been a great change for the better in the ethics and methods of trade since the anti-trust laws came into being. This conception of business ✶ ✶✶ has established new business customs and higher business standards ***."

Let us not pull down that enduring pedestal; rather let us build upon the sure foundation of the Federal anti-trust laws something, in the words of Horace, "more lasting than brass, more stable than the pyramids," by instituting and maintaining friendly co-operation and honest rivalry in commercial dealings.

PART THREE

CO-OPERATION THE WATCH-WORD IN WORLD TRADE

CHAPTER VIII.

Combinations at Outbreak of the World War.

Era of Combinations Worldwide.

The formation of combinations for the monopolistic control of production and distribution constituted one of the characteristic features of the economic life of all foreign countries of advanced industrial development during the quarter century preceding the World War. On the basis of a careful study of foreign combinations it is estimated that there were upward of 2,500 combinations for controlling prices or otherwise monopolizing industry and trade in the various countries of the world outside of the United States.

While the combination or "trust" movement has developed along more or less similar lines throughout the world, certain forms of organization have become characteristic for particular countries. Historical reasons, local conditions, economic, legal and other factors account for this. Thus in respect of the United States monopolistic combinations have become largely identified in the public mind with the so-called "trusts" (see page 24). In Great Britain industrial combination has assumed the amalgamation form primarily, as represented, for example, by the J, & P. Coats concern. In Germany the movement has been of an entirely different nature. The cartel form of combination has become typical there. Canada and Australia have on the whole followed the United States. In Sweden there is a noticeable tendency towards the amalgamation form, such as we find in Great Britain. Generally speaking, the combination movement in France, Belgium, Italy, Russia, Austria, Switzerland and the Netherlands has assumed the cartel or syndicate form.

GERMANY.

Prior to the war industrial organization, in the form of combinations for the control of production and distribution, had ex