CONDITIONS IN PARTICULAR INDUSTRIES. 271

by regulating prices, could show whether it were possible for Americans
 to compete with a margin of profit.
The establishment of an American textile exchange in New York
simila in plan to the Royal Manchester Exchange in England (see
p. 248) is suggested by a prominent exporter and importer of cotton
 goods in an address before the National Association of Cotton
Manufacturers. ‘‘Industrial consolidation and centralization,” he
said, “including the buying and selling under one roof of everything
 that goes into or comes out of our mills, would bring about
savings unthought of by most of us * * * ' It was further
claimed that under such an organization foreign competition could
be met with a stronger hand and aggressive campaigns for foreign
trade could be waged.
In the silk industry a combination among competing lines was suggested
 which should fix a bottom price, advertise abroad, and study
foreign markets. Itwas thought that the Silk Association of America,
which now concerns itself with matters of policy and legislation, might
be made the nucleus of such a combination, which should be open to
all silk manufacturers.
One manufacturer asserts that the only need for combinations in
the silk industry is to meet similar combinations in other countries—
or, possibly, to cooperate with them—and put the American industry
on an equality with foreign industries.
Cooperation in kindred lines.—A joint selling agency composed of
six noncompeting manufacturers of ladies’ high-class wearing apparel
is proposed by a merchant carrying on a large export trade in corsets.
The combination should have offices in South America, Australia,
China, Japan, and other important countries. The headquarters in
South America would be located at Buenos Aires where there would
be an exhibit and salesroom and a combined stock of $45,000 to $50,-000.
 By this system, it is urged, the American manufacturers could
deal directly instead of doing their export business through agencies
as at present. In order that manufacturers might deal directly
through such a combination, however, the guarantee of American
banks would have to be secured on 60, 90, 120, and 180 day terms, the
banks taking the same chances as the export agencies now do.
The establishment of a direct selling agency in Argentina by several
American manufacturers of noncompeting lines of cotton goods is a
proposal appearing in the Commerce Reports of the Bureau of
Foreign and Domestic Commerce. The idea is thought to be practicable
 in view of the importance of Argentine cotton imports.!
A manufacturer of silk proposes that one or two merchants or
manufacturers of each variety of silk join in employing a representative
 to sell for all of them, thereby saving expenses of selling and keep-{
 Bureau of Foreign and Domestic Commers, Commerce Reports, May 5, 1015, ». 501.