ABSTRACT
W E have so far followed the history of the business of Boulton & Watt during the first ten years of the firm's existence, but we have been concerned only with pumping engines. This was necessary because not only were these the firm's only product of importance during the greater part of that period, but also because the introduction on the market of engines other than pumping engines-rotative engines which could be applied to a great number of industrial enterprises-definitely marks the beginning of another era in the fortunes of the firm. Before considering the changes following upon these technical improvements and inventions, it is necessary to deal first with another aspect of the great difficulties which has not yet been discussed and which presented serious problems during the whole period so far reviewed. This was the serious lack of capital which, perhaps, even more than all the external difficulties attendant on the introduction and marketing of the new engine, hampered the growth of the business and more than once presented the partners with the prospect of immediate ruin.
