How far they are socially useful is a more difficult question.

Reflection, however, will make one thing evident, viz.

that though the public may share that part of the advantage derived from the more economical use of large capitals, it cannot share that portion which is derived from the absence of competition.

If two or more Trusts or aggregations of capital are still in actual or even in potential competition, the public will be enabled to reap what gain belongs to larger efficient production, for it will be for the interest of each severally to sell at the lowest prices; but if a single Trust rule the market, though the economic advantage of the Trust will be greater in so far as it escapes the labour of all competition, there will be no force to secure for the public any share in this advantage.

The advantageous position enjoyed by a Trust will certainly enable its owners at the same time to pay high profits, give high wages, and sell at low prices.