SPECIAL REPORTS FOR FEDERAL TRADE COMMISSION. 131

exerted itself from the beginning to advertise currants as an article
of food, and these efforts are understood to have been particularly
rctive in the United States and Great Britain.
Some four years after its organization the company was called on
to face a trying situation brought about by successive large crops.
While an increase of plantations had been provided against, it was
found that this was insufficient and that it would be well to take
steps for the rooting up of the less profitable vineyards.
Accordingly arrangements were made by the company to borrow
ap to $2,500,000, to be expended in compensating vine growers who
might consent to root up their vines, the title in the land remaining
in them; up to 1913 some 6,000 acres had been thus withdrawn from
the cultivation of currants.
It will be seen that the company is essentially domestic in its activities,
 and is intended to be a balance wheel and regulator of a
natural monopoly of the country. It makes no purchases save from
growers and no sales except to the same class. ~ As previously suggested,
 the currant is a natural monopoly of Greece and no competition
 worthy of the name is encountered. Beyond the buying up of
currants, the price of the commodity is regulated by the usual law
of supply and demand.
The company in its work performs semigovernmental functions, receiving
 the fruit, collecting the land and export taxes, and generally
regulating the internal working of the industry. The results thus
far achieved have been on the whole satisfactory to the general
trade, even if the investors in the shares of the company have not
been as richly rewarded as they had anticipated.
La Société Hellénique des Vins &amp; Spiritueun (The Greek Wine
d&amp; Spirits Co.), with main offices at Athens, was founded in 1906,
with the purpose of utilizing the surplus stocks of currants received
by the Privileged Company. This organization has paid its stockholders
 well since its formation. It has an authorized capital stock
of 10,000,000 drachmas ($1,930,000), divided into 100,000 shares.
These shares are made out to “bearer” and the title therein passes
by delivery merely.
This company is in active competition with all other wine and alcohol
 producers in Greece. A large market for its products is in
france, but considerable quantities of its productions are sent to the
United States.
This company is formed, as are all other stock companies in Greece,
under the special provisions of “Les Lois Commerciales” of the
Kingdom, ratified by royal decree. As this organization is in large
measure a creature of the Privileged Company. further discussion of
its work seems unnecessary.
Wine and alcohol distillers’ company.—This company, to which
reference is made on the first page of this report, has its principal office
 in Piraeus, Greece. It has a charter from the Greek Chamber of
Deputies, ratified by royal decree of August 8/16, 1911, and published
by the Government Gazette of August 11/24, 1911, The charter is
for 30 years; the capital as originally fixed was 8,000,000 drachmas,
which has since been increased to 4,000,000 drachmas; the authorized
capital is now 5,000,000 drachmas ($965,000). This capital is divided
 into 40,000 shares of 100 drachmas value each.