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The Steel Trade Pact
The agreement between the British Iron and Steel Federation and the International Steel Cartel is to be welcomed, because it ensures to British, iron and steel makers an increased share in the home market without raising the tariff, and consequently without raising further the price to the British consumer. When the original tariff was conceded to the industry, it was made a, condition that it should organize itself. It was slow and reluctant to do so, but organization has at last come, and this agreement is its first-fruits. What has happened to iron and steel, corresponds to a tendency which will be increasingly exemplified in world trade— the organization of large industrial fields in, nation-wide groups, and the parcelling-out of the commercial fields between them by agreement. Only so can we assume that favourable ratio between plant and output, which is the main factor for economy in modern production.
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