425.  The effects of the removal of a monopoly are often very important, and they were perhaps never more remarkable than in the bobbin net trade, in the years 1824 and 1825.  These effects were, however, considerably enhanced by the general rage for speculation which was so prevalent during that singular period.  One of the patents of Mr Heathcote for a bobbin net machine had just then expired, whilst another, for an improvement in a particular part of such machines, called a turn again, had yet a few years to run.  Many licenses had been granted to use the former patent, which were charged at the rate of about five pounds per annum for each quarter of a yard in width, so that what is termed a six-quarter frame (which makes bobbin net a yard and a half wide) paid thirty pounds a year.  The second patent was ultimately abandoned in August, 1823, infringements of it having taken place.

It was not surprising that, on the removal of the monopoly arising from this patent, a multitude of persons became desirous of embarking in a trade which had hitherto yielded a very large profit.  The bobbin net machine occupies little space; and is, from that circumstance, well adapted for a domestic manufacture.  The machines which already existed, were principally in the hands of the manufacturers; but, a kind of mania for obtaining them seized on persons of all descriptions, who could raise a small capital; and, under its influence, butchers, bakers, small farmers, publicans, gentlemen’s servants, and, in some cases, even clergymen, became anxious to possess bobbin net machines.

Some few machines were rented; but, in most of these cases, the workman purchased the machine he employed, by instalments of from L3 to L6 weekly, for a six quarter machine; and many individuals, unacquainted with the mode of using the machines so purchased, paid others of more experience for instructing them in their use; L50 or L60 being sometimes given for this instruction.  The success of the first speculators induced others to follow the example; and the machine-makers were almost overwhelmed with orders for lace frames.  Such was the desire to procure them, that many persons deposited a large part, or the whole, of the price, in the hands of the frame-makers, in order to insure their having the earliest supply.  This, as might naturally be expected, raised the price of wages amongst the workmen employed in machine-making; and the effect was felt at a considerable distance from Nottingham, which was the centre of this mania.  Smiths not used to flat filing, coming from distant parts, earned from 30s. to 42s. per week.  Finishing smiths, accustomed to the work, gained from L3 to L4 per week..The forging smith, if accustomed to his work, gained from L5 to L6 per week, and some few earned L10 per week.  In making what are technically called insides, those who were best paid, were generally clock- and watchmakers, from all the districts round, who received from L3 to L4 per week.  The setters-up—­persons who put the parts of the machine together—­charged L20 for their assistance; and, a six quarter machine, could be put together in a fortnight or three weeks.