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 capital to give the new proposal a fair trial, when they are assured that their risk will not extend beyond the amount of which they may choose to contribute.

The cost of obtaining an act of incorporation is very trifling; in one case where the capital of the company amounted to $600,000 (120,000l.), the total cost of obtaining the act of incorporation was 50 cents (2s. 1d.).

16. Button Machinery, Buttons, &c.—Upwards of 200 men are employed by one of the companies in the manufacture of buttons, hinges, daguerreotype plates and frames, &c.

The round-shaped button is formed by two punches, one working inside the other, each being driven by a separate eccentric, and the inside punch having the longer stroke. By this arrangement the disc is forced through the die, and drops into a box, thus saving the labour of picking out, which is necessary where a single punch and solid die are used.

The spindle of the polishing lathe in which the button is fixed whilst being burnished, makes 10,000 revolutions per minute.

17. Daguerreotype Frames.—The lathe in which the oval frames used as settings, for daguerreotypes, are turned, has an oval chuck,