Word: cartelism
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Back to Europe last week-as secretively as they had arrived in the U. S. two weeks before-sailed the Earl of Dudley and a committee representing Europe's Steel Cartel. Though no one admitted it, everybody knew that the Earl and his friends had visited the U. S. in an attempt to get U. S. steel companies to join the cartel or at least to stop undercutting its prices abroad (TIME, Feb. 14). Last week no one in authority would yet admit that anything had happened, but the Earl's speedy departure indicated that an understanding...
...British iron and steel industry. Fourteen years ago the Earl of Dudley arrived in the U. S. as equerry to the Prince of Wales. Two years ago the Earl visited the U. S. in a futile attempt to get the U. S. steel industry to join the European Steel Cartel. Last week the Earl of Dudley once more sailed into New York Harbor on the same errand...
...good definition of a cartel is "an agreement, usually in writing, among manufacturers, which regulates production and prices." Before the World War it has been estimated that there were some 114 international cartels. One of the first and most successful was the International Rail Makers' Association which appeared in 1884. The European Steel Cartel has been turbulent but relatively successful. It was formed in 1926 by Germany, France, Belgium, Luxembourg and the Saar to overcome through production quotas the disastrous effects of post-War overproduction. In the past dozen years it has been abandoned and revived, depending...
Until last year this caused the cartel no great worry because all three non-members exported only a fraction of their production, leaving the cartel in command of an estimated 90% of the export market. With the current recession in the U. S., however, and the consequent falling off of domestic steel orders, certain U. S. makers have been dumping steel abroad, undercutting cartel prices and taking advantage of the steel hunger of nations preparing for war. For the first eleven months of 1937 U. S. iron & steel exports were 36% above 1929, 192% above 1936. Rolled steel exports amounted...
Last year, however, the big U. S. steel companies are supposed to have made a "gentlemen's agreement" with the cartel not to undersell them abroad. Last week when the Earl of Dudley arrived it was generally assumed that if he could not wangle actual U. S. participation in the cartel he would try to get the big steel concerns to force the little ones now engaged in foreign dumping to join in the "gentlemen's agreement." Last week the only fact that emerged from a great cloud of secrecy was that the Earl would do his negotiating...