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merchandise or food-stuffs, whether with the view to withholding them from sale or with a view to selling them only at a certain price, and all those who by any fraudulent means shall effect a rise or diminution in tho price of food-stuffs, or in the sale of public securities, above or below the price determined by free and natural commercial competition shall be punished by an imprisonment of one month to one year, and by a fine of from 500 to 2000 francs. Section 520 is as follows: — The penalty for the foregoing shall be an imprisonment of from two months to two years, and a fine of from 1,000 to 20,000 francs, if these manoeuvres have been practised on grain, flour, bread, wine, or any other drink. The French Courts under this law have decided cases against combinations of transportation companies which have amalgamated to drive out rivals, against insurance companies coalescing (considering policies as merchandise), and against a pool in salt which attempted to advance prices. These, however, were in early days, and apparently the Courts have become somewhat more imbued lately with the modern spirit which recognises that all agreements among producers are not harmful to the public. However, the case of M. Secretan, who was imprisoned on account of his connection with the copper combination, shows that even against a man of great social and political prominence the old law can be handled with vigour. Certainly it has tended to discourage corporations and to keep agreements enfolded in secrecy. Other Countries. Although under this section many countries are treated of, there is no intention to reflect thereby on the greatness or commerce of the nations thus grouped together. The concentration merely shows that for the purpose of this report they are not of great interest, their trade combinations being either few or with no prominently distinctive features. Russia, like France, has provision in the Criminal Code against both employers or labourers who by combination against the State or by speculating in goods considered necessaries of life may hurt the public weal. Corporations (artel) of workmen may, however, be formed for the purpose of co-operation in work or industry which one man alone could not perform. The artel is a voluntary association (sometimes temporary) of trained workmen and apprentices, having its board of seniors, who arrange the work and distribute proceeds as dividends. The members must wear badges or insignia so that they may be known and recognised. . Fire-insurance companies have a powerful combination, and as foreign companies of the kind are forbidden in Russia the trust has a most profitable business. The rates of insurance have been raised again and again, and as the united corporations pay about 15-per-cent. dividends they may be considered to hold a monopoly. A syndicate of firms dealing in petroleum has a combination for sale purposes, five firms acting as a selling bureau for all the others. The Government assisted the trust by lowering freight on the Caucasian railroad so as to allow Russian producers to compete with the Standard Oil Company. There is also a combination in the beet-sugar industry ;it was first properly formed in 1887. It includes 201 out of 203 sugar-producers. Agreements are made every five years, usually to the effect that 25 per cent, of the production of each factory must be exported by the owner at his own cost, unless the price of sugar should reach the high point of 4-50 roubles (lis. 3d.) on the Kiev Exchange. There are, besides these corporations, pools or agreements among producers of wire tacks, paper, and printed calico. Some cotton and linen manufacturers have agreements with other firms in the same line of business in Poland, usually for the purpose of raising prices. Generally speaking, trade combinations are not unfavourably regarded in Russia. In Denmark there is a trust operating in breweries, and it has taken the form of a corporation controlling the market of weiss-bier. The commodity in question will not bear transportation, and as the trust includes all the branches of Copenhagen, it virtually has a monopoly. Its purpose is economic, by means of reducing officials and workmen, and by improvements in production and distribution. It has not advanced prices, but has increased profits and raised workmen's wages. This is the only important Danish combination. . Sweden and Norway have a single important corporation owning several plants—viz., the Anglo-Swiss Condensed Milk .Company; but there is an agreement Co work in harmony among several anchovy-factories, and "understandings" concerning prices between producers of woodpulp, timber, and paper. These latter industries, however, have no restraint of output. Holland has no combinations of any importance. Spain has a trust for manufacturing powder and explosives. Switzerland has a few agreements of a temporary character among manufacturers of cheese, chocolate, lime, &c.; but it has had one of an important kind—viz., an embroidery union —which dealt with wages, working-time, output, and prices. As it was composed of a medley of merchants, manufacturers, and workmen, it somewhat resembled that described as an " E. J. Smith combination " in England, but it strangled itself with restrictive rules, and was dissolved. In Italy there is a strong combination of iron-foundries, and the Anglo-Sicilian Sulphur Company of London has a contract with the mine-owners of Sicily for about 80 per cent, of the output. A company dealing in sumac has control -of output and prices, and its effect has been to increase both wages of the workers and price of the article produced. Belgium, a country in which manufacturing is highly developed, has several strong combinations, generally for the purpose of controlling output and prices. The coal-producers' syndicate limits output of mines and fixes prices, which lately have risen considerably. The plate-glass combination has a joint selling-bureau to which orders are sent and allotted to members; this bureau fixes output and prices. Sugar-refiners, stone quarries, and minor manufacturers all have combinations of the above type. There is no public feeling in Belgium against the trusts. Approximate Cost of Paper. —Preparation not given; printing (1,875 copies), £18 15s. 6d.

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