In proportion as business is becoming wider and more cosmopolitan, these natural advantages of large capital over small are able to assert themselves more and more effectively.

In certain branches of trade, which have not yet been taken over by elaborate machinery, or where everything depends upon the personal activity and intelligence, and the detailed supervision of a fully interested owner, the small capitalist may still hold his own, as in certain branches of retail trade.

But the general movement is in favour of large businesses.

Everywhere the big business is swallowing up the smaller, and in its turn is liable to be swallowed by a bigger one.

In manufacture, where the cosmopolitan character is strongest, and where machinery plays so large a part, the movement towards vast businesses is most marked; each year makes it more rapid, and more general.