Few people understand the economic, still less the social, significance of Trusts and Combines. The public is familiar enough with the amalgamation of a number of more or less competing concerns engaged in the same industry; it is not so familiar with the conception of a Trust which owns or controls undertakings of widely-differing nature, such as the modern Combine which aims at controlling an article during the whole cycle of operations from the winning of the raw material to the marketing of the finished product. Still less is it familiar with the process whereby control, which is far more important than ownership, can be acquired by putting up quite a small proportion of the total capital invested in a commercial undertaking.[2] [2] A large proportion of the capital of modern joint-stock companies is provided by debenture-holders, who normally have no voting rights whatever, and by preference share-holders, who may vote at meetings only when their dividend has been in arrears for a prescribed period. Even ordinary share-holders may have no voting rights, and the entire control, including the appointment of directors, can be vested in the owners of a particular class of share representing less than a tenth of the company’s total capital. It is as the result of control rather than actual ownership that the British Press has within the past few years largely come into the hands of some four or five men. The Independent Press has, in consequence, almost ceased to exist. There are still, of course, newspapers uncontrolled by Combines or Trusts, but these are in the main restricted alike as to circulation, influence, and the range of their geographical distribution. Moreover, independence of ownership does not necessarily mean independence of control by a political party in whose interests the paper is administered by its nominal owners. The “Trustification” of the Press is an entirely logical development, and has been accepted by the public in much the same way as amalgamations in any other industry. But there is a vital difference between a Newspaper Trust and a Beef Trust. The Newspaper Trust controls and manipulates public opinion. Its workings are largely subterranean. It is guided on occasion by purely political considerations to an extent impossible in any other industry. It may exercise a decisive influence on the issue of war or peace. Obviously, the control of a nation’s Press by a handful of men is not to be regarded in the same light as the control of its chemical industry. A “deal” in newspapers embodies, ultimately, a “deal” in the means of manipulating public opinion.