The following figures illustrate the meaning of this movement from the American cotton trade, which is not one of the industries most susceptible to the concentrative pressure.

"It will be seen that in 756 large establishments in 1880, in which the aggregate capital invested was five times as great as that in the 801 establishments in 1830, the capital invested per spindle was one-third less, the number of spindles operated by each labourer nearly three times as large, the product per spindle one-fourth greater, the product per dollar invested twice as large, the price of the cotton cloth nearly sixty per cent, less, the consumption _per capita _of the population over one hundred per cent greater, and the wages more than double.

What is true of this industry is true of all industries where the concentration of capital has taken place."[38] It is needless to add that these large works are conducted, not by single owners, but in nearly all cases by the managers of associated capitals.

Regarded from the large standpoint of industrial development, all these phenomena denote a change in the sphere of competition.

From the competition of private capitals owned by individuals we have passed to the competition of associated capitals.