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Rh Finance-capital, concentrated in a few hands and exercising a virtual monopoly, exacts enormous and ever-increasing profits from the floating of companies, issue of stock, State loans, etc., tightening up the grip of financial oligarchies and levying a tribute on the whole of society. Here is an instance, taken from a multitude, of the methods of constituting American trusts. We quote Hilferding: "In 1885, Mr. Havemeyer founded the Sugar Trust, by amalgamating fifteen small firms, whose total capital amounted to nearly 6,500,000 dollars. Suitably 'watered,' as the Americans say, the capital of the new trust was increased to 50,000,000 dollars. This 're-capitalisation' anticipated in advance the profits of the monopoly, in the same way as the American Steel Trust anticipates its profits, by buying up as many iron fields as possible. In fact, the sugar trust managed to impose its prices on the market, which secured it such profits that it could pay 10 per cent. dividends on the capital thus swollen, or about 70 per cent. on the capital actually invested at the time of the creation of the big enterprise. In 1909, the capital of the sugar trust was increased to 90,000,000 dollars. In twenty-two years, it had become more than ten times what it had been."

In France, the rule of the "financial oligarchy" (denounced by Lysis in a book which ran through five editions up to 1908), assumed a not very different form. Four of the most powerful banks enjoyed an "absolute monopoly" of the issue of new stock. In reality, this is a trust of the chief banks. And their monopoly ensures them monopolist profits from new issues. A country borrowing from France rarely gets more than 90 per cent. of the total of