New-York tribune., 1902-01-27
nu.,ness and bankruptcy In Great Britain

business and bankruptcy. In Great Britain
there have been costly processes OF construc-
tion and equipment without Encouragement
shrinkages of value and insolvency; and the sys-
rem as whole represents an immense and un-
manageable mass of capital. which 1t has be-
come more difficult year by year to convert into
a remuperative investment While the margin
for earnings in dividends has been narrowed
and the practicability of working economies has
diminished the difficulties Of consolidation have
enormously increased.
One great resource which England has In COM
netting with foreign rivals in trade IS sys-
teuatized mercantile plant throughout the
world. On every foreign seaboard there are
English banks and wholesale houses, and the
sunremacy of the British merchant marine is
virtually unchallenged except by Germany
with these facilities for shipping goods abroad
ceiling them in wholesale warehouses with
prompt deliveries and offering adequate banking
accommodation, English foreign trade continues
70 prosper and foreign competition with it is
conducted under marked disadvantages. Amer
lean manufacturers may display extraordinary
energy in improving their mechanism and in
cheapening production: and combinations Of
capitalists may reduce the expenses Of railway
transportation and industrial management; but
they cannot hope to compete successfully with
England in remote foreign markets unless they
nroytde themselves with a full equipment of
mercantile plant There must be sea transpor-
tation by merchant marine, wholesale houses
on every important seaboard, and banking facil-
tiles for American trade. The Germans have
displayed sagacity and practical intelligence in
meeting English rivals their own ground.
Although their colonies unimportant, they
have succeeded in obtaining foothold in for
eign markets by the development of their ship
ping interests and by the establishment of
wholesale and banking houses in every great
commercial base. They are acting upon the
practical principle that the way TO compete is TO
compete, and are not neglecting to provide them
selves with indispensable mercantile mechan-
ism abroad.
England in this way is exposed to competition
from two formidable rivals. who disputing
her supremacy IN the markets OF the world In
the United States there are improved mechan-
teal processes. superior resources of invention
and business organization. and industrial COM
binations and concentrations OF capital for
cheapening production and distribution Of
manufactures. In Germany there is trained
mercantile service for the invasion and conquest
OF foreign markets. and there is no lack Of adapt
ability IN profting by every labor saving de-
vice and improved process, and in introducing
every practicable economy IN business manage
rnent England, while placed on her defence by
these formidable rivalries, occupies the strong
hold Of power by virtue Of superior mercantile
experience and systematic organization in for
eign trade. 1t is the greatest battle Of modern
history-the competition Of three progressive
maritime nations for the control of the worlds
markets: and the supreme ends of civilization
are promoted by this stimulative and honorable
rivalry The more energetic this competition
becomes the less important will be European
ornaments for keeping the peace Of the Cont
rent at heavy cost to taxpayers. I. n. T.