ABSTRACT
Changes in the structure of the cycle and tubing industries were also important factors accounting for the time-pattern of company flotation. Among the cycle tubing producers a comprehensive amalgamation was undertaken in 1897, viz. the formation of Weldless Tubes Limited (its name changed later to Tubes Limited), designed partly to exploit the economies of scale, and partly to monopolise the industry’s market. Economies of scale also began to affect the cycle trade’s development during the 1900s, which meant that successful entry into the industry became difficult. In addition, nearly all the well-established cycle and tubing companies had been publicly floated by 1898.
