M' appears as a converted form of C', which is itself a product
 of a previous function of P, the process of production. The entire sum
 of money M' is therefore a money-expression of past labour. In our illustration,
 10,000 lbs. of yarn worth £500 are the product of the spinning process.
 Of this quantity, 7,440 lbs. of yarn are equal to the advanced constant
 capital c worth £372; 1,000 lbs. of yarn are equal to the advanced
 variable capital v worth £50; and 1,560 lbs. of yarn represent the
 surplus-value s worth £78. If of M' only the original capital of
 £422 is again advanced, other conditions remaining the same, then
 the labourer is advanced the following week, in M — L, only a part of the
 10,000 lbs. of yarn produced in the given week (the money-value of 1,000
 lbs. of yarn). As a result of C — M, money is always the expression of
 past labour. If the complementary act M — C takes place at once in the
 commodity-market, i.e., M is given in return for commodities existing in
 the market, this is again a transformation of past labour, from one form
 (money) into another form (commodities). But M — C differs in the matter
 of time from C — M. They may exceptionally take place at the same time,
 for instance when the capitalist who performs M — C and the capitalist
 to whom this act means C — M ship their commodities to each other at the
 same time and M is used only to square the balance. The difference in time
 between the performance of M — C and C — M may be more or less considerable. Although M, as the result of C — M, represents past labour, it may, in the act M — C, represent the converted form of commodities which are not
 as yet in the market, but will be thrown upon it in the future, since M — C
 need not take place until C has been produced anew. M may likewise stand
 for commodities which are produced simultaneously with the C whose money-expression
 it is. For instance in the exchange M — C (purchase of means of production)
 coal may be bought before it has been mined. In so far as m figures as
 an accumulation of money, is not spent as revenue, it may stand for cotton
 which will not be produced until the following year. The same holds good
 on spending the revenue of the capitalist, m — c. It also applies to wages,
 to L equal to £50. This money is not only the money-form of past
 labour of the labourers but at the same time a draft on simultaneous and
 future labour which is just being realised or should be realised in the
 future. The labourer may buy with his wages a coat which will not be made
 until the following week. This applies especially to the vast number of
 necessary means of subsistence which must be consumed almost as soon as
 they have been produced to prevent spoilage. Thus the labourer receives,
 in the money which is paid to him in wages, the converted form of his own
 future labour or that of other labourers. By giving the labourer a part
 of his past labour, the capitalist gives him a draft on his own future
 labour. It is the labourer’s own simultaneous or future labour that constitutes
 the not yet existing supply out of which he will be paid for his past labour.
 In this case the idea of hoarding disappears altogether. [Here Marx made
 the following note in the manuscript: “All this, however, belongs to the
 last part of Book Two.” — Ed.]