306 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE,

it has a substantial interest, the firms acquired number 33, with a
manufacturing capacity of upwards of 1,500,000 tons of Portland
cement per annum. Its issued capital is over $12,000,000.! These
businesses include some of the most important in the country, and
as the works are situated in various parts of the United Kingdom the
company possesses geographical advantages of great value in the
distribution of its product.? The company also acquired a substantial
 interest in a new company formed to erect cement works in
South Africa. A large proportion of the capital of the British Portland
 Cement Manufacturers (Ltd.) is owned by the Associated Portland
 Cement Manufacturers (Ltd.), and the association is largely
represented in the management of the company.
Through these interrelated combinations the manufacture and sale
of British Portland cement is thus effectively centralized, and the
organization extends its activities into foreign trade with marked
success. In Argentina, for example, this makes possible the joint
advertising of the leading British brands, the elimination of unnecessary
 salesmen and offices, and the maintenance of the highly trained
sales organization with which American producers must compete in
that market.

BELGIUM.

The manufacture of Portland cement was formerly one of the
important industries of Belgium, and a large part of the output was
exported. A great deal of capital was invested in the industry, and
this, together with the competition met from natural and other
cements, hampered many attempts at regulating the output.
For many years various syndicates were formed among the cement
producers in efforts to limit production. In 1892 an agreement was
made to regulate sales in Belgium, a minimum price being fixed for
each Province. In 1901 the convention expired, and two years later
the Association de fabricants belges de ciment portland artificiel was
established, all the producers but one becoming members of the
combination. The convention was to continue until December 31,
1913. This combination was a regular comptoir de vente, or selling
bureau, as each member agreed to make all domestic salesonly through
the Association under penalty of 100 francs per ton. Prices were
fixed periodically by the general assembly, according to market conditions,
 and each manufacturer was assigned a quota. This apportionment
 was made upon two bases. The first consisted in an
equal division of one-half the total sales among all the members, and
the second was a proportional part assigned each member out of the

1 The Statist (London), July 26, 1913, pp. 325-327; The Stock Exchange Official Intelligence (London).
7ol. X XXII, 1914, p. 588.
® The Times (London), Dec. 1, 1913, p. 78.
3The Statist (London), July 26, 1913, pp. 325-327; The Stock Exchange Official Intelligence (London).
Fol X XXII. 1914. pp. 552. 588.