Lynx-eyed capital, in the financial metropolis of the world, was quick to
discover surplus labor.
"Already English inventors had made valuable inventions in machinery for
the manufacture of iron, cotton, woolen and other goods, which further
cheapened labor and the product of labor.
"England with cheap capital and cheap labor, now had two of the four
things needed to enable her to go forward to larger trade with the world.
The third requisite, cheap and abundant raw material, she also secured.
Material, not furnished from her own mines and soils, was brought in
plentiful supply at nominal freights, or as ballast, by her vessels,
whose sails are spread on every sea.
"For three centuries Great Britain has vigorously and profitably pursued
Sir Walter Raleigh's wise policy: 'Whosoever commands the sea, commands
the trade, whosoever commands the trade, commands the riches of the
world, and consequently the world itself.'
"On the ceiling of the reading-room of the Liverpool Cotton Exchange is
painted the pregnant words:--'O Lord, how manifold are thy works, in
wisdom hast thou made them all; the earth is full of thy riches.' Under
divine inspiration, therefore, English capital seeks investment
everywhere, and with cheap capital, cheap labor, and cheap raw materials,
she finds herself able to compete successfully with the world.
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