By P L Payne
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Extra resources for British Entrepreneurship in the Nineteenth Century
McCloskev argues that the slow adoption of the basic steel-making process (which has been called 'the most notable single instance of entrepreneurial failure') is explicable in terms of technological developments, and that the much criticised neglect of phosphoric 49 Lincolnshire ores was a rational response in a competitive market to the location of the ores. He is convinced that the British iron and steel masters exploited the potentialities of world technology before the First World War as well as, if not better than, their much lauded American competitors.
These could have served as a guide to costing, but even one of the more talented and efficient entrepreneurs, George Lee - responsible for the building and equipping of the Salford Twist Mill - was forced to admit to James Watt Jr that his production techniques had outrun his knowledge of 'keeping manufacturing Books - in the construction of machinery we never could reduce it to regular piece work or divide the labour of ;Making and Repairing it in such a manner as to determine the distinct cost of each' [135 :27, 39].
There were many who shared with Josiah Mason, the steel pen maker and pioneer of electro-plating, a 'quickness in seizing a new idea ... sagacity in realising the possibilities of development, and . . courage in bringing it within the range of practical application' [158 vol. I : 151], though few shared his great success. Yet an economic historian is ill-equipped to judge the technical feasibility of the thousands of inventions whose specifications - often deliberately obscure in their wording - line the walls of the Patent Office.
British Entrepreneurship in the Nineteenth Century by P L Payne