CONCLUSIONS,

871

their trade. Hence competition from foreign industrial combinations,
 aided by foreign ship lines and foreign banks, and backed by
foreign governments, may be even sharper than before the war.
The Commission, therefore, urges the importance of giving to
American exporters a more nearly equal opportunity of securing
 business in other countries than they have heretofore had.
Various factors are important for the successful conduct of foreign
trade. A fundamental consideration is the cost of production of
similar goods in different countries, depending on various circumstances
 with regard to the natural resources of different countries,
the growth of capital, and the aptitudes and training of the people.
Of prime importance also are the transportation facilities, especially
ocean shipping; banking and credit facilities for foreign commerce;
and the investment of capital in foreign countries, which tends to
control the direction of the demand for imported goods. Almost
as essential are the training and preparation of manufacturers and
merchants for conducting export business. Combination in export
 trade as a factor in enabling American exporters to compete
on more equal terms in foreign markets is likewise of great significance;
 and to this question the commission has given special attention
 in this report, because, in view of the policy of some other
countries in this respect some sort of cooperation among American
exporters seems necessary. The Commission does not consider cooperation
 as the most important factor in successful export trade, but
it considers it an important and necessary element in any completely
effective plan. Furthermore, this phase of the subject lies peculiarly
 within the field of the Commission’s activity. It is for this
reason that the Commission has confined its recommendations to
the question of cooperation in American export trade.
Three important considerations are involved in this problem.
These are, first, the prevalence of concerted action among the foreign
 competitors of American exporters; second, the probable effect
of similar action by American manufacturers in export trade, including
 its possible disadvantages to domestic consumers and smaller
competitors; and, third, the effect of the present laws of this country
apon such cooperation on the part of American exporters. Any
recommendation must be made in the light of a careful consideration
of these subjects. As cooperation in export trade is recommended
in this report, it becomes vitally important to consider what limitations
 should be imposed upon such cooperative action in order that
the interests of the American public may be properly safeguarded.