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Since 12 working-hours of the spinner are embodied in 6s., it follows that in yarn of the value of 30s., there must be embodied 60 working-hours. And this quantity of labour-time does in fact exist in the 20 lbs. of yarn; for in 8/10ths or 16 lbs. there are materialised the 48 hours of 10 labour expended, before the commencement of the spinning process, on the means of production; and in the remaining 2 ths or 4 lbs. there 10 are materialised the 12 hours' work done during the process itself.
On a former page we saw that the value of the yarn is equal to the sum of the new value created during the production of that yarn plus the value previously existing in the means of production.
It has now been shown how the various component parts of the value of the product, parts that differ functionally from each other, may be represented by corresponding proportional parts of the product itself.
To split up in this manner the product into different parts, of which one represents only the labour previously spent on the means of production, or the constant capital, another, only the necessary labour spent during the process of production, or the variable capital, and another and last part, only the surplus-labour expended during the same process, or the surplus-value; to do this, is, as will be seen later on from its application to complicated and hitherto unsolved problems, no less important than it is simple.
In the preceding investigation we have treated the total product as the final result, ready for use, of a working-day of 12 hours. We can however follow this total product through all the stages of its production; and in this way we shall arrive at the same result as before, if we represent the partial products, given off at the different stages, as functionally different parts of the final or total product.
The spinner produces in 12 hours 20 lbs. of yarn, or in I hour 1 2/3 lbs; consequently he produces in 8 hours 13 2/3 lbs., or a partial product equal in value to all the cotton that is spun in a whole day. In like manner the partial product of the next period of 1 hour and 36 minutes, is 2 2/3 lbs. of yarn: this represents the value of the instruments of labour that are consumed in 12 hours. In the following hour and 12 minutes, the spinner produces 2 lbs. of yarn worth 3 shillings, a value equal to the whole value he creates in his 6 hours' necessary labour. Finally, in the last hour and 12 minutes he produces another 2 lbs. of yarn, whose value is equal to the surplus-value, created by his surplus-labour during half a day. This method of calculation serves the English manufacturer for every-day use; it shows, he will say, that in the first 8 hours, or 2/3 of the working-day, he gets back the value of his cotton; and so on for the remaining hours. It is also a perfectly correct method: being in fact the first method given above with this difference, that instead of being applied to space, in which the different parts of the completed product lie side by side, it deals with time, in which those parts are successively produced. But it can also be accompanied by very barbarian notions, more especially in the heads of those who are as much interested, practically, in the process of making value beget value, as they are in misunderstanding that process theoretically. Such people may get the notion into their heads, that our spinner, for example, produces or replaces in the first 8 hours of his working-day the value of the cotton; in the following hour and 36 minutes the value of the instruments of labour worn away; in the next hour and 12 minutes the value of the wages; and that he devotes to the production of surplus-value for the manufacturer, only that well known "last hour." In this way the poor spinner is made to perform the two-fold miracle not only of producing cotton, spindles, steam-engine, coal, oil, &c., at the same time that he spins with them, but also of turning one working-day into five; for, in the example we are considering, the production of the raw material and instruments of labour demands four working-days of twelve hours each, and their conversion into yarn requires another such day. That the love of lucre induces an easy belief in such miracles, and that sycophant doctrinaires are never wanting to prove them, is vouched for by the following incident of historical celebrity.
SENIOR'S "LAST HOUR" One fine morning, in the year 1836, Nassau W. Senior, who may be called the bel-esprit of English economists, well known, alike for his economic "science," and for his beautiful style, was summoned from Oxford to Manchester, to learn in the latter place, the Political Economy that he taught in the former. The manufacturers elected him as their champion, not only against the newly passed Factory Act, but against the still more menacing Ten-hours' agitation. With their usual practical acuteness, they had found outthat the learned Professor "wanted a good deal of finishing;" it was this discovery that caused them to write for him. On his side the Professor has embodied the lecture he received from the Manchester manufacturers, in a pamphlet, entitled: "Letters on the Factory Act, as it affects the cotton manufacture." London, 1837. Here we find, amongst others, the following edifying passage: "Under the present law, no mill in which persons under 18 years of age are employed,... can be worked more than 11 1/2 hours a day, that is 12 hours for 5 days in the week, and nine on Saturday.
"Now the following analysis (!) will show that in a mill so worked, the whole net profit is derived from the last hour. I will suppose a manufacturer to invest £100,000: — £80,000 in his mill and machinery, and £20,000 in raw material and wages. The annual return of that mill, supposing the capital to be turned once a year, and gross profits to be 15 per cent., ought to be goods worth £15,000.... Of this £115,000, each of the twenty-three half-hours of work produces 5-115ths or one twenty-third. Of these 23-23rds (constituting the whole £115,000) twenty, that is to say £100,000 out of the £115,000, simply replace the capital; — one twenty-third (or £5,000 out of the £115,000) makes up for the deterioration of the mill and machinery. The remaining 2-23rds, that is, the last two of the twenty-three half-hours of every day, produce the net profit of 10 per cent. If, therefore (prices remaining the same), the factory could be kept at work thirteen hours instead of eleven and a half, with an addition of about £2,600 to the circulating capital, the net profit would be more than doubled. On the other hand, if the hours of working were reduced by one hour per day (prices remaining the same), the net profit would be destroyed — if they were reduced by one hour and a half, even the gross profit would be destroyed." And the Professor calls this an "analysis!" If, giving credence to the out-cries of the manufacturers, he believed that the workmen spend the best part of the day in the production, i.e., the reproduction or replacement of the value of the buildings, machinery,
cotton, coal, &c., then his analysis was superfluous. His answer would simply have been:
— Gentlemen! if you work your mills for 10 hours instead of 11 1/2, then, other things being equal, the daily consumption of cotton, machinery, &c., will decrease in proportion. You gain just as much as you lose. Your work-people will in future spend one hour and a half less time in reproducing or replacing the capital that has been advanced.
— If, on the other hand, he did not believe them without further inquiry, but, as being an expert in such matters, deemed an analysis necessary, then he ought, in a question that is concerned exclusively with the relations of net profit to the length of the working-day, before all things to have asked the manufacturers, to be careful not to lump together 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
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 you, your net profit, nor the boys and girls whom you employ, their "purity of mind."  Whenever your "last hour" strikes in earnest, think of the Oxford Professor. And now, gentlemen, "farewell, and may we meet again in yonder better world, but not before."
Senior invented the battle cry of the "last hour" in 1836.  In the London Economist of the 15th April, 1848, the same cry was again raised by James Wilson, an economic mandarin of high standing: this time in opposition to the 10 hours' bill.