This section is from the book "Spons' Mechanics' Own Book: A Manual For Handicraftsmen And Amateurs", by Edward Spon. Also available from Amazon: Spons' Mechanics' Own Book.
A good polish for iron or steel rotating in the lathe, is made of fine emery and oil; which is applied by lead or wood grinders, screwed together. Three very good oils for lubrication are olive oil, sperm, and neats'-foot.
 
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