VI OF THE SMALL LANDOWNER 113 



began to shift from the south and the east, which had 

 hitherto been the industrial parts of England, to the north 

 and west, the homes of the new industries. 



Yet, had there been no capitalists to set these machines 

 going there would have been no demand for extra labour. 



It is noticeable that, with few exceptions, the earlier 

 generation of inventors did not themselves profit much 

 from their discoveries. Neither Hargreaves, Crompton, nor 

 Cartwright succeeded in founding successful manufactories. 

 Cort, who discovered the secret of turning cast iron into 

 wrought by puddling, failed. And, if Arkwright and Watt 

 made fortunes, the first was an exploiter of the inventions 

 of others rather than originator, while Watt would prob- 

 ably never have brought his invention to perfection, or at 

 least made it a financial success, had he not gained the 

 financial assistance of Roebuck, and later of Matthew 

 Boulton, men of business, the sons of manufacturers, and 

 already rich. 1 In short, the inventor needed capital and 

 was often deficient in those powers of organization and 

 discipline which a great master of labour needs, and the 

 business habits and knowledge which a competitive market 

 requires. 



Again, the circumstances of the times were favour- 

 able. Since the establishment of the Bank of England, in 

 1696, the whole system of credit had received a great 

 impulse an impulse which was increased rather than 

 weakened by the wild speculation attending the ill-starred 

 South Sea Bubble. Here then, was a new and a better 

 opportunity for the capitalist, great or small, which he 

 was not slow to seize. 



With the rise of the capitalist organizer of industry the 

 industrial classes began to be more sharply divided. The 

 small master-craftsman who had worked with his journey- 



1 Mantoux, pp. 329, 380. 

 H 



