120 BRBEPORT ON COOPERATION IN AMERICAN EXPORT TRADE.

tural syndicates, to control the regulation of prices, and .to find a
medium for more general credit by which manufacture and commerce
 might develop with a consequent benefit to the national
treasury.
Accordingly, a royal decree was issued on July 31, 1915, providing
in 17 articles for the establishment of industrial or mercantile syndicates
 in Spain. The industrial or mercantile syndicates affected by
this decree are associations formed by Spanish manufacturers or
merchants, residing in a certain locality or province of Spain, established
 for cooperative ends with mutual responsibility. These syndicates
 have the commercial form of anonymous companies, determining
 the limited responsibility of each associate by a specified
amount of money, bonds, shares, or other effects which constitute the
capital of the society. The capital of the society is represented by
shares which can only be transferred between the members, provided
the general board of the syndicate consents. The statutes of each
syndicate define the class of commerce or industry to which it devotes
 itself, and a copy of its constitution must accompany any application
 for Government aid. By assisting these syndicates with subventions,
 the Government acquires some control over their operations.
The Association of Bankers of Barcelona.—The syndicate of the
Association of Bankers of Barcelona finds its principal object in
facilitating the issue of stocks and bonds to firms, corporations, and
the State. It aids in such negotiations and operations as require too
great risks for any one of its associates, but which collectively become
possible working cooperatively. It also issues and distributes
foreign securities. The names of the officers of this syndicate are:
President, José Garriga Nogués y Roig; vice president, José Marsans
 y Rof; secretary, Juan Tusquets y Pallés. It was organized in
1910, with a capital of $180,000 divided into 800 shares of $225 each.
In the year 1914 this syndicate participated in the bond issue of the
General Tramecar Co. of Barcelona to the extent of 20,000 bonds at
5 per cent and the Catalana Gas &amp; Electricity for 22,000 bonds. Tt
also made a loan to the Andalusian Railroad Co.
In 1911 the Association of Bankers of Barcelona, with the subtitle
 group of Bankers of Catalonia and the Balearic Islands, was
founded, whose primary purpose is the defense of the interests of its
members. This association, constituted in Barcelona, may have its
members in any of the four Provinces of Catalonia or the Balearic
Islands. Its headquarters are for the present the bank of the president
 of the association. Each member pays monthly dues of $1.80,
but the board of directors may raise the amount to $4.50. The initiation
 fee must not be less than $18 and not over $90. The officers of the
association are: President, José Garriga Nogués y Roig; first vice
president, Luis Sendra y Nen; second vice president, Pedro Llasas
J Badia; treasurer, José Marsans y Rof; and general secretary,
nan Tusquets y Pallés.
In February, 1915, the Association of Barcelona Bankers petitioned
 the Government to promote under certain conditions a general
union of Spanish bankers throughout the country, who would form
an anonymous society with a capital of $4,500,000. This union proposes
 to make loans to agricultural, industrial, and commercial
organizations upon satisfactory security and facilitate the sale and
distribution. through its banks, of stocks and bonds.