"Question: Is there any difference between the conditions under which machinery is made now and those which existed ten years ago?

-Well, the trade has been subdivided and those subdivisions have been again subdivided, so a man never learns the machinist trade now.…In fact, through this system of work, 100 men are able to do now what it took 300 to 400 men to do fifteen years ago. By the use of machinery and the subdivisions of the trade they so simplify the work that it is made a great deal easier and put together a great deal faster.

-There is no system of apprenticeship, I may say, in the business.

-You simply go in and learn whatever branch you are put at, and you stay at that unless you are changed to another…."

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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