218 REPORT OX COOPERATION iN AMERICAN EXPORT TRADE.

sern, itself an amalgamation, whose share and loan capital is nearly
$45,000,000.
There is one large combination in the tube trade, Stewarts &amp;
Lloyds (Ltd.), of Glasgow, which, however, on account of the strong
sompetition prevalent in that trade, does not completely dominate the
situation. In 1890, three firms combined as A. &amp; J. Stewart &amp; Clydesdale
 (Ltd.), later becoming A. &amp; J. Stewart &amp; Menzies (Litd.), and
the largest tube company in Scotland on the inclusion of a fourth
frm in 1894. In 1902, for the express purpose of eliminating competition,
 a union was effected with Lloyd &amp; Lloyd, of Birmingham,
the largest tube makers in England, the combination being called
(as stated above) Stewarts &amp; Lloyds (Ltd.). Their tube output was
more than half the total output of the United Kingdom. In the same
year, a financial alliance was made with the Wilson’s &amp; Union Tube
Co., itself an amalgamation, but after a year this was dissolved. In
1914, the issued capital of the combination, share and loan, was about
$10,600,000. About 70 per cent of the tube trade is for export and
bitter competition over the disposal of the surplus product exists between
 firms producing mainly for export and those producing mainly
for the home market.
In the sheet industry a combination was formed in 1902 called
Baldwins (Itd.), which united the galvanized sheet businesses of
Alfred Baldwin &amp; Co., E. P. &amp; W. Baldwin, and the Blackwall
Galvanized Iron Co. with the Bryn Navigation Colliery Co. and the
blast furnaces, steelworks, ore mines, and collieries of Wright,
Butler &amp; Co., of Swansea, Wales. Baldwins (Ltd.), while a large
company, capitalized at over $6,500,000, does not dominate the sheet
industry, there being another large company in the same field.
Other prominent examples of amalgamations are Sir W. G. Armstrong,
 Whitworth &amp; Co. (Ltd.), John Brown &amp; Co. (Ltd.), and
Cammell, Laird &amp; Co. (Ltd.). These companies, however, carry
their production beyond the rolling mill stage.*
The development of these firms which control all the raw materials
and processes requisite for the manufacture of their products is
very effective in increasing their productive efficiency and in increasing
 their competing strength in both domestic and foreign
markets.’

Another method by which concerns in the different stages of production
 are brought closer together and more or less control of the

1 Macrosty, op. cit, p. 42, and Stock Exchange Official Intelligence, London. 1914, pp.
1227 and 1296.
2 Macrosty, op. cit, pp. 46-47, 76, and Stock Exchange Official Intelligence, London,
1914, p. 1290.
s Macrosty, op. cit., p. 47, and Stock Exchange Official Intelligence, London, 1914, p. 1226.
s Macrosty, op. cit., pp. 40-486,
» Carter, op. c¢it., p. 103 et seq.