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for. Comparatively small initial capitals were rapidly built on by ploughing back
a high proportion of the firstcomers’ relatively enormous profits. The Walker
brothers’ great ironworks at Rotherham was built up from a tiny foundry worth
only 600 in 1746, five years after they began. The huge Dowlais concern was
founded in 1759 on a Capital of 4,000 shared between eight partners. In cotton
the humble beginnings of the Arkwrights, Peels, Strutts, and so on, are well
known; Samuel Oldknow had assets in 1783 of 2,636, minus debts of 1,548,
leaving a net capital of 1,088, plus 148 in buildings and fixtures, on which
within a decade he built up a turnover of over 80,000 a year and founded one of
the largest contemporary factories. Before the rise of the great porter brewers the
equipment for a rented brewhouse could be bought for as little as 200, though a
larger circulating capital was required for materials and the like: Henry
Isherwood of Eton, an inn servant who married well, built up from a single
public house a business worth 8,000 or 9,000 a year. The average paper mill in
1800 was worth only 4,000, some much less, and could be rented. A considerable
newspaper like the Manchester Guardian could be founded as late as 1821 on a
capital of 1,000.
1
At the end of the process of transformation in each industry, when great cotton
mills, ironworks and porter breweries were worth hundreds of thousands of
pounds, new entrants to large-scale enterprise required much larger capitals,
which only come from banking or mercantile wealth. In heavy industries,
especially in areas short of capital, landed or mercantile capitalists might be
drawn in from the beginning, as Lords Mansel and Uxbridge, the Bacons and
Crawshays of London, or the Harfords of Bristol were into the Welsh coal-
mining, iron and copper industries.
2
There was some transfer of mercantile
capital into the factory system from domestic industry, as in the case of
Arkwright’s partner Need, Radcliffe’s partner Ross, Benjamin Gott’s partners,
Wormald and Fountaine, or even Thomas Fox of Wellington in the ‘backward’
West of England cloth industry.
1
But the great majority of the new entrepreneurs
in the early stages of the Industrial Revolution set out from small, though rarely
negligible, beginnings: neither too humble to strike out independently, nor too
prosperous to work hard and long in new and risky ventures. The Peels,
Fieldens, Strutts, Wedgwoods, Darbys, Dobsons, Stubbs, Radcliffes and many
more came from yeoman or small farming stock, often uniting domestic industry
with husbandry. In the metal industries Aaron Walker, William Hawks, John
Parker, George Newton, Benjamin Huntsman, Isaac Wilkinson, Samuel Garbett
1
Ashton, Iron and Steel, p. 46; John, op. cit., p. 43; P.Mathias, The Brewing Industry in
England, 1700–1830 (Cambridge, 1959), pp. 253–5; D.C.Coleman, The British Paper
Industry, 1495–1860 (Oxford, 1958), p. 233; A.E.Musson, ‘Newspaper Printing in the
Industrial Revolution’, Ec.H.R., 1958, X. 413.
2
Dodd, op. cit., p. 155; John, op, cit., pp. 26, 30, 35; J.P.Addis, The Crawshay Dynasty: a
Study in Industrial Development, 1765–1867 (Cardiff, 1957), chap. i.
66 SOCIAL CAUSES OF INDUSTRIALISM