Section
1:
The
Degree
of
Exploitation
of
Labour-Power
The
surplus-value
generated
in
the
process
of
production
by
C,
the
capital
advanced,
or
in
other
words,
the
self-expansion
of
the
value
of
the
capital
C,
presents
itself
for
our
consideration,
in
the
first
place,
as
a
surplus,
as
the
amount
by
which
the
value
of
the
product
exceeds
the
value
of
its
constituent
elements.
The
capital
C
is
made
up
of
two
components,one,
the
sum
of
money
c
laid
out
upon
the
means
of
production,
and
the
other,
the
sum
of
money
v
expended
upon
the
labour-power;
c
represents
the
portion
that
has
become
constant
capital,
and
v
the
portion
that
has
become
variable
capital.
At
first
then,
C
=
c
v:
for
example,
if
£500
is
the
capital
advanced,
its
components
may
be
such
that
the
£500
=£410
const.
£90
var.
When
the
process
of
production
is
finished,
we
get
a
commodity
whose
value
=
(c
v)
s,
where
s
is
the
surplus-value;
or
taking
our
former
figures,
the
value
of
this
commodity
may
be
(£410
const.
£90
var.)
£90
surpl.
The
original
capital
has
now
changed
from
C
to
C',
from
£500
to
£590.The
difference
is
s
or
a
surplus-value
of
£90.
Since
the
value
of
the
constituent
elements
of
the
product
is
equal
to
the
value
of
the
advanced
capital,
it
is
mere
tautology
to
say,
that
the
excess
of
the
value
of
the
product
over
the
value
of
its
constituent
elements,
is
equal
to
the
expansion
of
the
capital
advanced
or
to
the
surplus-value
produced.
Nevertheless,
we
must
examine
this
tautology
a
little
more
closely.
The
two
things
compared
are,
the
value
of
the
product
and
the
value
of
its
constituents
consumed
in
the
process
of
production.
Now
we
have
seen
how
that
portion
of
the
constant
capital
which
consists
of
the
instruments
of
labour,
transfers
to
the
production
only
a
fraction
of
its
value,
while
the
remainder
of
that
value
continues
to
reside
in
those
instruments.
Since
this
remainder
plays
no
part
in
the
formation
of
value,
we
may
at
present
leave
it
on
one
side.
To
introduce
it
into
the
calculation
would
make
no
difference.
For
instance,
taking
our
former
example,
c
=
£410:
suppose
this
sum
to
consist
of£312
value
of
raw
material,
£44
value
of
auxiliary
material,
and
£54
value
of
the
machinery
worn
away
in
the
process;
and
suppose
that
the
total
value
of
the
machinery
employed
is
£1,054.
Out
of
this
latter
sum,then,
we
reckon
as
advanced
for
the
purpose
of
turning
out
the
product,
the
sum
of
£54
alone,
which
the
machinery
loses
by
wear
and
tear
in
the
process;
for
this
is
all
it
parts
with
to
the
product.
Now
if
we
also
reckon
the
remaining
£1,000,
which
still
continues
in
the
machinery,
as
transferred
to
the
product,
we
ought
also
to
reckon
it
as
part
of
the
value
advanced,
and
thus
make
it
appear
on
both
sides
of
our
calculation.1We
should,
in
this
way,
get
£1,500
on
one
side
and£1,590
on
the
other.
The
difference
of
these
two
sums,or
the
surplus-value,
would
still
be
£90.
Throughout
this
Book
therefore,
by
constant
capital
advanced
for
the
production
of
value,
we
always
mean,
unless
the
context
is
repugnant
thereto,
the
value
of
the
means
of
production
actually
consumed
in
the
process,
and
that
value
alone.
This
being
so,
let
us
return
to
the
formula
C
=
c
v,which
we
saw
was
transformed
into
C'
=
(c
v)
s,
C
becoming
C'.
We
know
that
the
value
of
the
constant
capital
is
transferred
to,
and
merely
re-appears
in
the
product.
The
new
value
actually
created
in
the
process,the
value
produced,
or
value-product,
is
therefore
not
the
same
as
the
value
of
the
product;
it
is
not,
as
it
would
at
first
sight
appear
(c
v)
s
or
£410
const.
£90
var.
£90
surpl.;
but
v
s
or
£90
var.
£90
surpl.,
not
£590
but
£180.
If
c
=
0,
or
in
other
words,
if
there
were
branches
of
industry
in
which
the
capitalist
could
dispense
with
all
means
of
production
made
by
previous
labour,
whether
they
be
raw
material,auxiliary
material,
or
instruments
of
labour,
employing
only
labour-power
and
materials
supplied
by
Nature,in
that
case,
there
would
be
no
constant
capital
to
transfer
to
the
product.
This
component
of
the
value
of
the
product,
i.e.,
the
£410
in
our
example,
would
be
eliminated,
but
the
sum
of
£180,
the
amount
of
new
value
created,
or
the
value
produced,
which
contains£90
of
surplus-value,
would
remain
just
as
great
as
if
c
represented
the
highest
value
imaginable.
We
should
have
C
=
(0
v)
=
v
or
C'
the
expanded
capital
=
v
s
and
therefore
C'
-
C
=
s
as
before.
On
the
other
hand,if
s
=
0,
or
in
other
words,
if
the
labour-power,
whose
value
is
advanced
in
the
form
of
variable
capital,
were
to
produce
only
its
equivalent,
we
should
have
C
=
c
v
or
C'
the
value
of
the
product
=
(c
v)
0
or
C
=C'.
The
capital
advanced
would,
in
this
case,
not
have
expanded
its
value.
From
what
has
gone
before,
we
know
that
surplus
value
is
purely
the
result
of
a
variation
in
the
value
of
v,
of
that
portion
of
the
capital
which
is
transformed
into
labour-power;
consequently,
v
s
=
v
v',
or
v
plus
an
increment
of
v.
But
the
fact
that
it
is
v
alone
that
varies,
and
the
conditions
of
that
variation,
are
obscured
by
the
circumstance
that
in
consequence
of
the
increase
in
the
variable
component
of
the
capital,
there
is
also
an
increase
in
the
sum
total
of
the
advanced
capital.
It
was
originally
£500
and
becomes£590.
Therefore
in
order
that
our
investigation
may
lead
to
accurate
results,
we
must
make
abstraction
from
that
portion
of
the
value
of
the
product,
in
which
constant
capital
alone
appears,
and
consequently
must
equate
the
constant
capital
to
zero
or
make
c
=0.
This
is
merely
an
application
of
a
mathematical
rule,
employed
whenever
we
operate
with
constant
and
variable
magnitudes,
related
to
each
other
by
the
symbols
of
addition
and
subtraction
only.
A
further
difficulty
is
caused
by
the
original
form
of
the
variable
capital.
In
our
example,
C'
=
£410
const.
£90
var.
£90
surpl.;
but
£90
is
a
given
and
therefore
a
constant
quantity;
hence
it
appears
absurd
to
treat
it
as
variable.
But
in
fact,
the
term
£90
var.
is
here
merely
a
symbol
to
show
that
this
value
undergoes
a
process.
The
portion
of
the
capital
invested
in
the
purchase
of
labour-power
is
a
definite
quantity
of
materialised
labour,
a
constant
value
like
the
value
of
the
labour-power
purchased.
But
in
the
process
of
production
the
place
of
the
£90
is
taken
by
the
labour
power
in
action,
dead
labour
is
replaced
by
living
labour,
something
stagnant
by
something
flowing,
a
constant
by
a
variable.
The
result
is
the
reproduction
of
v
plus
an
increment
of
v.
From
the
point
of
view
then
of
capitalist
production,
the
whole
process
appears
as
the
spontaneous
variation
of
the
originally
constant
value,
which
is
transformed
into
labour
power.
Both
the
process
and
its
result,
appear
to
be
owing
to
this
value.
If,
therefore,
such
expressions
as\"£90
variable
capital,\"
or
\"so
much
self-expanding
value,\"
appear
contradictory,
this
is
only
because
they
bring
to
the
surface
a
contradiction
immanent
in
capitalist
production.
At
first
sight
it
appears
a
strange
proceeding,
to
equate
the
constant
capital
to
zero.
Yet
it
is
what
we
do
every
day.
If,
for
example,
we
wish
to
calculate
the
amount
of
England's
profits
from
the
cotton
industry,we
first
of
all
deduct
the
sums
paid
for
cotton
to
the
United
States,
India,
Egypt
and
other
countries;
in
other
words,
the
value
of
the
capital
that
merely
re
appears
in
the
value
of
the
product,
is
put
=
0.
Of
course
the
ratio
of
surplus-value
not
only
to
that
portion
of
the
capital
from
which
it
immediately
springs,
and
whose
change
of
value
it
represents,but
also
to
the
sum
total
of
the
capital
advanced
is
economically
of
very
great
importance.
We
shall,
therefore,
in
the
third
book,
treat
of
this
ratio
exhaustively.
In
order
to
enable
one
portion
of
a
capital
to
expand
its
value
by
being
converted
into
labour-power,
it
is
necessary
that
another
portion
be
converted
into
means
of
production.
In
order
that
variable
capital
may
perform
its
function,
constant
capital
must
be
advanced
in
proper
proportion,
a
proportion
given
by
the
special
technical
conditions
of
each
labour-process.
The
circumstance,
however,
that
retorts
and
other
vessels,
are
necessary
to
a
chemical
process,
does
not
compel
the
chemist
to
notice
them
in
the
result
of
his
analysis.
If
we
look
at
the
means
of
production,
in
their
relation
to
the
creation
of
value,and
to
the
variation
in
the
quantity
of
value,
apart
from
anything
else,
they
appear
simply
as
the
material
in
which
labour-power,
the
value-creator,
incorporates
itself.
Neither
the
nature,
nor
the
value
of
this
material
is
of
any
importance.
The
only
requisite
is
that
there
be
a
sufficient
supply
to
absorb
the
labour
expended
in
the
process
of
production.
That
supply
once
given,
the
material
may
rise
or
fall
in
value,
or
even
be,
as
land
and
the
sea,
without
any
value
in
itself;
but
this
will
have
no
influence
on
the
creation
of
value
or
on
the
variation
in
the
quantity
of
value.2
In
the
first
place
then
we
equate
the
constant
capital
to
zero.
The
capital
advanced
is
consequently
reduced
from
c
v
to
v,
and
instead
of
the
value
of
the
product(c
v)
s
we
have
now
the
value
produced
(v
s).
Given
the
new
value
produced
=
£180,
which
sum
consequently
represents
the
whole
labour
expended
during
the
process,
then
subtracting
from
it
£90
the
value
of
the
variable
capital,
we
have
remaining
£90,the
amount
of
the
surplus-value.
This
sum
of
£90
or
s
expresses
the
absolute
quantity
of
surplus-value
produced.
The
relative
quantity
produced,
or
the
increase
per
cent
of
the
variable
capital,
is
determined,it
is
plain,
by
the
ratio
of
the
surplus-value
to
the
variable
capital,
or
is
expressed
by
s\/v.
In
our
example
this
ratio
is
90\/90,
which
gives
an
increase
of
100%.This
relative
increase
in
the
value
of
the
variable
capital,
or
the
relative
magnitude
of
the
surplus-value,I
call,
\"The
rate
of
surplus-value.\"
3
We
have
seen
that
the
labourer,
during
one
portion
of
the
labour-process,
produces
only
the
value
of
his
labour-power,
that
is,
the
value
of
his
means
of
subsistence.
Now
since
his
work
forms
part
of
a
system,
based
on
the
social
division
of
labour,
he
does
not
directly
produce
the
actual
necessaries
which
he
himself
consumes;
he
produces
instead
a
particular
commodity,
yarn
for
example,
whose
value
is
equal
to
the
value
of
those
necessaries
or
of
the
money
with
which
they
can
be
bought.
The
portion
of
his
day's
labour
devoted
to
this
purpose,
will
be
greater
or
less,in
proportion
to
the
value
of
the
necessaries
that
he
daily
requires
on
an
average,
or,
what
amounts
to
the
same
thing,
in
proportion
to
the
labour-time
required
on
an
average
to
produce
them.
If
the
value
of
those
necessaries
represent
on
an
average
the
expenditure
of
six
hours'
labour,
the
workman
must
on
an
average
work
for
six
hours
to
produce
that
value.
If
instead
of
working
for
the
capitalist,
he
worked
independently
on
his
own
account,
he
would,
other
things
being
equal,still
be
obliged
to
labour
for
the
same
number
of
hours,in
order
to
produce
the
value
of
his
labour-power,
and
thereby
to
gain
the
means
of
subsistence
necessary
for
his
conservation
or
continued
reproduction.
But
as
we
have
seen,
during
that
portion
of
his
day's
labour
in
which
he
produces
the
value
of
his
labour-power,say
three
shillings,
he
produces
only
an
equivalent
for
the
value
of
his
labour-power
already
advanced4by
the
capitalist;
the
new
value
created
only
replaces
the
variable
capital
advanced.
It
is
owing
to
this
fact,
that
the
production
of
the
new
value
of
three
shillings
takes
the
semblance
of
a
mere
reproduction.
That
portion
of
the
working
day,
then,
during
which
this
reproduction
takes
place,
I
call
\"necessary\"
labour
time,
and
the
labour
expended
during
that
time
I
call
\"necessary\"labour.5Necessary,
as
regards
the
labourer,
because
independent
of
the
particular
social
form
of
his
labour;
necessary,
as
regards
capital,
and
the
world
of
capitalists,
because
on
the
continued
existence
of
the
labourer
depends
their
existence
also.
During
the
second
period
of
the
labour-process,
that
in
which
his
labour
is
no
longer
necessary
labour,
the
workman,
it
is
true,
labours,
expends
labour-power;but
his
labour,
being
no
longer
necessary
labour,he
creates
no
value
for
himself.
He
creates
surplus
value
which,
for
the
capitalist,
has
all
the
charms
of
a
creation
out
of
nothing.
This
portion
of
the
working
day,
I
name
surplus
labour-time,
and
to
the
labour
expended
during
that
time,
I
give
the
name
of
surplus
labour.
It
is
every
bit
as
important,
for
a
correct
understanding
of
surplus-value,
to
conceive
it
as
a
mere
congelation
of
surplus
labour-time,
as
nothing
but
materialised
surplus
labour,
as
it
is,
for
a
proper
comprehension
of
value,
to
conceive
it
as
a
mere
congelation
of
so
many
hours
of
labour,
as
nothing
but
materialised
labour.
The
essential
difference
between
the
various
economic
forms
of
society,
between,
for
instance,
a
society
based
on
slave-labour,
and
one
based
on
wage-labour,
lies
only
in
the
mode
in
which
this
surplus
labour
is
in
each
case
extracted
from
the
actual
producer,
the
labourer.6
Since,
on
the
one
hand,
the
values
of
the
variable
capital
and
of
the
labour-power
purchased
by
that
capital
are
equal,
and
the
value
of
this
labour-power
determines
the
necessary
portion
of
the
working
day;and
since,
on
the
other
hand,
the
surplus-value
is
determined
by
the
surplus
portion
of
the
working
day,it
follows
that
surplus-value
bears
the
same
ratio
to
variable
capital,
that
surplus
labour
does
to
necessary
labour,
or
in
other
words,
the
rate
of
surplus-value,
s\/v
=
(surplus
labour)\/(necessary
labour).
Both
ratios,s\/v
and
(surplus
labour)\/(necessary
labour),
express
the
same
thing
in
different
ways;
in
the
one
case
by
reference
to
materialised,
incorporated
labour,
in
the
other
by
reference
to
living,
fluent
labour.
The
rate
of
surplus-value
is
therefore
an
exact
expression
for
the
degree
of
exploitation
of
labour
power
by
capital,
or
of
the
labourer
by
the
capitalist.7
We
assumed
in
our
example,
that
the
value
of
the
product
=
£410
const.
£90
var.
£90
surpl.,
and
that
the
capital
advanced
=
£500.
Since
the
surplus-value=
£90,
and
the
advanced
capital
=
£500,
we
should,according
to
the
usual
way
of
reckoning,
get
as
the
rate
of
surplus-value
(generally
confounded
with
rate
of
profits)
18%,
a
rate
so
low
as
possibly
to
cause
a
pleasant
surprise
to
Mr.
Carey
and
other
harmonisers.But
in
truth,
the
rate
of
surplus-value
is
not
equal
to
s\/C
or
s\/(c v),
but
to
s\/v:
thus
it
is
not
90\/500
but
90\/90
or
100%,
which
is
more
than
five
times
the
apparent
degree
of
exploitation.
Although,
in
the
case
we
have
supposed,
we
are
ignorant
of
the
actual
length
of
the
working
day,
and
of
the
duration
in
days
or
weeks
of
the
labour-process,
as
also
of
the
number
of
labourers
employed,
yet
the
rate
of
surplus-value
s\/v
accurately
discloses
to
us,
by
means
of
its
equivalent
expression,surplus
labour\/necessary
labour
the
relation
between
the
two
parts
of
the
working
day.
This
relation
is
here
one
of
equality,
the
rate
being
100%.
Hence,
it
is
plain,the
labourer,
in
our
example,
works
one
half
of
the
day
for
himself,
the
other
half
for
the
capitalist.
The
method
of
calculating
the
rate
of
surplus-value
is
therefore,
shortly,
as
follows.
We
take
the
total
value
of
the
product
and
put
the
constant
capital
which
merely
re-appears
in
it,
equal
to
zero.
What
remains,is
the
only
value
that
has,
in
the
process
of
producing
the
commodity,
been
actually
created.
If
the
amount
of
surplus-value
be
given,
we
have
only
to
deduct
it
from
this
remainder,
to
find
the
variable
capital.
And
vice
versa,
if
the
latter
be
given,
and
we
require
to
find
the
surplus-value.
If
both
be
given,
we
have
only
to
perform
the
concluding
operation,
viz.,
to
calculate
s\/v,
the
ratio
of
the
surplus-value
to
the
variable
capital.
Though
the
method
is
so
simple,
yet
it
may
not
be
amiss,
by
means
of
a
few
examples,
to
exercise
the
reader
in
the
application
of
the
novel
principles
underlying
it.
First
we
will
take
the
case
of
a
spinning
mill
containing
10,000
mule
spindles,
spinning
No.
32
yarn
from
American
cotton,
and
producing
1
lb.
of
yarn
weekly
per
spindle.
We
assume
the
waste
to
be
6%:
under
these
circumstances
10,600
lbs.
of
cotton
are
consumed
weekly,
of
which
600
lbs.
go
to
waste.The
price
of
the
cotton
in
April,
1871,
was
7d.
per
lb.;
the
raw
material
therefore
costs
in
round
numbers£342.
The
10,000
spindles,
including
preparation
machinery,
and
motive
power,
cost,
we
will
assume,£1
per
spindle,
amounting
to
a
total
of
£10,000.
The
wear
and
tear
we
put
at
10%,
or
£1,000
yearly
=
£20
weekly.
The
rent
of
the
building
we
suppose
to
be£300
a
year,
or
£6
a
week.
Coal
consumed
(for
100
horse-power
indicated,
at
4
lbs.
of
coal
per
horse
power
per
hour
during
60
hours,
and
inclusive
of
that
consumed
in
heating
the
mill),
11
tons
a
week
at
8s.6d.
a
ton,
amounts
to
about
£4
a
week:
gas,
£1
a
week,
oil,
&c.,
£4
a
week.
Total
cost
of
the
above
auxiliary
materials,
£10
weekly.
Therefore
the
constant
portion
of
the
value
of
the
week's
product
is
£378.Wages
amount
to
£52
a
week.
The
price
of
the
yarn
is
12d.
per.
lb.
which
gives
for
the
value
of
10,000
lbs.the
sum
of
£510.
The
surplus-value
is
therefore
in
this
case
£510
-
£430
=
£80.
We
put
the
constant
part
of
the
value
of
the
product
=
0,
as
it
plays
no
part
in
the
creation
of
value.
There
remains
£132
as
the
weekly
value
created,
which
=
£52
var.
£80
surpl.
The
rate
of
surplus-value
is
therefore
80\/52
=
153
11\/13%.
In
a
working
day
of
10
hours
with
average
labour
the
result
is:
necessary
labour
=
3
31\/33
hours,
and
surplus
labour
=
6
2\/33.8
One
more
example.
Jacob
gives
the
following
calculation
for
the
year
1815.
Owing
to
the
previous
adjustment
of
several
items
it
is
very
imperfect;nevertheless
for
our
purpose
it
is
sufficient.
In
it
he
assumes
the
price
of
wheat
to
be
8s.
a
quarter,
and
the
average
yield
per
acre
to
be
22
bushels.
Assuming
that
the
price
of
the
product
is
the
same
as
its
value,
we
here
find
the
surplus-value
distributed
under
the
various
heads
of
profit,
interest,
rent,
&c.We
have
nothing
to
do
with
these
in
detail;
we
simply
add
them
together,
and
the
sum
is
a
surplus-value
of
£3
11s.
0d.
The
sum
of
£3
19s.
0d.,
paid
for
seed
and
manure,
is
constant
capital,
and
we
put
it
equal
to
zero.
There
is
left
the
sum
of
£3
10s.
0d.,
which
is
the
variable
capital
advanced:
and
we
see
that
a
new
value
of
£3
10s.
0d
£3
11s.
0d.
has
been
produced
in
its
place.
Therefore
s\/v
=
£3
11s.
0d.
\/
£3
10s.
0d.,giving
a
rate
of
surplus-value
of
more
than
100%.
The
labourer
employs
more
than
one
half
of
his
working
day
in
producing
the
surplus-value,
which
different
persons,
under
different
pretexts,
share
amongst
themselves.9
Section
2:
The
Representation
of
the
Components
of
the
Value
of
the
Product
by
Corresponding
Proportional
Parts
of
the
Product
Itself
Let
us
now
return
to
the
example
by
which
we
were
shown
how
the
capitalist
converts
money
into
capital.
The
product
of
a
working
day
of
12
hours
is
20
lbs.of
yarn,
having
a
value
of
30s.
No
less
than
8\/10ths
of
this
value,
or
24s.,
is
due
to
mere
re-appearance
in
it,
of
the
value
of
the
means
of
production
(20
lbs.of
cotton,
value
20s.,
and
spindle
worn
away,
4s.):
it
is
therefore
constant
capital.
The
remaining
2\/10ths
or
6s.
is
the
new
value
created
during
the
spinning
process:
of
this
one
half
replaces
the
value
of
the
day's
labour-power,
or
the
variable
capital,
the
remaining
half
constitutes
a
surplus-value
of
3s.
The
total
value
then
of
the
20
lbs.
of
yarn
is
made
up
as
follows:
30s.
value
of
yarn
=
24s.
const.
3s.
var.
3s.
surpl.
Since
the
whole
of
this
value
is
contained
in
the
20
lbs.
of
yarn
produced,
it
follows
that
the
various
component
parts
of
this
value,
can
be
represented
as
being
contained
respectively
in
corresponding
parts
of
the
product.
If
the
value
of
30s.
is
contained
in
20
lbs.
of
yarn,then
8\/10ths
of
this
value,
or
the
24s.
that
form
its
constant
part,
is
contained
in
8\/10ths
of
the
product
or
in
16
lbs.
of
yarn.
Of
the
latter
13
1\/3
lbs.
represent
the
value
of
the
raw
material,
the
20s.
worth
of
cotton
spun,
and
2
2\/3
lbs.
represent
the
4s.
worth
of
spindle,&c.,
worn
away
in
the
process.
Hence
the
whole
of
the
cotton
used
up
in
spinning
the
20
lbs.
of
yarn,
is
represented
by
13
1\/3
lbs.
of
yarn.
This
latter
weight
of
yarn
contains,
it
is
true,by
weight,
no
more
than
13
1\/3
lbs.
of
cotton,
worth
13
1\/3
shillings;
but
the
6
2\/3
shillings
additional
value
contained
in
it,
are
the
equivalent
for
the
cotton
consumed
in
spinning
the
remaining
6
2\/3
lbs.
of
yarn.The
effect
is
the
same
as
if
these
6
2\/3
lbs.
of
yarn
contained
no
cotton
at
all,
and
the
whole
20
lbs.
of
cotton
were
concentrated
in
the
13
1\/3
lbs.
of
yarn.The
latter
weight,
on
the
other
hand,
does
not
contain
an
atom
either
of
the
value
of
the
auxiliary
materials
and
implements,
or
of
the
value
newly
created
in
the
process.
In
the
same
way,
the
2
2\/3
lbs.
of
yarn,
in
which
the
4s.,
the
remainder
of
the
constant
capital,
is
embodied,represents
nothing
but
the
value
of
the
auxiliary
materials
and
instruments
of
labour
consumed
in
producing
the
20
lbs.
of
yarn.
We
have,
therefore,
arrived
at
this
result:
although
eight-tenths
of
the
product,
or
16
lbs.
of
yarn,
is,
in
its
character
of
an
article
of
utility,
just
as
much
the
fabric
of
the
spinner's
labour,
as
the
remainder
of
the
same
product,
yet
when
viewed
in
this
connexion,
it
does
not
contain,
and
has
not
absorbed
any
labour
expended
during
the
process
of
spinning.
It
is
just
as
if
the
cotton
had
converted
itself
into
yarn,
without
help;
as
if
the
shape
it
had
assumed
was
mere
trickery
and
deceit:
for
so
soon
as
our
capitalist
sells
it
for
24s.,
and
with
the
money
replaces
his
means
of
production,
it
becomes
evident
that
this
16
lbs.
of
yarn
is
nothing
more
than
so
much
cotton
and
spindle-waste
in
disguise.
On
the
other
hand,
the
remaining
2\/10ths
of
the
product,
or
4
lbs
of
yarn,
represent
nothing
but
the
new
value
of
6s.,
created
during
the
12
hours'
spinning
process.
All
the
value
transferred
to
those
4
lbs,
from
the
raw
material
and
instruments
of
labour
consumed,was,
so
to
say,
intercepted
in
order
to
be
incorporated
in
the
16
lbs.
first
spun.
In
this
case,
it
is
as
if
the
spinner
had
spun
4
lbs.
of
yarn
out
of
air,
or,
as
if
he
had
spun
them
with
the
aid
of
cotton
and
spindles,that,
being
the
spontaneous
gift
of
Nature,
transferred
no
value
to
the
product.
Of
this
4
lbs.
of
yarn,
in
which
the
whole
of
the
value
newly
created
during
the
process,
is
condensed,one
half
represents
the
equivalent
for
the
value
of
the
labour
consumed,
or
the
3s.
variable
capital,
the
other
half
represents
the
3s.
surplus-value.