"The tendency to industrial concentration is shown by the returns of public companies, which point to the growing domination of large undertakings. Of 4,749 registered public companies in 1895, 13.6 per cent. had a share capital not exceeding £5,000, but in 1906, of 5,000 such companies, only 9.6 per cent. had a capital of that amount; the companies with a capital of from £5,000 to £12,500 decreased from 14.0 to 10.4 per cent., and those with a capital of from £12,500 to £25,000 decreased from 16.9 to 14.2 per cent. On the other hand the companies with a capital of from £25,000 to £50,000 increased from 20.7 to 21.3 percent.; those with a capital of from £50,000 to £250,000 increased from 28.5 to 35.0 per cent.; those with a capital of from £250,000 to £500,000 increased from 3.4 to 5.4 per cent., and those with a capital exceeding £500,000 increased from 2.9 to 4.1 per cent. In 1896 there were only two companies with a capital exceeding five millions; in 1906 there were nine such companies, and their combined capital was over seventy millions, having been more than doubled since 1896. In spite of this tendency towards the concentration of capital and the multiplication of large undertakings, however, Germany is still an interesting illustration of an industrial country which has not yet entirely gone over to the factory system of production. The handicrafts, the characteristic feature of which is the small, independent master-workman, surrounded by his handful of journeymen and apprentices, contend tenaciously, yet unfortunately with only partial success, against the on-coming tide of ‘great capitalism’ (private joint stock, and cooperative), and the house industries continue to afford employment to a multitude of workers of both sexes, estimated at half a million." _William H. Dawson, The Evolution of Modern Germany, pages 59-60 (Unwin, London; Scribner's, New York, 1909)._ {115}