he knew the character and position of the borrower in each case, will no longer exist.  The business was safe enough when the manager of a country bank probably knew whether a customer’s butcher’s bills were becoming excessive.  Now everything must be referred to London for decision according to some fixed general rule.  The convenience and the accommodation of the man with a small account count for very little.  A more serious question is the effect which these amalgamations may have on the relations between bankers and those who are engaged in manufacturing business.

The old personal relationship between the mill-owner and his employees, when his garden adjoined the mill yard, when they spoke of him by his Christian name, and he knew their family affairs and was ready to help in time of difficulty and distress and to take a lead in any local effort or support any local charity, has been rapidly disappearing.  There still are, however, many employers to whom the happiness and welfare of their workpeople is a matter of deepest concern.  They have a human interest in them, and take a pride in improving the conditions of their life.  They have other aims than simply securing as big a dividend as possible for the eager shareholders of a huge combine.  It is, no doubt, usually large employers of labour who are thus able and willing to make provision for the welfare of the people in their employ.  Some have established libraries and reading-rooms, and have provided classes for giving instruction likely to be useful to the boys and young men engaged in their works.  Conditions of labour would be greatly improved if the example of the best firms in such matters were generally followed.

The more complete organisation of trades under powerful councils may tend to a virtual monopoly being obtained by a limited number of large and influential firms, and the result may be prejudicial to the consumer by limiting competition.  That is not certainly the object, but it may be an incidental effect of the organisation which is needed for full development of the system of councils.  In some cases State support and control acting in conjunction with private firms of great influence is to be introduced to unify an industry under one management.  Support and control may possibly be necessary in some cases, but the extension of such methods should be jealously watched.  In the manufacture of dyes, for example, it seems that the Government and a very powerful manufacturing firm or combination are arranging to act together.  Those outside this combination will have no chance of competing.  In this particular case the scheme may be useful, but careful provision is necessary to protect customers for the commodities produced.  It may become a very serious thing for manufacturers of piece goods when struggling to maintain their position in the world markets, and the slightest addition to cost of production may close a market to them, if they find that they cannot purchase the dyes they require in the cheapest market, or those who dye goods for them must increase their charges, because one organisation can fix prices, and import from abroad is prohibited in order to protect a special home industry.