They indulge, therefore, at first in endless invectives against the prevailing dishonesty; but gradually, when they have paid what Germans call Lehrgeld, they accommodate themselves to circumstances, take large profits to counterbalance bad debts, and generally succeed--if they have sufficient energy, mother-wit, and capital--in making a very handsome income.
The old race of British merchants, however, is rapidly dying out, and I greatly fear that the rising generation will not be equally successful.
Times have changed.

It is no longer possible to amass large fortunes in the old easy-going fashion.

Every year the conditions alter, and the competition increases.

In order to foresee, understand, and take advantage of the changes, one must have far more knowledge of the country than the men of the old school possessed, and it seems to me that the young generation have still less of that knowledge than their predecessors.

Unless some change takes place in this respect, the German merchants, who have generally a much better commercial education and are much better acquainted with their adopted country, will ultimately, I believe, expel their British rivals.