Chapter 40 Thinking of the pounds in his pocket…
Thinking of the pounds in their pockets and glancing at General Maxwell's business card, the clerk eventually accepted their application materials. Then all that remained was to wait for the Regent Prince of Wales to sign the patent certificate; this was something that couldn't be rushed.
Richard decided to set up a family company, which would not only be responsible for factory production but also have salespeople to handle sales.
They returned to Grosvenor Square in the general's carriage. On the way back, Richard discussed with his sister, "Mary, the sewing machine is a new gadget. How much do you think we should invest initially?"
"At the beginning, besides those nobles and wealthy ladies who crave novelty, how many people will actually buy them? Our funds are limited, and we can't tie them all up in goods. We don't need to produce too much at the start; an initial investment of two or three thousand pounds should be enough. One hundred high-end sewing machines and twenty ordinary sewing machines should suffice. We can number them from 1 to 100..."
"Do machines numbered 100 and above all produce ordinary sewing machines?" John asked curiously.
“Of course not,” Mary and Richard said at the same time.
Then, Richard, having grasped Mary's meaning, explained to John, "Those ladies can't stand ordinary people being like them. We can produce two series: the high-end S series and the N series for ordinary people. The two shouldn't be confused."
“Even among high-end sewing machines, ordinary people don’t have the right to buy the first fifty numbered sewing machines; those are reserved for royalty and nobility,” Mary added.
"How much should we price our high-end sewing machines? Fifty pounds, or one hundred pounds?" Richard laughed.
"Without a doubt, one hundred pounds is a lot for rich people; they might spend that much on a bet. A fashionable sewing machine is not expensive for them at all. If someone is unwilling to spend that much on his wife, it means he doesn't care about his family at all." Mary, the rich woman, was not stingy at all.
John was dumbfounded. The profit was far too high. He quickly asked, "Then can I become a shareholder?"
“Of course, our company isn’t fully established yet, and we need the support of family and friends. But how much money do you have right now?” Although he had already planned to help his family, Richard couldn’t just give away his shares to John for nothing, as business is business.
John had only been working for a little over two years, and his salary this year had just increased to £120, barely enough to pay back the money Mary had previously lent him. He didn't have much savings. Because he didn't know how Richard and Mary planned to price the company's shares, he was somewhat embarrassed to take out the few dozen pounds he had on him.
Mary glanced at her two brothers and smiled. "John, this is our family business, and it's still in its early stages. We siblings will each get fifty pounds a share, not just you, but also William, Fanny, and Susan. As for outsiders, I only plan to bring in the Godfather as a shareholder for now, since our sewing machine patent needs his support."
Richard agreed to Mary's plan, and John finally came up with fifty pounds, almost emptying his savings. By the time they arrived at the general's mansion, they had already named the company "The Butterfly Sewing Machine Company" and roughly divided the company's shares.
Richard invested £1,500 (including his initial investment) and took charge of all management, holding a 39% stake; Mary contributed her technical expertise plus £500 (including patent fees), holding a 40% stake; John invested £50, holding a 1% stake; the remaining 20% stake was intended to be reserved for General Maxwell (15%), William (3%), Fanny (1%), and Susan (1%), as long as they were willing to contribute their own money. If no one was willing to contribute, Richard and Mary would make additional investments.
As a result, only the three younger brothers who didn't have money were unable to ride the wave of the family company's establishment. Mary and Richard planned to wait until they were a little older before deciding.
General Maxwell was waiting for them at home. When John, Richard, and Mary entered the living room, the general was drinking tea, and Anne was reading a novel.
After exchanging pleasantries, Mary took the initiative to introduce their factory and the company they planned to establish to her godfather. Unlike traditional nobles like Sir Thomas who relied on income from land and overseas colonies, General Maxwell had no prejudice against doing business; otherwise, he wouldn't have subtly reminded his goddaughter of this.
"So, you plan to sell this machine to wealthy people?" the general asked after hearing the girl's pricing of the sewing machine.
“No, once the first batch of sewing machines is sold, we will reduce costs through mass production and produce ordinary sewing machines for the general public. I think the cost should not exceed fifteen pounds,” Richard added from the side.
Even at cost price, spending that much money on a sewing machine is unaffordable for most people with an annual income of less than £100.
However, these people were not the target customers for the sewing machines, nor were they on the general's radar. After a moment's thought, he concluded that the Price family's company indeed had great potential and decided to invest. He immediately had his butler give Richard a check for one thousand pounds, and even asked his goddaughter if that was enough.
The general's generosity made Mary beam with joy: "Of course it's enough, dear godfather. Don't worry, we will never let you lose money."
William is currently overseas and may return around November. We can't receive his reply right now, but his younger siblings all assume that their eldest brother will agree and have reserved his share.
As for Fanny and Susan, they naturally trusted their siblings and quickly sent the money. Along with the letter came news of Fanny's pregnancy, mentioning that Sir Thomas eagerly anticipated the child's arrival. The Sir had initially been somewhat displeased with Richard's business dealings, but Fanny's pregnancy delighted him, causing him to overlook the Price family's shortcomings that displeased him.
“Uncle will one day find out that industry and commerce will utterly destroy the land,” Mary said to Richard, who looked somewhat depressed, as she put down the letter.
With General Maxwell's involvement and a reminder from his friend, the patent was quickly approved by the Regent. Under the skilled hands of the craftsmen, one hundred sewing machines were soon produced in the factory, and machine number 01 was immediately sent to Carlton Palace.
Richard soon received a hint from the staff at Carlton Palace that sewing machine number 02 be sent to Claremont, as the Regent hoped this novel machine would amuse the pregnant Princess Charlotte.
After the staff demonstrated how to use it, the princess found it quite interesting. "With a little training, the maids can quickly sew a handkerchief. I think this machine can provide convenience for the people of the kingdom," the princess wrote in a letter to her father.
High society quickly learned of the Regent and the Princess's novelties, and servants were soon sent to place orders. General Maxwell's wife also immediately spread the word among her friends about the high-end sewing machine, number 51, that the General had bought for her, and naturally, people inquired about the special features of the numbers on the first fifty machines.
“Oh, the first fifty units of this company are reserved for royalty and nobility. However, if all fifty units are sold out, the remaining customers will have to buy the later units,” Mrs. Maxwell said with a smile.
This further fueled everyone's desire to buy. What was a hundred pounds to these families? No one wanted to be left behind in social circles, and no lady could tolerate the mocking looks of others.
One hundred high-end sewing machines sold out quickly, and subsequent orders required full prepayment to secure the desired serial number. Richard instructed the craftsmen to accelerate production while also considering whether all components could be manufactured in a foundry to improve efficiency.
“Mary, do you know that after deducting costs, our gross profit is as high as eight thousand two hundred pounds? Even after deducting taxes and land rent, we still make close to eight thousand pounds.” Richard’s face was flushed as he quickly calculated the profit.
He became more and more excited as he spoke: "Our initial calculations were too conservative. Even the high-end gold-plated sewing machine would only cost eighteen pounds. The ordinary sewing machines we're going to produce this time will cost no more than twelve pounds. I think even if we produce five hundred at once, we'll be able to sell them all."
Richard said it, and he did it; Mary was completely unable to stop her brother, who was blinded by huge profits. He placed a large order with the foundry, and the second batch consisted of a full one hundred high-end sewing machines and four hundred ordinary sewing machines.
However, the sale of the second batch of sewing machines encountered huge problems.
A tragedy struck the entire United Kingdom: Princess Charlotte died in childbirth after giving birth to a stillborn baby boy. The United Kingdom lost its legal heir, and the people lost their beloved Queen.
A profound sadness enveloped London; linen shops were nearly sold out, and even the poor wore black armbands. Apart from those already paid for, the newly produced high-end sewing machines failed to capture the interest of the nobility.
As for the ordinary sewing machines displayed in the shops, not to mention all the shops were closed for two weeks, and even the casinos closed on the day of Princess Charlotte's funeral. Richard's advertisements in The Times and other newspapers were completely ignored.
Such a sudden event could not be predicted by anyone. Mary did not know exactly when Charlotte died, nor could she, with her identity, access the princess.
Afterwards, Mary learned the details of the princess's death from her godparents; she had died from postpartum hemorrhage the day after giving birth. Mary had long since lost hope in the backward medical practices of the time. Leaving aside the outdated and ignorant nursing knowledge of the 19th century, the fact that Sir Croft, who was in charge of the delivery, had not adopted forceps for childbirth, despite their availability, drew public anger towards the doctor.
It is said that Princess Mary's husband, Prince Leopold, took opium the night his wife gave birth, so much so that she died unresponsive. They were a loving couple, and everyone sympathized with the prince who had lost his wife; how could Mary not despair?
Even princesses face unforeseen circumstances during childbirth, which further solidified Mary's resolve to remain unmarried and childless. Thinking of Fanny, who was already pregnant, she disregarded her status as an unmarried young woman and frequently wrote to Thornton Lacey's sister, offering her advice on postnatal care.
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