From memory (mmm, not as good as it once was!) when the first Myford ML7 came out in 1946 or so, it cost 36 Pounds, compared with the M-Type's 42 Pounds.
According to the Bank of England's inflation calculator, that is equivalent to today's Pounds of 1433 Pounds for the cheap-azz Myford and 1672 Pounds for the venerable M-type.
A comparable lathe today costs just almost that much. The Seig SC4 at ArcEuroTrade is a similar size and sells for 1399 Pounds including VAT. I think the mini-lathe is not a fair comparison because it is much smaller and can't do the same range of jobs as a Myford/Drummond with their gap-bed, 10" diameter faceplate and 24" or so between centres.
However, I've an idea that in 1946 you then had to pony up extra for the luxury of an electric motor, four jaw chuck, traveling and fixed steadies and a tailstock centre, all of which seem to come standard on today's budget hobby lathes.
So the prices are somewhere in the ballpark of the same, maybe a bit more expensive for the old Brit iron accessories.
Quality? Hmm. Vexed question. The M-type was a very good quality lathe. Mine is still going strong today and very accurately, 80 years later. Change gears are DP14 and solid as anything, as are all the castings etc. The ML7 Myford I have is not as sturdily built but has less chatter due to better design, larger spindle and bearings. So still a good quality machine and still (after a rebuild) very accurate.
I don't have enough Chinese lathe ownership experience to really be able to compare. But ones I have worked on, or used, or looked at in friends' workshops etc don't seem to have quite the same quality in either finish, "feel" or accuracy or robustness. My personal preference (obviously) is for the old Brit iron, if in good condition. But plenty of others are perfectly happy with their modern Chinese hobby lathes. Just ask Neil about his mini-lathe and now his SC4.
Edited By Hopper on 15/08/2018 11:05:52
Edited By Hopper on 15/08/2018 11:14:55