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mostly equivalents, as cotton itself has largely become an equiva-lent for the dearer wool (10).
As we have already spoken of the continuous lowering of thecosts of labour within the century, and of the advantages ofEnglish producers in this direction as against the German, thereremain here only interest and profit still to bo touched upon. Aslong as the profits do not depend upon a monopoly, as wa.s generallythe case in the first stage of centralised industry, already referredto, they resolve themselves into- two- elements; one in an insur-ance premium, which is paid to the capitalist for venturing hisfortune in a more or less risky undertaking; then the employer’swage, which, again, is retained for two reasons; one for the puttingto work at a favourable juncture, then for the technical and com-mercial management of the existing business. It is now clear that,first, the insurance premium falls with the falling rate of interest.This will be so much the more the case as the risk is partly thrustupon wages, which, according to the state of trade, rise or fall.
But the real wage of the employer also falls, and certainly, inproportion as technical and business training become general, itsspecial value therewith falls; and, on the other hand, the growingdivision of labour simplifies the dangers to be overcome. For bothreasons the degree of profit in England has gone down more thanon the Continent, and even capital and intelligence is applied tothe industry when both have been long frightened back on theContinent. Centralised industry, called into being by individuallyhighly-gifted pioneers, after it has been founded, needs no longerthe genius of an Arkwright, The capacities which it now demandsare especially to be found frequently in the seats of a high-standing■working population. Hence the remarkably lower salaries ofdirectors of limited spinning-mills in Oldham.
And there is another consideration: the social standing of themillowning class always forms an even more considerable portionof its payment. Where bourgeoise society is the first in the State,where industrial callings are highly valued in society, the best-powers turn to them even -without the enticement of exceptionallyhigh profits, which otherwise seek honour and position in officialsituations, and partly place their capabilities at the disposal of
10. We think on the quantity of substitutes which are formed from coal,without seeing a limit in the future, in the replacement of iron by aluminium,the attempts to produce starch (food) from celluloid (wood).