of the water-works), in a bobbin-net factory, which sum, at 20 per cent., would yield only 800l. per annum. In fact, the rate of profit, arising from the water-works, must fall to less than 8 per cent. before the proprietor could increase his income by removing his capital into the bobbin-net trade.
(451.) In any inquiry into the probability of the injury arising to our manufacturers from the competition of foreign countries, particular regard should be had to the facilities of transport, and to the existence in our own country of a mass of capital in roads, canals, machinery, &c., the greater portion of which may fairly be considered as having repaid the expense of its outlay; and also to the cheap rate at which the abundance of our fuel enables us to produce iron, the basis of almost all machinery. It has been justly remarked by M. de Villefosse, in the memoir before alluded to, that "Ce que l'on nomme en France, la question du prix desfers, est, à proprement parler, la question du prix des bois, et la question, des moyens de communications interieures par les routes, fleuves, rivières et canaux."
The price of iron in various countries in Europe has been stated in section 215 of the present volume; and it appears, that in England it is produced at the least expense, and in France at the greatest. The length of the roads which cover England and Wales may be estimated roughly at twenty thousand miles of turnpike, and one hundred thousand miles of road not turnpike. The internal water communcation of England and France, as far as I have been able to collect information on the subject, may be stated as follows:
