Page:On the economy of machinery and manufactures - Babbage - 1846.djvu/179

Rh the blame he may justly deserve; and diminishes, in some cases, the necessity of verification. The extent to which this is carried in literary works, published in America, is remarkable. In the translation of the Mecanique Cœleste, by Mr. Bowditch, not merely the name of the printer, but also those of the compositors, are mentioned in the work.

(194.) Again, if the commodity itself is of a perishable nature, such, for example, as a cargo of ice imported into the port of London from Norway a few summers since, then time will supply the place of competition; and, whether the article is in the possession of one or of many persons, it will scarcely reach a monopoly price. The history of cajeput oil during the last few months, offers a curious illustration of the effect of opinion upon price. In July of last year (1831) cajeput oil was sold, exclusive of duty, at 7d. per ounce. The disease which had ravaged the East was then supposed to be approaching our shores, and its proximity created alarm. At this period, the oil in question began to be much talked of, as a powerful remedy in that dreadful disorder; and in September it rose to the price of 3s. and 4s. the ounce. In October there were few or no sales: but in the early part of November, the speculations in this substance reached their height, and between the 1st and the 15th it realized the following prices: 3s. 9d., 5s., 6s. 6d., 7s. 6d., 8s., 9s., 10s., 10s. 6d., 11s. After the 15th of November, the holders of cajeput oil were anxious to sell at much lower rates; and in December a fresh arrival was offered by public sale at 5s., and withdrawn, being sold afterwards, as it was understood, by private contract,