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but the first ten years of the 20th century are noteworthy for an enormous increase, almost of 100 per cent. Thus the beginning of the 19th century marks a sudden change not only in connection with the extension of monopolies (cartels, syndicates, trusts), of which we have already spoken, but also with reference to the development of finance-capital.

M. Neymarck estimates at about 815 milliards of francs the total sum of issued securities current in 1910. With the intention of deducting from this sum amounts which might have figured more than once, he decreases the total to 575-600 milliards, which amount is divided as follows among various countries:

Financial Securities Current in 1910
(milliards of francs).

Great Britain	...	...	...	142	$\scriptstyle {\left.{\begin{matrix}\ \\\\\ \\\ \\\ \\\ \ \end{matrix}}\right\}\,}$
United States	...	...	...	132		479
France ...	...	...	...	110
Germany	...	...	...	95
Russia ...	...	...	...	31
Austria-Hungary	...	...	...	24
Italy ...	...	...	...	14
Japan ...	...	...	...	12
Holland ...	...	...	...	12.5
Belgium...	...	...	...	7.5
Spain ...	...	...	...	7.5
Switzerland	...	...	...	6.25
Denmark	...	...	...	3.75
Sweden, Norway, Roumania etc. .........			​ ...	​ 2.5
		Total	...	600