The house of Industry : a new estate of the realm

CHAPTER II THE END OF AN HISTORIC MANDATE

Ir we look beyond form and ceremony, we can to-day witness an event of enormous interest. The historic mandate of the Lords draws to its end. It is only within the last decade that the possessing classes have become conscious of a more effective means of protecting Capitalism than by dependence upon the so-called “‘ Upper House.’ The reason for this sees itself. For, whereas formerly economic power was vested in the Lords who spoke with arrogance for unorganised property, organised property now speaks for itself through the trusts, combines, trade and professional associations which now dominate our industrial system. To the Lords is now left the poor satisfaction of reflecting decisions already reached by the federated masters. The development of joint stock and limited liability has led to the creation of a compact array of officials who now exercise practically unlimited control over invested capital. They are now conscious of their power and naturally grow more insistent as time passes. At present they are actively digging in under the specious guise of rationalisation.

This does not mean that the Capitalist leaders have scrapped the Lords. On the contrary, they