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of £3,000 John Morgan was to hold two-thirds-conforming to a common pattern of the time whereby a large part of industrial capital was frequently provided by local landowners-and the others between them were responsible for the remaining third. John Morgan paid his share by providing the money to purchase the stock which already existed at the furnace and forges. This consisted of pig iron, hammers and anvils valued at £ 6 5. od. a ton; broken iron and old plates valued at £ 5 a ton; wood at 2s. 6d. a cord, plus is. 7d. a cord for wood already cut; charcoal at 23s. a load; braises (i.e. small or broken charcoal) at 20S. a cord; and such equipment as helms, arms, rabbets hammer beams and bellows' woods. The stock at the Tredegar (or Rudry) forge was bought for £ 972 8s. 9d.; that at Machen forge for £1,075 12S. I1 2d.; and at the furnace for L488 7s. 6d. Since their total value was £536 8s. od. over John Morgan's share of the capital he was credited with this sum in the first account. Although the other partners provided no actual cash initially, their £ 1,000 was doubtless intended as the source of working capital for the business.1 The picture which emerges from the evidence of the way in which the enterprise was organised is somewhat blurred. Roger Powell, who with Roger Williams took up a one-third interest, seems to have played no part at all.2 John Morgan of Tredegar, the major partner, was more directly involved: it was through him that some of the customers made their payments and he also settled some of the debts. Most of this aspect of the business was, however, conducted through Roger Williams who also regularly attended the twice-yearly Bristol fairs and drew up the accounts. His more active role was recognised by the payment of a fee of £20 a year.3 The actual management of the works was in the hands of one Nathaniel Tainton until 1694 and thereafter seems to have been shared between Edward Harry and Samuel Pratt. The general profit record of the business is summarised in the table below (the figures are in £ s to the nearest £ ). Value of Caerphilly Capital plus Tredegar furnace and Taken out Undistributed forge Machen forge Total by partners profits A/c. to Sept. 1690 3,000 1691 337 277 614 3,614 „ 1692 123 774 897 600 3,911 1693 211 616 827 600 4,138 1694 473 442 915 900 4,153 „ 1695 799 1,141 1,940 600 5,493 „ 1696 754 584 1,338 900 5,931 1 Tredegar MSS., 76/2. 2 It was, however, his wife, Mary, and their son, Roger-describing themselves as Executors of the late Roger Williams and Roger Powell, deceased-who finally settled the accounts with John Morgan in 1701. Tredegar MSS., 76/24. a There is, however, no record of his being paid this fee in the accounts ending Sept. 1962 and Sept. 1693. Tredegar MSS., 76/8 and 76/11.