146 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.

profits to cheese makers and dealers; and to accomplish these things
at the expense of foreigners, so far as possible, thus moderating the
burden of high prices for the home consumer.
This syndicate is not controlled by the Swiss Government, and the
Government has no voice in fixing prices, ete., but the object and the
means of regulating the industry are sanctioned by the Government.

The syndicate has issued capital stock to the extent of 5,000,000
francs ($1,000,000), of which the Schweizerische Exportgesellschaft
fiir Enimentaler Kise, of Zollikofen, holds 10 per cent, and the
other 90 per cent is distributed among the various cheese dealers
and exporters in Switzerland, in proportion to the amount of business
 which their books show was done during the years 1912-1914.
Any future increase in capital is also to be distributed in this manner.
The firms or companies which constitute this syndicate do not lose
their identity as individual cheese merchants, but all orders received
by them for cheese must be turned over to the syndicate at Berne,
where they are sanctioned and approved and the prices fixed, and no
orders can be accepted by the individual dealers except at the prices
and under the conditions promulgated by the syndicate.
The syndicate by-laws provide for 5 per cent interest on stock, and
any further profits are shared by the directors of the syndicate and
the Swiss Government, according to a plan ratified by the stockholders.
 The business of handling and shipping the cheese still
remains in the hands of the individuals, and all salaries paid out by
these individual firms are refunded by the syndicate. These salaries,
etc., are fixed on the basis of the amounts paid out by the individual
members during 1918-14 and according to their turnover.
The syndicate permits cheese for home consumption to be sold at
lower prices than for export, and no dealer is allowed to buy cheese
at the lower prices prevailing for home consumption and ship it to
foreign countries, under a penalty or fine of 20,000 francs ($4,000)
in each instance. In order to make this condition operative a certificate
 for export is given for all cheese the export of which has
been sanctioned by the syndicate.
The officers of the syndicate have the power under the by-laws to
forhid the export of cheese.
The syndicate’s price policy may be illustrated by the prices fixed
September 14, 1915. For first-quality cheese, the prices for home
consumption ranged from 216 to 225 francs ($41.69 to $43.43) per
hundred kilograms (220 lbs.), according to size of order. For shipment
 to the United States, the prices were 260 and 267 francs ($50.18
and $51.53), according to size of order; and for other countries, 275
frances ($53.07) less 2 or 4 per cent, according to size of order, giving