CONDITIONS IN PARTICULAR INDUSTRIES. 235
ITALY,

In 1912 Ttaly produced 573,000 long tons of iron ore, 874,000 tons
of pig iron, and 903,000 tons of steel. Italy exported no iron and
steel products, but imported them to the value of about $19,000,000.
Combinations in Italy are concerned with the domestic trade, but
are of importance to American manufacturers attempting to sell in
Italy. The Unione Siderurgica was formed early in 1911, embracing
all the important Italian plants except the Societd Altiforni, Fonderia
ed Acciaieria di Terni? Through the efforts of the director general
of the Bank of Italy six iron and steel companies which produce the
bulk of the metal in Italy were brought together in the union? the
members being the Societd Anonima Siderurgica di Savona, Societdh
 Altiforni e Fonderia di Piombino, Societd Anonima Ferriere
Italiane, Societd Anonima di Miniere e Altiforni Elba, Societd
“Ilva,” and Societdh Anonima Ferriere di Sestri.* The main office of
the combination is at Milan and the capital is 2,000,000 lire? A
lean of 96,000,000 lire was negotiated. The agreement provides that
the Ilva company shall exercise a regulating authority over the other
members from July 1, 1911, until December 81, 1922.¢ This company
 is also given the exclusive right of purchasing raw materials,
including waste iron from old ships, rails, etc., which are imported
for the use of the Italian plants.’
The combination is practically in the hands of the Italian banks,
the Bank of Italy in floating the loan having secured the cooperation
of the principal institutions of the country such as the Credito
[taliano, Banca Commerciale, Banco di Roma, Banco Zacaria Pisa,
and some of the large savings banks.
There was also established a selling bureau under the title of
Societad Ferro e Acciaio Laminati, also with a capital of 2,000,000
lire. All the products of the Italian iron and steel industry which
do not come from the companies mentioned above are sold through
this central agency, which apportions the orders to the different
works and also admits to membership the chief Italian middlemen.”
 The products controlled by the syndicate are chiefly cast steel,
tubes, boiler plate, etc.’® This selling agency, composed of about 32
members, regulates the Italian market, its prices being based on the
L Statistical abstract of principal and other foreign countries (London), 1914, No. 39,
3 Stati und Elsen, 1911, vol. 31%, p. 211.
#* The Economist (London), 1911, vol, 73, pp. 528 and 529,
+ Stahl und Eisen (Diisseldorf), 1911, vol. 313, p, 1523,
# L’Industria, 1911, p. 447.
? The Economist (London), 1911, vol. 78, p. 528.
"Some Aspects of the Iron and Steel Industry in Europe, Bureau of Foreign and De.
mestic Commerce, Special Consular Report No. 71, p. 13, Leghorn, Italy,
8 Iron Trade Circular, Sept. 23, 1911, p. 398. :
» Stahl und Bisen (Diisseldorf), 1911, vol, 318%, p. 1163.
® Revista Minera, Metalurgica y de Ingeneria (Madrid), 1911. bp. 112