348 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE,

States, and refineries in the United States and England.! By this
combination there were brought under one control all the production
of Asia Minor and a large part of that of the United States, Chile, and
Peru. This, with their refineries in the United States, England, and
France, gave the combination an advantage in the marketing of
finished products in these countries that is tantamount to control,
and also placed them in a position to compel refiners of other counfries
 of large consumption, not having deposits of their own, to secure
their raw material from the combination.
The combination develops its properties in all countries in which it
has deposits, if the costs of production and transportation will permit.
Before making large outlays it takes the precaution to obtain governmental
 assurance that it will not be disturbed for a considerable period
by changes in fiscal policy. While the combination has refining plants
in most of the countries which are large users of borax and boric acid,
it apparently does not attempt to maintain a complete monopoly of
refining. It furnishes raw materials to other manufacturers, and in
Germany has no plants at all. Domestic refiners in that country
obtain their supplies from combination mines in Chile and Peru.?
Other combinations of an international character in the chemical
industry which may be mentioned are those which exist in iodine
and in quebracho extract. (See pp. 191 and 194.)
Iron and steel. —In the iron and steel industry there are international
 combinations in many of the products. The best example
is that covering steel rails.
As early as 1883 an international rail syndicate was formed by the
German, English, and Belgian manufacturers. The syndicate broke
down several times, but later became more and more a permanent
institution for the regulation of the international rail market.®* Following
 the depression of 1901-1903 which resulted in demoralizing
prices for rails, a new agreement was made in December, 1904, to
which the English, German, Belgian, and French producers were
parties. The agreement was to run for three years.

t Formed to acquire the properties of (1) the Pacific Borax &amp; Redwood’s Chemical Works (Ltd.), (2)
the Borax Co. (Ltd.), (q. v.), (3) the Société Lyonnaise des Mines et Usines de Borax, of Lyon, (4) the
Empresa de Ascotan Co., Chile, (5) the Sociedad Boratera de Carcote, near Ascotan, Chile, (6) the Compafiia
 Boratera de Arequipa, Peru, including deposits formerly owned by Sefiores Pefig and Caballero,
(7) the Compailia Boratera de Ubinas, Arequipa, Peru, together with (a) all the share capital of Mear &amp;
Green (Ltd.)., (b) 7,142 (out of 10,000) shares of the San Bernardino Borax Mining Co., southern California,
{¢} the Boratera de Cosapilla and the Boratera de Chilicolpa, both near Tacna, Chile, (4) the part of the
Pintados deposit situated at Iquique, Chile, and (¢) options over various borate properties in South America.
Purchase money, £2,100,000 (£600,000 in ordinary shares, £719,230 in preference shares, £389,276 in debenjure
 stock, and £391,494 in cash). Further properties have since been acquired.—The Stock Exchange
Jfficial Intelligence, 1909, p. 619.
? London Times, Feb. 5, 1914, p. 18, and official statistics of the various countries.
+H. W. Macrosty, The Trust Movement in British Industry (London), 1907, p. 63; H. Levy, Monopoly
and Competition (London), 1011, p. 261,