CONDITIONS IN PARTICULAR INDUSTRIES. 335

takings linked to the combine proper through the directorates and
interests of its chairman. These interests include, in addition to the
other coal companies mentioned, a large number of coal distributing
companies, ship lines, railways and foreign depots—all the agencies
required for bringing the coal from the mine to the consumer. A
brief enumeration of these will illustrate the degree to which the
Cambrian Combine pivots upon Lord Rhondda.
As deputy chairman of L. Gueret, Ltd., a holding company and
distributing agent of international importance whose interests include
coal shipping, inland coal distributing and depot-owning agencies, he
links dealers with operators in the combine. This firm has a Paris
house (La Société Générale d’Houilles et Aggloméres) which owns
depots at Havre, St. Malo, St. Nazaire, Nantes, Bizerta, Chantenay,
Tours, Bordeaux, Marseilles, and Tunis. The L. Gueret Company
owns 333 per cent of Gueret, Gait &amp; Co., Ltd., of which Lord Rhondda
is deputy chairman, and whose varied activities include chartering,
brokerage, bunkering, and sale of coal. The Societd Britannica Italiana
 Gueret is an offshoot of L. Gueret, organized to look after their
Italian business, with depots in Genoa, Savona, Leghorn, Naples,
Venice, and Spezia. Lord Rhondda is a director in this concern.
The L. Gueret owns a controlling interest in Amaral, Sutherland &amp;
Co., Ltd., a selling company mantaining bunker depots at Rio de
Janeiro and Rio Grande do Sul, Brazil. Three years ago the lastnamed
 company, of which Lord Rhondda is deputy chairman, formed
the Anglo-Argentine Coal Co., Ltd., chiefly for bunkering business
on the River Plate. The Brazilian and Chilean navies, several South
American railway systems, and many large steamship lines are among
the customers of this firm, of which Lord Rhondda is vice chairman.
These distributing companies are further allied with each other
and with the coal-mining companies already named through the
common directorships of four men. T. J. Callaghan holds the following
 directorates: Gueret, Gait &amp; Co., Ltd. (chairman); Amaral,
Sutherland &amp; Co., Ltd. (chairman); Societd Britannica Italiana
Gueret (chairman); Société Générale d’Houilles et Agglomeéres;
Anglo-Argentine Coal Co., Ltd. (chairman): Naval Colliery Co.,
Ltd. (deputy chairman).
S. H. O'Callaghan is a director of Amaral, Sutherland &amp; Co.,
L. Gueret, and the Anglo-Argentine Coal Co. C. P. O’Callaghan
is a director of Amaral, Sutherland &amp; Co., Gueret, Gait &amp; Co., and
L. Gueret. P: H. Thomas, one of the group composing the Cambrian
Combine proper, has the following directorates: Consolidated Cambrian,
 Ltd.; Glamorgan Coal Co., Ltd.; Naval Colliery Co., Ltd.;
Duffryn Rhondda Colliery Co., Ltd.; Cynon Colliery Co.
L. Gueret, Ltd., is closely associated also with the French shipowning
 firm of Delmas Fréres.