goods. If the industry were not syndicated, the internal competition between the capitalists of the country we are considering would immediately lead to price cutting. But if there is a syndicate in control, it has no difficulty in raising prices, for the foreigner is kept out of the market by the customs barrier, and owing to the syndication of the industry there is no competition in the homeland. In so far as there are any imports, the State revenue benefits, while the syndicated manufacturers secure additional surplus value in consequence of the enhanced price. This can only take place where there is a syndicate or trust. But that is not the end of the affair. Thanks to these surplus profits, the syndicated manufacturers are able to introduce their goods into other countries and to sell them there below cost price simply in order to supplant all competitors in those countries. This is what they have actually done. It is a matter of common knowledge that the Russian Sugar Syndicate kept the price of sugar in Russia comparatively high, while selling sugar in England at a ridiculously low price in the hope of destroying competitors in that country. The saying became current that in England pigs were fed on Russian sugar. Thus the syndicated manufacturers, aided by the tariffs, are able at one and the same time to fierce their own countrymen and to bring foreign customers under their sway.
The consequences are of great importance. It is obvious that the surplus profits of the syndicate will increase proportionally with the increase in the number of sheep to be shor, with the increase in the number of those who are penned within the tariff barriers. If the customs area be a small one, the opportunity for profit-making will also be small. If, on the other hand, the customs area be large and populous, the opportunities for profit-making will be correspondingly extensive. In that case the surplus profits will be very large, so that it will be