CONDITIONS IN PARTICULAR INDUSTRIES. 295

n various other companies—3,000 shares in the Glue Industry Society,
3,000 in Romagna Mining Society, and 2,000 in the Monza Electro--hemical
 Society. Its total holdings in these and other companies
amounted to 3,000,000 lire. In 1908 it showed a net profit of 2,904,
581 lire.
During the period of prosperity which followed the formation of the
combination many cooperative manufacturing companies came into
existence, but when less prosperous conditions developed they were
forced into bankruptcy and many of them were absorbed by the
combination. In 1906, for example, a cooperative superphosphate
factory at Rimini to which the Government had contributed 50,000
lire failed and was taken over by the combination. In 1908 the combination
 paid a dividend of 13 per cent, but in 1910, although it controlled
 from one-half to two-thirds of the Italian superphosphate production,
 there was a deficit of about 15,000,000 lire. Moreover, the
combination was forced to sell nearly all its holdings in Tunis phosphate,
 and the whole of its pyrites property.
Since then, however, the combination has been gaining ground. In
1911 a small dividend was paid and the balance sheet showed a profit
of 753.086 lire.
GREAT BRITAIN AND OTHER COUNTRIES.

There are some important combinations in the chemical industry of
Great Britain and other countries which are of material interest in
connection with the foreign trade of the United States, notably those
in caustic soda, quebracho extract, iodine, and nitrates, and these are
all discussed in the preceding chapter in connection with the competitive
 conditions of South American trade. (See pp. 177 to 198.)
In addition, reference should be made here to the camphor monopoly
fostered by the Japanese Government, which controls the imports of
camphor into the United States.

COOPERATION IN AMERICAN EXPORT TRADE IN CHEMICALS.
Some of the combinations mentioned above are, or will be, ensountered
 in foreign trade by American chemical manufacturers who
endeavor to export. Many others affect American export indirectly
but materially, because they cover articles which this country
imports as raw or auxiliary materials and which enter into the
manufacture of other articles which are exported. In this way,
therefore, these combinations affect the export of finished products
from the United States.
In many branches of the chemical industry export cooperation
among American manufacturers could be applied with marked
success in the development of increased foreign business. In other
branches, such as the manufacture and sale of pharmaceuticals,
proprietary preparations, etc., its field is more limited because of the