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 are practically two different types of factory in the cycle trade, one where the machine is made throughout from rough stampings, castings, unpolished tubes, etc., the other where the machine is assembled from parts produced in component factories. The difference between the two is that the first possesses a much larger plant than the second, because all the machining operations have to be done in the former case, whereas in the latter the plant consists mostly of enamelling, polishing, and plating conveniences and sundry bench tools and jigs.

Broadly speaking, the first class of manufactory has a much larger staff and is confined to the production of high-class machines, which are designed and made throughout on the premises. Such machines are distinctive in appearance and their makers do not sell the parts they produce to assemblers, so that their special features cannot be copied. Naturally, a machine of this class is more expensive and, generally speaking, will command a higher price on the second-hand market. The reason for increased cost is not far to seek. The operatives who produce the machines are better paid, there is a staff to pay, managers, clerks, foremen, draughtsmen, storekeepers, etc. Broadly speaking, the larger the works the cheaper it should be able to produce, because 1,000 machines per week can be made with the same staff, or approximately the same staff, as is required for 500 machines per week.