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in twenty years, together with the plan they have adopted for putting accumulated wealth into great cooperative syndicates or trusts for the purpose of carrying on this great commercial warfare, are the most formidable . . . rivals to be feared."
The London Times says: "It is useless to disguise the fact that Great Britain is being outdistanced. The competition does not come from the glut caused by miscalculation as to the home demand. Our own steel-makers know better and are alarmed. The threatened competition in markets hitherto our own comes from efficiency in production such as never before has been seen." Even the British naval supremacy is in danger, continues the same paper, "for, if we lose our engineering supremacy, our
