controlled a capital of 120 million dollars (480 million marks).
As early as 1903, the German giants and the Anglo-America trust concluded an agreement and divided the world in accordance with the division of profits. The German companies undertook not to compete in the Anglo-American traffic. The German and American ports were carefully allotted to each, a common committee of control was appointed. This contract was concluded for twenty years. But a clause rendered it invalid in case of war.
Extremely instructive also is the story of the creation of the International Rail Combine. The first attempt of the British, Belgian and German rail manufacturers to create such a cartel was made in 1884, at the moment of a serious business crisis. The manufacturers agreed not to compete with one another for the internal markets of the countries involved, and they divided the foreign markets in the following proportions: Britain 66 per cent.; Germany 27 per cent.; Belgium 17 per cent. India was reserved entirely for Britain. A British firm which remained outside the cartel was fought by it; the costs of this economic war were met by a percentage levied on all the sales. But in 1886 two British firms came out of the cartel, which collapsed. It is characteristic that the agreement could not be maintained in the periods of industrial prosperity which followed.
At the beginning of 1904, the German steel syndicate was founded. In November, 1904, the international rail cartel was renewed, with the following proportions for foreign trade: England 53.5 per cent.; Germany, 28.83 per cent.; Bel-
