[105] Boulton to the Duke of Richmond, April 8, 1770. The Duke was engaged at the time in preparing a set of machines for making the various experiments in Natural Philosophy described in S’Gravande’s book. The Duke was himself a good turner and worker in metal.
[106] The manufactory was complete so far as regarded the hardware manufacture. But additions were constantly being made to it; and, as other branches of industry were added, it became more than doubled in extent and accommodation.
The rapid extension of the Soho business necessarily led to the increase of the capital invested in it. Boulton had to find large sums of money for increased stock, plant, and credits. He raised 3000_l._ on his wife’s estate; he borrowed 5000_l._ from his friend Baumgarten; and he sold considerable portions of the property left him by his father, by which means he was enabled considerably to extend his operations. There were envious busybodies about who circulated rumours to his discredit, and set the report on foot, that to carry on a business on so large a scale would require a capital of 80,000_l._ “Their evil speaking,” said he to a correspondent, “will avail but little, as our house is founded on so firm a rock that envy and malice will not be able to shake it; and I am determined to spare neither pains nor money to establish such a house as will acquire both honour and wealth.” The rapid strides he was making may be inferred from the statement made to the same correspondent, which showed that the gross returns of the firm, which were 7000_l._ in 1763, had advanced to 30,000_l._ in 1767, with orders still upon the increase.
Though he had a keen eye for business, Boulton regarded character more than profit. He would have no connexion with any transaction of a discreditable kind. Orders were sent to him from France for base money, but he spurned them with indignation. “I will do anything,” he wrote to M. Motteaux, his Paris agent, “short of being common informer against particular persons, to stop the malpractices of the Birmingham coiners.” He declared he was as ready to do business on reasonable terms as any other person, but he would not undersell; “for,” said he, “to run down prices would be to run down quality, which could only have the effect of undermining confidence, and eventually ruining trade.” His principles were equally honourable as regarded the workmen of rival employers. “I have had many offers and opportunities,” he said to one, “of taking your people, whom I could, with convenience to myself, have employed; but it is a practice I abhor. Nevertheless, whatever game we play at, I shall always avail myself of the rules with which ’tis played, or I know I shall make but a very indifferent figure in it.”[107]