[36 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.

A credit bank, Banca autonoma di credito minerario per la Sicilia, is
authorized in order to provide credit to the sulphur producers at a
rate of interest not exceeding 5 per cent. The sum of 50 centesimi
per ton is to be deducted from the selling price and turned over to a
special old-age and invalid pension fund for the mine workers. Railroads
 are allowed to transport such sulphur only as is consigned to
syndicate warehouses, or for which a syndicate waybill is furnished.
The administrative organs of the syndicate were to be: (1) The director
 general, appointed by the Government; (2) a council of administration;
 (3) a committee of delegates, to consist of 50 members,
representing the general assembly of the members of the syndicate.
Law of June 30, 1910.—On June 30, 1910, an additional law was
anacted,! which aims to simplify the administrative organs of the
syndicate and gives it more the character of a commercial organizaion?
 The new law makes Palermo the seat of the syndicate. It also
provides for grading the sulphur, and authorizes the syndicate to sell
sulphur below the normal price, for the purpose of promoting its
se in certain industries. Concessions for opening up new sulphur
mines are to be given only to those who furnish evidence of possessing
the necessary financial means for mining sulphur efficiently and under
adequate technical direction. Concessions are to be given by the
Minister of Agriculture, Industry and Commerce. The number of
members of the committee of delegates and of the council of administration
 is decreased, and their respective duties are specified. The
sredit banks are authorized to advance loans on certificates of deposit,
for sulphur stored in syndicate warehouses, up to four-fifths of the
value of the sulphur.
AGREEMENT BETWEEN ITALIAN AND AMERICAN SULPHUR INTERESTS.—
Soon after the formation of the compulsory syndicate a secret agreement
 is alleged to have been made between the Italian syndicate and
the Union Sulphur Co., of Louisiana., Under the terms of this agreement
 the American market was reserved for the Union Sulphur Co.,
while the European market was reserved for the Italian syndicate.?
EFFEoTs OF THE COMPULSORY sYNDICATE—The following table,
which covers the first six years of the compulsory syndicate, shows
how the price of sulphur and wages have steadily increased since the
sulphur law went into effect. The production of new sulphur and the
accumulated sulphur stocks have been decreased. Exportation has in--reased.
 The number of mines in operation has been reduced almost
one-half.

1L. pn. 3861, 80 giugno 1910, concernente i provvedimentl per l'industria golfifera
siciliana, Collezione celerifera delle teggi, etc., Roma, 1910, p. 533 fol.
# Rivista Internazionale, Roma, Genn.-Apr., 1914, p. 476.
iLa Riforma Sociale, 1909, p. 728.
VY, Riforma Sociale, 1913, pp. 733 and 734.