" Big business " in Great Britain has been compara-
tively slow to appreciate the proper functions of com- petition and co-operation in the modern world, but recent developments in the iron and steel trade—and indeed in other quarters—suggest that the tortoise may yet outrun the hare. Messrs. Vickers, Vickers- Armstrong, and Cammell Laird have just announced a double merger, which should, as Mr. W. L. Hichens, the chairman of Messrs. Cammell Laird, says, " enable this country to compete in the neutral markets of the world against all foreign rivals." A new company will take over all the steel interests of the three firms, except certain classes of armaments. There is to be also an amalgamation of all the railway carriage and wagon interests belonging to Messrs. Vickers and Cammell Laird. It is reported that other important steel firms may later be included in the new company. These are very important signs. It is along these lines —largely by the great saving in overhead charges— rather than by safeguarding, that the heavy industries will recover their prosperity.
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