ABSTRACT
All the types of monopolist organisation known to the experience of other countries are to be found among the chief English monopolies. The general experience in Germany has been that problems of organisation are more complicated in associations of independent makers than in amalgamations and trusts. In England, too, in former times, the Newcastle Vend, which was an association pure and simple, was much more complicated in organisation than any of the monopolies of modern times. The development of trusts in the nineties and up to the beginning of this century was undoubtedly often characterised by heavy over-capitalisation. Monopoly making is always a speculation; but the more irredeemable capital liabilities have been piled up, the greater will be the discrepancy between the original capital basis of an industrial monopoly and its actual results in the gloomy days of continued ill-success.
