216 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.

spindles, and which in addition maintain engineering, insurance,
shipping, import and export, and finance departments all more or
less related in the one vast trading combination or company.
Perhaps the most important manufacturing industry in China in
point of view of size is the Han Yeh Ping Iron &amp; Coal Co. (Ltd.), a
Chinese corporation, which owns and operates the iron and steel
plant at Hanyang, the Tayeh iron mines, and the Pinghsiang coal
mines.
The exact capitalization and financial condition of this company
can not be ascertained locally, but according to data published in the
Far Eastern Review recently, the capitalization of the company is
$20,000,000 Mexican. It employs 40 foreign engineers and 8,050
Chinese laborers at the iron works at Hanyang. The plant can produce
 15,000 tons of pig iron per month, steel rails to the amount of
7,000 tons, and practically unlimited steel plates and nails. The output
 of pig iron for 1914 was estimated at 135,000 tons, while steel
reached a total of 98,536 tons. Nine hundred tons of bolts, ete.,
and 1,200 tons of fire bricks were also made.
At the Pinghsiang collieries 560,000 tons of coal were produced,
of which 165,000 tons were turned into coke. The Tayeh mines
produced 480,000 tons of iron ore. With new shafts being opened it
was expected that this output would be considerably increased.
Large quantities of iron ore and pig iron from the Hanyang company
 go annually to Japan, with the result that there is little opportunity
 for export elsewhere. Kxtensive Japanese contracts for
the output of the company are in force, and it is claimed that there
are large Japanese loans to the company.
A combination of interest is the Kailan Mining Administration—
a combination of the Chinese Engineering &amp; Mining Co., a British
company, and the Lanchow Mining Co., a purely Chinese company,
which were for a number of years in competition in the Kaiping
coal mining region in North China and which have now amalgamated
in regard to capital and management. The combined capital amounts
to £2,000,000, with a further sum of £1,200,000 in § per cent debentures.
 The outstanding features of the amalgamation are the foreign
 and technical control of the joint companies and the division of
profits up to £300,000 per annum in the proportion of 60 per cent
to the Chinese Engineering &amp; Mining Co. (Ltd.) and 40 per cent to
the Lanchow Mining Co., the net profits exceeding £300,000 being
equally apportioned. The administration controls extensive, valuable
 coal fields in North China and subsidiary industries. The coalmining
 operations at the present time amount to about 8,800 tons per
day. The administration maintains lines of owned and chartered
steamers serving the Far Eastern trade and is also understood to
enjoy special facilities with the Government railways for the handling
 of bulk traffic at through rates. The administration is engaged
 in an extensive trade in coke and is practically the only manufacturer
 of refractory clay Loss in the or East.
On the subjéct of manufacturing industries, it might be of interest
 to draw attention to the British Cigarette Co., which maintains
several large cigarette factories in China, including the one at
Shanghai, for the manufacture of cigarettes for the native trade
from native and imported American leaf. Information concerning
the capital and extent of operations of this company is not obtainable