FOREIGN TRADE OF THE UNITED STATES. 629 



and taking the figure 1 to 1 J as representing the producing capacity of the 

 ordinary British workman, I consider the Swiss-German as fairly represented by 

 ]| and the Yankee by 2£. 



In an article entitled 'America's Changed International Position/ 

 the London 'Statist' of January 5, 1901, also dwells upon the superi- 

 ority of our methods of production as enabling us to take advantage 

 of the needs of Europe and to respond to an increased demand for 

 manufactured goods. "All at once," says the 'Statist,' "the United 

 States became a keen competitor in the markets of the world with 

 ourselves and with our continental rivals, and, in all reasonable prob- 

 ability, the competition will grow more eager as the years pass." The 

 'Statist,' in fact, predicts 'a great outburst of new enterprise in the 

 United States.' 



CONCENTKATION OF CAPITAL IN THE UNITED STATES. 



Lord Eosebery is quoted by cable as having said in a speech before 

 a British Chamber of Commerce, January 16, 1901, that the chief 

 rivals to be feared by Great Britain 'are America and Germany.' "The 

 alertness of the Americans," he continued, "their incalculable natural 

 resources, their acuteness, their enterprise, their vast population, which 

 will in all probability within the next twenty years reach 100,000,000, 

 make them very formidable competitors with ourselves. And with the 

 Germans, their slow but sure persistency, their scientific methods, and 

 their conquering spirit, devoted as these qualities are at this moment to 

 preparation for trade warfare, make them also, in my judgment, little 

 less redoubtable than the Americans. There is one feature of the 

 American competition which seems to me especially formidable, and, 

 as I have not seen it largely noticed, perhaps you will excuse me for 

 calling attention to it. We are daily reminded of the gigantic for- 

 tunes which are accumulated in America, fortunes to which noth- 

 ing in this country bears any relation whatever, and which 

 in themselves constitute an enormous commercial force. The 

 Americans, as it appears, are scarcely satisfied with these indi- 

 vidual fortunes, but use them by combination in trusts, to make a 

 capital and a power which, wielded as it is by one or two minds, is 

 almost irresistible, and that, as it seems to me, if concentrated upon 

 Great Britain as an engine in the trade warfare, is a danger which 

 we cannot afford to disregard. Suppose a trust of many millions, of 

 a few men combined so to compete with any trade in this country by 

 xmderselling all its products, even at a considerable loss to them- 

 selves, and we can see in that what are the possibilities of the com- 

 mercial outcome of the immediate future." 



It has been evident for some time that the United States, not content 

 with having solved that part of the problem of economy of produc- 



