In the making both of lace and of statues, the remuneration to the artists can only be reduced by producing a larger number of them through more extended education. The expense of the raw material is small in both. The expense of labour in lacemaking is very large, and it is perhaps considerable also in sculpture. The discovery of more convenient localities yielding marble, may make some diminution in its cost; and the improved manufacture of thread may slightly reduce the price of lace. A reduction in the price of labour may to a very moderate extent reduce the cost of the raw material of both. But it is evident that any very great reduction is not to be expected.
Let us now contrast this possible reduction with the past history of some industrial art. The plain lace made at Nottingham, called patent net, will supply us with a good example. In the year 1813 that lace was sold in the piece at the rate of 218. a-yard. At the present time lace of the same kind, but of a better quality, is sold under the same circumstances at 3d. per yard. Thus, in less than forty years the price of the industrial produce has diminished to one eighty-fourth part of its original price.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "In the making both of lace and of statues, the remuneration to the artists can only be reduced by producing a larger number of them through more extended education. The expense of the raw material is small in both. The expense of labour in lacemaking is very large, and it is perhaps considerable also in sculpture. The discovery of more convenient localities yielding marble, may make some diminution in its cost; and the improved manufacture of thread may slightly reduce the price of lace. A reduction in the price of labour may to a very moderate extent reduce the cost of the raw material of both. But it is evident that any very great reduction is not to be expected.
Let us now contrast this possible reduction with the past history of some industrial art. The plain lace made at Nottingham, called patent net, will supply us with a good example. In the year 1813 that lace was sold in the piece at the rate of 218. a-yard. At the present time lace of the same kind, but of a better quality, is sold under the same circumstances at 3d. per yard. Thus, in less than forty years the price of the industrial produce has diminished to one eighty-fourth part of its original price." in the context of "p. 51-52" to mean that wisdom is timeless.