughtoplacetheconstantcapital，investedinbuildings，machinery，rawmaterial，&c。，ononesideoftheaccount，andthecapitaladvancedinwagesontheotherside。