Broun Brothers 
Fig. 170. The Bank of England, to the left. For two centuries ‘‘ the Old Lady of Threadneedle 
Street’’ has been the center of the commercial and financial world. The London Stock Exchange 
is shown to the right. 
CHAPTER TWENTY 
MANUFACTURING OUTSIDE THE UNITED STATES 
MobErN manufacturing had its beginnings in Europe, and there it 
is supreme today. The continent not only cares for its own needs 
almost entirely, but supplies most of the rest of the world with vast 
quantities of manufactured articles. Not all of Europe, however, 
engages intensively in manufacturing. The manufacturing section 
is found in western Europe and includes Great Britain, France, 
Germany, and the small adjoining countries, — Belgium, Holland, 
and Switzerland. Detached manufacturing areas flourish in northern 
[taly, southern Sweden, and northeastern Spain; Czecho-Slovakia 
carries some special industries to a high point of excellence; and 
small industrial areas and local industries are scattered elsewhere in 
Europe. Nevertheless, the bulk of the manufacturing, especially of 
the great staples of industry, is done in the six countries first men- 
tioned. 
Why western Europe carries on most of the manufacturing of the 
continent. Western Europe holds the same relation to the rest of 
Europe that our northeastern section holds to the rest of the United 
States. It occupies only one seventh of Europe, yet it produces more 
than three fourths of the manufactures. 
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