It appears that the Russian Government, if it has not
formally proposed a Conference on Trusts, has expressed the opinion that they might under certain circumstances con- stitute a menace for Europe, and therefore ought to be dis- cussed by diplomatists. The idea seems to be that the American syndicates with their vast capital, being protected by their monopolies at home, may enter any country, and by selling an article of necessity at prime cost, rain the local producers, in whose absence the price of the article might be raised to any figure desired. The way to meet such an invasion, it is suggested, is for all Europe to combine to boycott the invaders, who would then, finding no market, retreat dismayed. There is no doubt that a view of this kind is widely prevalent on the Continent, and has even caught some statesmen, but surely it has very little foundation. The managers of American Trusts, however rich they may be, are trustees for their shareholders, and wish to make money, not to lose it; and the risk of loss would be very great. At first the consumer would benefit, and afterwards the moment a Government found its people suffering from a monopoly of this kind it would proclaim Free-trade in the threatened article, which would then flow in from the whole world. Where, then, would be the Americans' profit P
