1841[178]27.1 per cent.185132.7 "186133.0 "187131.6 "188130.7 "
If we take the staple manufactures, employing the largest number of workers, we shall find that for the most part they show a rising demand for labour up to 1861, a stationary or falling demand when compared with the population after that date. The foundational industries—machinery and tools, shipbuilding, metal working—whose demand for labour during the period 1841-61 increased by leaps and bounds, still show in the aggregate an increased proportion of employment, largely due to the rise since 1861 of alarge export trade in machinery. But while the machine-making industries continue to grow faster than the population in the employment they give, increasing from 209,353 in 1881 to 262,910 in 1891, and shipbuilding also gives a proportionate increase, it is noteworthy that the steel and iron trades, which up to 1871 grew far faster than the population, began to show signs of decline. In 1881 the number of steel and iron workers was 361,343, in 1891 it had increased to 380,193, a growth of only 5.3 per cent. as compared with a growth of population amounting to 11.7 per cent., and a growth of the number of occupied persons amounting to 15.3 per cent.
Fuel, gas, chemicals, and other general subsidiary trades show a steady advance in proportionate employment. The textile and dyeing industries, on the other hand, showing an increased proportion of employment up to 1851, by which time the weaving industry was taken over by machinery, present a continuous and startling decline in the proportion of employment since that date. A considerably smaller proportion of the employed classes are now engaged in these trades than in 1841. The dressmaking industries give the same result—a continuous decline in proportion of employment since 1851, though in this case the 1891 figures indicate a slight recovery. The following are the percentages:—
Textile and Dyeing.Dress.18419.17.8185111.210.3186110.29.818719.38.518818.28.118917.68.3
The failure of demand for labour to keep pace in its growth with the growth of population in the main branches of the spinning and weaving industries is emphasised by Mr. Ellison. Comparing 1850 with 1878, he says:—"In spinning-mills there is an increase of about 189 per cent. in spindles, but only 63 per cent. in hands employed; and in weaving mills an increase of 360 per cent. in looms, but only 253 per cent. in operatives. This, of course, shows that the machinery has become more and more automatic or self-regulating, thus requiring the attendance of arelatively smaller number of workers."[179]When the subsidiary branches of textile industry are added the results point still more conclusively in the same direction.
No. of Spindles.No. of Looms.No. of Operatives.185020,977,817249,627330,924187844,206,690514,911482,903
More recent statistics show that the relative diminution of employment in textile industries traceable since 1851, became a positive diminution after 1871, though the statistics of 1891 indicate a certain recovery.
1841618,509[180]1851603,8001861934,5001871970,0001881962,00018911,016,100[181]
The significance of these figures in relation to the demand for labour receives further emphasis when the large and rapid displacement of male by female labour is taken into account. In the dress trades it may be observed that the absolute increase which every census, save that of 1871, discloses, is absorbed by the tailoring and millinery branches, where machinery plays a relatively unimportant part, and that in the boot and shoe trade, where there has been a greatly increased application of machinery, there has been not only a proportionate but an absolute fall-off of employment in the twenty years following 1861, though the 1891 census again brings up the absolute numbers of the boot and shoe trade to a little above the level of 1851.[182]
The branches of manufacture which show a large increase in the proportion of employment they give in 1891 as compared with 1861 are machinery and tools, printing and bookbinding, wood furniture and carriages, fuel, gas,chemicals, and unspecified trades (chiefly connected with machinery). Machinery and tools alone, among the larger manufactures, yield a large proportionate increase of employment, amounting, according to the Census Report, to 27.7 per cent. between 1881 and 1891, though dealers are included in this estimate as well as makers.
From these facts two conclusions may be drawn regarding the direct effects of machinery. First, so far as the aggregate of manufactures is concerned, the net result of the increased use of machinery has not been to offer an increased demand for labour in these industries commensurate with the growth of the working population. Second, an increased proportion of the manufacturing population is employed either in those branches of the large industries where machinery is least used, or in the smaller manufactures which are either subsidiary to the large industries, or are engaged in providing miscellaneous comforts and luxuries.
§ 3. When we turn from manufactures to other employments, we perceive that while mining and building employ an increasing proportion of the working classes since 1851, agriculture offers a rapidly diminishing employment, descending from 20.9 per cent. in 1851 to 11.5 per cent. in 1881, and 9.9 in 1891.[183]
It is, however, to the transport trades, to the distributing or "dealing" trades, and to industrial service that we must look for the notable increase of employment. All of these departments have grown far faster than the population since 1841.
Transport.Dealing.Industrial Service.18412.15.35.418514.16.54.518614.67.14.018714.97.86.018815.67.86.7
The statistics of 1891 still further emphasise this movement. The transport services show an enormous rise upon 1881, yielding a proportionate employment of 7.4 per cent.The dealing classes show likewise a great increase. Merchants and agents increase from 285,138 to 363,037, dealers in money are about 30 per cent. more numerous, while insurance employs more than double the number employed in 1881, and six times the number of 1871. Taking drapers and mercers as indicative of the dealing class in a staple trade, we find an increase from 82,362 to 107,018, or 29.9 per cent. The numbers of those employed in thirteen representative retail trades have increased between 1881 and 1891 by not less than 27.9 per cent.
Diagram (Comparison of English Employments)DIAGRAM (COMPARISON OF ENGLISH EMPLOYMENTS).
DIAGRAM (COMPARISON OF ENGLISH EMPLOYMENTS).
When we look at these figures there can be no doubt that one indirect result of the increased production due to the application of machinery has been increased employment inthe distributing and transport industries. This increased employment in transport is by no means confined to the new services of steam locomotion by land and sea. The earlier apprehensions that railways would destroy road traffic is not justified by experience. Though employment on railways has of course grown very fast, road traffic has increased almost in the same ratio.
Railways.Roads.1841.03.71851.3.91861.51.11871.81.218811.21.518911.42.8
The census returns for the United States show clearly that carts and horses have not been displaced by railways, or, more strictly speaking, that railways have made more cartage work than they have taken away. In 1850 the manufacture of carriages and waggons employed 15,590 men, in 1870 it employed 54,928. During the same period of railway growth the number of horses in the country increased from 4,336,717 to 7,145,370. In fact, while the population grew 66 per cent., the number of carriage and cart makers, in spite of the increased use of labour-saving machinery in their manufacture, grew more than 200 per cent.
It must, however, be clearly recognised that the direct effect of machinery upon the transport industries also is to cause a diminished proportionate employment of labour. A comparison of the two chief branches of steam locomotion will bring this home.
Machinery occupies a very different place in the railway from that which it occupies in steam transport by sea. The engine only indirectly determines and regulates the work of the majority of railway men. Most of them are not tenders of machinery. Engine-driver, stoker, and guard are alone in close direct association with the machine. To them must be added those engaged in construction and repair within the workshops. Pointsmen and certain station officials come next in proximity to the machine; shunters and porters are also "tending" machinery, though their work is moredirectly dominated by general business considerations. But are we to say that the army of platelayers, navvies, etc., engaged along the line is serving machinery instead of using tools?[184]The work of ticket clerks and collectors is only governed by the locomotive in a very indirect way. Though the steam-engine is the central factor in railway work, the bulk of the labour is skilled or unskilled work in remote relation to the machine. This explains why the growth of the railway industry, after the chief work of construction has been done, is not attended by a diminishing proportion of employment. On the contrary, we find that railway employment increases faster than mileage and railway capital. The following statistics of railways in the United Kingdom illustrate this fact:—
Year.Mileage.Capital(paid up).Operatives.1851......25,200186110,865£362,327,33853,400187115,376£552,661,55184,900188118,175£745,528,162139,500189120,191£919,425,121186,700
But when we turn to the shipping trade, where a much larger proportion of workers is directly concerned with the tending and direction of machinery, and trace the effect upon employment of the application of steam, the result is very different.
Sailing Vessels (Tonnage).Steamers (Tonnage).Men onSailing-ships.Men onSteam-ships.18503,396,359168,474142,7308,70018604,204,360454,327145,48726,10518704,577,8551,112,934147,20748,75518803,851,0452,723,488108,66884,30418902,907,4055,037,66684,008129,366[185]
If we take the period 1870-90, during which there is an absolute shrinkage of sailing tonnage, we find that this shrinkage is accompanied by a less than corresponding diminution of employment. On the other hand, the tonnage of steamships in this period increased more than fourfold, but brought with it an increase of employment which is less than threefold.
Tonnage of Ships in Relation to Employment of SeamenTONNAGE OF SHIPS IN RELATION TO EMPLOYMENT OF SEAMEN.
TONNAGE OF SHIPS IN RELATION TO EMPLOYMENT OF SEAMEN.
French statistics during the last half century indicate the same general movement so far as employment is concerned, though the movement is less regular.
There is the same decline in the proportion of those engaged in agriculture, though less rapid than in England, the same shrinkage of the proportion engaged in manufacture, and generally in "making" industries, and the same notable expansion of the "dealing" classes. A rapid growth of the professional and public services is common to England and France. The following percentages mark these movements inFrance:—[186]
1856.1861.1866.1872.1876.1881.1886.Agricultural classes52.953.251.552.553.050.047.8Industrial29.127.428.824.125.925.625.2Commercial4.53.94.08.410.710.511.5[187]Professional, public service, persons living on their incomes9.19.29.511.110.310.211.1
These facts and figures seem to support the following conclusions:—
(1) That along with the increased application of machinery to the textile and other staple manufactures there has been in these industries a decrease of employment relative to the growth of the working population.
(2) That in the transport industries the increase of employment is in inverse proportion to the introduction of machinery into the several branches as a dominating factor.
(3) That the considerable diminution of agricultural employment is not compensated by any proportionate increase of manufacturing employment, but that the displaced agricultural labour finds employment in such branches of the transport and distributive trade as are less subject to machinery.
In the rough estimate of the effect of machinery upon employment, its influence upon English agriculture has been left untouched by reason of the inherent complexity of the forces which are operative. But it must not be forgotten that by far the most important factor in the decline of English agricultural employment is the transport machinery which has brought the produce of distant countries into direct competition with English agricultural produce.
So far, therefore, as the statistics of employments present a just register of the influence of machinery upon demand for labour, we are driven to conclude that the net influence of machinery is to diminish employment so far as those industries are concerned into which machinery directlyenters, and to increase the demand in those industries which machinery affects but slightly or indirectly. If this is true of England, which, having the start in the development of the factory system, has to a larger extent than any other country specialised in the arts of manufacture, it is probable that the net effect of machinery upon the demand for labour throughout the industrial world has been to throw a larger proportion of the population into industries where machinery does not directly enter. This general conclusion, however, for want of exact statistical inquiries conducted upon a single basis, can only be accepted as probable.
§ 4. (2)Effects of Machinery upon the Regularity of Employment.—The influence of machinery upon regularity of employment has a twofold significance. It has a direct bearing upon the measurement of demand for labour, which must take into account not only the number of persons employed, but the quantity of employment given to each. It has also a wider general effect upon the moral and industrial condition of the workers, and through this upon the efficiency of labour, which is attracting increased attention among students of industrial questions. The former consideration alone concerns us here. We have to distinguish—(a) the effects of the introduction of machinery as a disturbant of regularity of labour; (b) the normal effects of machine-production upon regularity of labour.
(a) The direct and first effect of the introduction of machinery is, as we have seen, to displace labour. The machinery causes a certain quantity of unemployment, apart from the consideration of its ultimate effect on the number of persons to whom employment is given. Professor Shield Nicholson finds two laws or tendencies which operate in reducing this disturbing influence of machinery. He holds (1) that a radical change made in the methods of production will be gradually and continuously adopted; (2) that these radical changes—these discontinuous leaps—tend to give place to advances by small increments of invention.[188]
History certainly shows that the fuller application of great inventions has been slow, though Professor Nicholsonsomewhat over-estimates the mobility of labour and its ability to provide against impending changes. The story of the introduction of the power-loom discloses terrible sufferings among the hand-weavers of certain districts, in spite of the gradual manner in which the change was effected. The fact that along with the growth of the power-loom the number of hand-looms was long maintained, is evidence of the immobility of the hand-weavers, who kept up an irregular and ill-paid work through ignorance and incapacity to adapt themselves to changed circumstances.[189]In most of the cases where great distress has been caused, the directly operative influence has not been introduction of machinery, but sudden change of fashion. This was the case with the crinoline-hoop makers of Yorkshire, the straw-plaiters of Bedfordshire, Bucks, Herts, and Essex.[190]The suddenly-executed freaks of protective tariffs seem likely to be a fruitful source of disturbance. So far as the displacement has been due to new applications of machinery, it is no doubt generally correct to say that sufficient warning is given to enable workers to check the further flow of labour into such industries, and to divert it into other industries which are growing in accordance with the new methods of production, though much suffering is inflicted upon the labour which is already specialised in the older method of industry.
Moreover, the changes which are taking place in certain machine industries favour the increasing adaptability of labour. Many machine processes are either common to many industries, or are so narrowly distinguished that a fairly intelligent workman accustomed to one can soon learn another. If it is true that "the general ability, which is easily transferable from one trade to another, is every year rising in importance relatively to that manual skill and technical knowledge which are specialised in one branch of industry,"[191]we have a progressive force which tends to minimise the amount of unemployment due to new applications of specific machinery.
Professor Nicholson's second law is, however, morespeculative and less reliable in its action. It seems to imply some absolute limit to the number of great inventions. Radical changes are no doubt generally followed by smaller increments of invention; but we can have no guarantee that new radical changes quite as important as the earlier ones may not occur in the future. There are no assignable limits to the progress of mechanical invention, or to the rate at which that progress may be effected. If certain preliminary difficulties in the general application of electricity as a motor can be overcome, there is every reason to believe that, with the improved means of rapidly communicating knowledge we possess, our factory system may be reorganised and labour displaced far more rapidly than in the case of steam, and at a rate which might greatly exceed the capacity of labour to adjust itself to the new industrial conditions. At any rate we are not at liberty to take for granted that the mobility of labour must always keep pace with the application of new and labour-disturbing inventions. Since we are not able to assume that the market will be extendedpari passuwith the betterment in methods of production, it is evident that improvements in machinery must be reckoned as a normal cause of insecurity of employment. The loss of employment may be only "temporary," but as the life of a working man is also temporary, such loss may as a disturbing factor in the working life have a considerable importance.
§ 5. (b) Whether machinery, apart from the changes due to its introduction, favours regularity or irregularity of employment, is a question to which a tolerably definite answer can be given. The structure of the individual factory, with its ever-growing quantity of expensive machinery, would seem at first sight to furnish a direct guarantee of regular employment, based upon the self-interest of the capitalist. Some of the "sweating" trades of London are said to be maintained by the economy which can be effected by employers who use no expensive plant or machinery, and who are able readily to increase or diminish the number of their employees so as to keep pace with the demands of some "season" trade, such as fur-pulling or artificial flowers. When the employer has charge of enormous quantities of fixed capital, his individual interest is strongly in favour of full and regular employment of labour. On this account, then, machinery would seem to favour regularity ofemployment. On the other hand, Professor Nicholson has ample evidence in support of his statement that "great fluctuations in price occur in those commodities which require for their production a large proportion of fixed capital. These fluctuations in prices are accompanied by corresponding fluctuations in wages and irregularity of employment."[192]In a word, while it is the interest of each producer of machine-made goods to give regular employment, some wider industrial force compels him to irregularity. What is this force? It is uncontrolled machinery. In the several units of machine-production, the individual factories or mills, we have admirable order and accurate adjustment of parts; in the aggregate of machine-production we have no organisation, but a chaos of haphazard speculation. "Industry has not yet adapted itself to the changes in the environment produced by machinery." That is all.
Under a monetary system of commerce, though commodities still exchange for commodities, it is an essential condition of that exchange that those who possess purchasing power shall be willing to use a sufficient proportion of it to demand consumptive goods. Otherwise the production of productive goods is stimulated unduly while the demand for consumptive goods is checked,—the condition which the business man rightly regards as over-supply of the material forms of capital. When production was slower, markets[193]narrower, credit less developed, there was less danger of this big miscalculation, and the corrective forces of industry were more speedily effective. But modern machinery has enormously expanded the size of markets, the scale of competition, the complexity of demand, and production is no longer for a small, local, present demand, but for a large, world, future demand. Hence machinery is the direct material cause of these great fluctuations which bring, as their most evil consequence, irregularity of wages and employment.
How far does this tend to right itself? Professor Nicholson believes that time will compel a better adjustment between machinery and its environment.
"The enormous development of steam communication and the spread of the telegraph over the whole globe have caused modern industry to develop from a gigantic star-fish, any of whose members might be destroyed without affecting the rest, into aμἑγα ζωονwhich is convulsed in agony by a slight injury in one part. A depression of trade is now felt as keenly in America and even in our colonies as it is here. Still, in the process of time, with the increase of organisation and decrease of unsound speculation, this extension of the market must lead to greater stability of prices; but at present the disturbing forces often outweigh altogether the supposed principal elements."[194]
The organisation of capital under the pressure of these forces is doubtless proceeding, and such organisation, when it has proceeded far enough, will indisputably lead to a decrease of unsound speculation. But these steps in organisation have been taken precisely in those industries which employ large quantities of fixed capital, and the admitted fact that severe fluctuations still take place in these industries is proof that the steadying influences of such organisation have not yet had time to assert themselves to much purpose. The competition of larger and larger masses of organised capital seems to induce heavier speculation and larger fluctuations. Not until a whole species of capital is organised into some form or degree of "combination" is the steadying influence of organisation able to predominate.
§ 6. But there is also another force which, in England at any rate, under the increased application of machinery, makes for an increase rather than a diminution of speculative production. It has been seen that the proportion of workers engaged in producing comforts and luxuries is growing, while the proportion of those producing the prime necessaries of life is declining. How far the operation of the law of diminishing returns will allow this tendency to proceed we cannot here discuss. But statistics show that this is the present tendency both in England and in the United States. Now the demand for comforts and luxuriesis essentially more irregular and less amenable to commercial calculation than the demand for necessaries. The greatest economies of machine-production are found in industries where the demand is largest, steadiest, and most calculable. Hence the effect of machinery is to drive ever and ever larger numbers of workers from the less to the more unsteady employments. Moreover, there is a marked tendency for the demand for luxuries to become more irregular and less amenable to calculation, and a corresponding irregularity is imposed upon the trades engaged in producing them. Twenty years ago it was possible for Coventry ribbon-weavers to "make to stock" during the winter months, for though silk ribbons may always be classed as a luxury, certain patterns commanded a tolerably steady sale year after year. Now the fluctuations of fashion are much sharper and more frequent, and a far larger proportion of the consumers of ribbons are affected by fashion-changes. Hence it has become more and more difficult to forecast the market, less and less is made to stock, more and more to order, and orders are given at shorter and shorter notice. So looms and weavers kept idle during a large part of the year are driven into fevered activity of manufacture for short irregular periods. The same applies to many other season and fashion trades. The irregularity of demand prevents these trades from reaping the full advantages of the economies of machinery, though the partial application of machinery and power facilitates the execution of orders at short notice. Hence the increased proportion of the community's income spent on luxuries requires an increased proportion of the labour of the community to be expended in their production. This signifies a drifting of labour from the more steady forms of employment to those which are less steady and whose unsteadiness is constantly increasing. A larger proportion of town workers is constantly passing into trades connected with preparing and preserving animal and vegetable substances, to such industries as the hat and bonnet, confectionery, bookbinding, trades affected by weather, holiday and season trades, or those in which changes in taste and fashion are largely operative.
Thus it appears there are three modes in which modern capitalist methods of production cause temporaryunemployment. (1) Continual increments of labour-saving machinery displace a number of workers, compelling them to remain wholly or partially unemployed, until they have "adjusted" themselves to the new economic conditions. (2) Miscalculation and temporary over-production, to which machine industries with a wide unstable market are particularly prone, bring about periodic deep depressions of "trade," temporarily throwing out of work large bodies of skilled and unskilled labour. (3) Economies of machine-production in the staple industries drive an increasing proportion of labour with trades which are engaged in supplying commodities, the demand for which is more irregular, and in which therefore the fluctuations in demand for labour must be greater.
Most economists, still deeply imbued with a belief in the admirable order and economy of "the play of economic forces," appear to regard all unemployment not assignable to individual vice or incapacity as the natural and necessary effect of the process of adjustment by which industrial progress is achieved, ignoring altogether the two latter classes of consideration. There is, however, reason to believe that in an average year a far larger number of the "unemployed" at any given time owe their unemployment to a temporary depression of the trade in which they are engaged, than to the fluctuations brought about by organic changes in the economic structure of the trade.
The size and importance of the "unemployment" due primarily to trade depressions is very imperfectly appreciated. The following statistics of the condition of the skilled labour market in the period 1886-92, based upon the reports of twenty-two trades unions, have an important bearing on this point:—
Year.Percentage out of work.188610.1 per cent.[195]18878.6 per cent.18884.4 per cent.18891.8 per cent.18902.6 per cent.18914.45 per cent.18927.33 per cent.18937.9[196]per cent.
When it is remembered that these figures apply only to the well-organised trades unions, which, as a rule, comprise the best and most highly-skilled workers in the several trades, who are less likely than others to be thrown out in a "slack time," that the building and season trades are not included in the estimate, and that women's industries, notoriously more irregular than men's, are altogether ignored, it will be evident that these statistics very inadequately represent the proportion of unemployment for the aggregate of the working classes at the several periods. TheReport on Principal and Minor Textile Tradesdeducts 10 per cent. from the normal wages to represent unemployment, though the year 1885, to which the figures refer, is spoken of as "fairly representative of a normal year."[197]
The injury inflicted upon the wages, working efficiency, and character of the working classes by irregular employment is, however, very inadequately represented by figures indicating the average of "unemployment" during a long period. In the first place, in such an estimate no allowance is made for the "short time," often worked for months together by large bodies of operatives. Secondly, in measuring the evil of "unemployment," we must look rather to the maximum than to the mean condition. If a man is liable to have his food supply cut off for a month at a time, no estimate showing that on the average he has more than enough to eat and drink will fairly represent the danger to which he is exposed. If once in every ten years we find that some 10 per cent. of the skilled workers, and a far larger percentage of unskilled workers, are out of employment for months together, these figures measure the economic malady of "unemployment," which is in no sense compensated by the full or excessive labour of periods of better trade.
§ 7. Our reasoning from the ascertained tendencies of machine-production points to the conclusion that, having regard to the two prime constituents in demand for labour, the number of those employed, and the regularity of employment, machinery does not, under present conditions, generally favour an increased steady demand for labour. It tends to drive an increased proportion of labour in three directions.
(1) To the invention, construction, and maintenance ofmachinery to make machines, the labour of machine-making being continually displaced by machines, and being thus driven to the production of machines more remote from the machines directly engaged in producing consumptive goods. The labour thus engaged must be in an ever-diminishing proportion to a given quantity of consumption. Nothing but a great increase in the quantity of consumption, or the opening of new varieties of consumption, can maintain or increase the demand for labour in these machine-making industries.
(2) To continual specialisation, subdivision, and refinement in the arts of distribution. The multiplication of merchants, agents, retailers, which, in spite of forces making for centralisation in distributive work, is so marked a feature in the English industry of the last forty years, is a natural result of the influence of machinery, in setting free from "making" processes an increased proportion of labour.
(3) To the supply of new forms of wealth, which are either (a) wholly non-material—i.e., intellectual, artistic, or other personal services; (b) partly non-material—e.g., works of art or skill, whose value consists chiefly in the embodiment of individual taste or spontaneous energy, or (c) too irregular or not sufficiently extended in demand to admit the application of machinery. The learned professions, art, science, and literature, and those branches of labour engaged in producing luxuries and luxurious services furnish a constantly increasing employment, though the supply of labour is so notoriously in excess of the demand in all such employments that a large percentage of unemployment is chronic.
So long then as a community grows in numbers, so long as individuals desire to satisfy more fully their present wants and continue to develop new wants, forming a higher or more intricate standard of consumption, there is no evidence to justify the conclusion that machinery has the effect of causing a net diminution in demand for labour, though it tends to diminish the proportion of employment in the "manufacturing" industries; but there is strong reason to believe that it tends to make employment more unstable, more precarious of tenure, and more fluctuating in market value.
[174]Against this we may set the possibility of a fall in the rate of interest at which manufacturers may be able to borrow capital in order to set up improved machinery. Where an economy can be effected in this direction, the displacement of labour due to the introduction of machinery may not be so large—i.e., it will pay a manufacturer to introduce a new machine which only "saves" a small amount of money, if he can effect the change at a cheap rate of borrowing. (Cf. Marshall,Principles of Economics, 2nd edit., pp. 569, 570.)
[174]Against this we may set the possibility of a fall in the rate of interest at which manufacturers may be able to borrow capital in order to set up improved machinery. Where an economy can be effected in this direction, the displacement of labour due to the introduction of machinery may not be so large—i.e., it will pay a manufacturer to introduce a new machine which only "saves" a small amount of money, if he can effect the change at a cheap rate of borrowing. (Cf. Marshall,Principles of Economics, 2nd edit., pp. 569, 570.)
[175]Leone Levi,Work and Pay, p. 28.
[175]Leone Levi,Work and Pay, p. 28.
[176]Statement by Mr. Shaftoe, President of the Trades Union Congress, 1888; cf. Carroll D. Wright,Report on Industrial Depressions, Washington, 1886, pp. 80-90.
[176]Statement by Mr. Shaftoe, President of the Trades Union Congress, 1888; cf. Carroll D. Wright,Report on Industrial Depressions, Washington, 1886, pp. 80-90.