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Updated: September 3, 2025
We want men who can breed good cattle, who can build manufactories and open banks; storekeepers who can undersell those of other cities; and professional men who know their business. We do not want desperadoes and 'bad men' and faro-dealers and men who are quick on the trigger.
I felt that I was treading on risky gound, that he might smell a rat at any moment; but I felt, also, that when he heard why manufacturers of my type were able to undersell the big old firms he would find my talk too tempting to cut it short. And so I rushed on.
He had so much more brains in finding out the best processes; he had so much more shrewdness in surrounding himself with the most successful assistants; he knew so well when a young man who came into his employ was fit for promotion and was ripe to put at the head of some branch of his business and was sure to make good, that he could undersell every mother's son of them in the market for steel rails.
Wetherell, Master of University College, Oxford, accompanied us home from church; and after he was gone, there came two other gentlemen, one of whom uttered the commonplace complaints, that by the increase of taxes, labour would be dear, other nations would undersell us, and our commerce would be ruined.
A big opportunity is constantly tempting one of them to undersell; new firms are constantly springing up with new machinery, willing to trade upon the artificially raised prices, by under-selling so as to secure a business; over-production and a glut of goods tempts weaker firms to "cut rates," and this breaks down the compact.
They are in direct intercourse with all the harbours of Hindostan, and can often afford to undersell their competitors. Many of them, as has been already observed, are stationary here, while others are constantly travelling backward and forward between India and the Hedjaz.
Our huge gold reserve hides another menace: The war demands for our commodities, paid for with the yellow metal, have increased the cost of production; and it will stay up. This will lead to an unequal competition with the cheap labour markets of Europe when the war is over. Both groups of Allies will be able to undersell us.
We consequently undersell private traders, foreign and domestic, drive them from the competition, and thus, with the good will of the Indians, rid ourselves of a description of men who are constantly endeavoring to excite in the Indian mind suspicions, fears, and irritations toward us.
The result was that the United States, despite the high wages paid here, led the world in bicycle making and flooded all countries with this utilitarian article. Our great locomotive factories had developed on similar lines. Europeans had always marveled that Americans could build these costly articles so cheaply that they could undersell European makers.
In fine, they beat the small grower at every point; they undersell him at Covent Garden; they outbid him for desirable garden-land within reach of London. It may be said that in growing plain vegetables the small gardener would not be at such a disadvantage. The advocates of peasant-proprietors have thought cowkeeping hopeful for small men.
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