834 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE,

Rhondda) was the most important. In the accompanying chart are
shown the mining, distributing, transportation, and other companies
associated in the combine through their common relation to Lord
Rhondda. In order to avoid complexity, a number of the additional
relationships between these companies. through other common directors,
 are not shown.
In March, 1913, the Consolidated Cambrian, Ltd., was organized,
with Lord Rhondda as chairman, to administer the shares of the
four colliers listed below. This company is capitalized at £1,790,000
and has the following holdings in the constituent coal concerns:
100 per cent of stock of Britannic Merthyr Coal Co., Ltd.
99 per cent of stock of Cambrian Collieries, Ltd.
99 per cent of stock of Glamorgan Coal Co., Ltd.
87 per cent of stock of Naval Colliery Co., Ltd.
Through these four subsidiary companies the Consolidated Cambrian
 controls 4 pits and 1 level in South Wales and 15 pits and 2
levels in the Rhondda Valley (Wales).! The annual output of the
four companies totals between 3,000,000 and 4,000,000 tons.? Lord
Rhondda is an official in the following seven other coal-mining companies:

The Duffryn Rhondda Colliery Co. (chairman and managing
director).
The Cynon Colliery Co.. Ltd. (chairman’' and managing
director).
The Fernhill Collieries, Ltd. (chairman).
Elders’ Collieries (chairman).
The Imperial Navigation Coal Co. (chairman).
The Ebbw Vale Steel, Iron &amp; Coal Co., Ltd. (vice. chairman).
The Rhymney Iron Co., Ltd. (director).
While these last-named companies do not belong to the Consolidated
 Cambrian, three of them, the Cynon Colliery Co., the Fernhill
Collieries, and the Imperial Navigation Coal Co., are further directly
associated with it or its subsidiary companies through one or more
common directors in addition to Lord Rhondda. Moreover, in July,
1916, it was announced that Lord Rhondda and his associates had
purchased the firm of D. Davis &amp; Sons, with an output of about
2,000,000 tons. The estimated annual output of all the coal companies
 which Lord Rhondda partly or whollv controls now approximates
 10,000,000 tons.
Although, strictly speaking, the Cambrian Combine denotes only
the four first-mentioned collieries whose share-holding interests have
been united by the formation of the Consolidated Cambrian, yet in
coal-trading circles it is the generic title given to all those under-1
 Stock Exéhange Official Intelligence (London), 1914, pp. 1232, 1235, 1240, 1270.
1 Western Mail. Trade Supplement (Cardiff), Jan. 1, 1916, p. 2.