"The division of labour follows two directions: on the one hand, the relations with industry as a whole are entrusted to one manager, who has special charge of them; on the other, each director assumes the supervision of several enterprises or groups of enterprises, whose interests are allied, or whose work is almost similar." (Capitalism has reached the stage of an organised supervision of firms). "One specialises in German industry—sometimes even in West German industry" (the West is the most industrialised part of Germany) "others in relations with foreign States and foreign industry; in information about industrial personalities; in what is happening on the Stock Exchange. Besides, each director is often charged with managing a locality or a branch of industry; one works mainly in the Advisory Boards of electric companies, another in chemical, brewing or the beet sugar industry; a third in several isolated undertakings, and at the same time in insurance companies. . . In short, there can be no doubt that, in proportion as the big banks develop and diversify their operations, the division of labour amongst their directors becomes increased with the object (or with the result) that they are raised to some extent above purely banking matters, and become more and more capable and competent in industrial matters, and in special questions affecting certain industries; better and better prepared for exercising, in industry, the influence of the banks. This system is completed by the tendency of the banks to appoint in managerial posts only men who know industry well, such as factory owners, and former officials, especially those who have belonged to the staffs of mines or railways, etc."36
