Enforcement of anti-trust laws, including not exceeding $15,000 for salaries of necessary employees at the seat of government, $250,000: Provided, however, That no part of this money shall be spent in the prosecution of any organization or individual for entering into any combination or agreement having in view the increasing of wages, shortening of hours, or bettering the conditions of labor, or for any act done in furtherance thereof not in itself unlawful: Provided further, That no part of this appropriation shall be expended for the prosecution of producers of farm products and associations of farmers who coöperate and organize in an effort to and for the purpose to obtain and maintain a fair and reasonable price for their products.

Mr. Webb introduced the following bill; which was referred to the Committee on the Judiciary and ordered to be printed.

A BILL

To promote export trade, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the words "export trade" wherever used in this Act mean solely trade or commerce in goods, wares, or merchandise exported, or in the course of being exported from the United States or any Territory thereof to any foreign

*This bill, pending in Congress (May, 1917), seems likely soon to be enacted into law and is therefore included with this list. If this bill becomes law it will be the first break in Federal Anti-Trust legislation.

nation; but the words "export trade" shall not be deemed to include the production or manufacture of such goods, wares, or merchandise, or any act in the course of production or manufacture.

That the words "trade within the United States" wherever used in this Act mean trade or commerce among the several States or in any Territory of the United States, or of the District of Columbia, or between any such Territory and another, or between any such Territory or Territories and any State or States or the District of Columbia, or between the District of Columbia and any State or States.

That the word "association" wherever used in this Act means any corporation or combination by contract or otherwise of two or more persons.

Sec. 2. That nothing contained in the Act entitled "An Act to protect trade and commerce against unlawful restraints and monopolies," approved July second, eighteen hundred and ninety, shall be construed as declaring to be illegal an association entered into for the sole purpose of engaging in export trade and actually engaged solely in such trade, or an agreement made or act done in the course of export trade by such association, provided such agreement or act is not in restraint of trade within the United States.

Sec. 3. That nothing contained in section seven of the Act entitled "An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October fifteenth, nineteen hundred and fourteen, shall be construed to forbid the acquisition or ownership by any corporation of the whole or any part of the stock or other capital of any corporation organized solely for the purpose of engaging in export trade, and actually engaged solely in such export trade.

Sec. 4. That the words "unfair methods of competition" wherever used in the Act entitled "An Act to create a Federal Trade Commission, to define its powers and duties, and for other purposes," approved September twentysixth, nineteen hundred and fourteen, shall be construed as extending to unfair methods of competition used in export trade, even though the acts constituting such unfair methods are done without the territorial jurisdiction of the United States.

Sec. 5. That every association now engaged solely in export trade, within sixty days after the passage of this Act, and every association entered into hereafter for the sole purpose of engaging in export trade, within thirty days after its creation, shall file with the Federal Trade Commission a written statement setting forth the location of its offices or places of business, and the names and addresses of all its officers, and of all its stockholders, or members, and if a corporation, a copy of its certificate or articles of incorporation and by-laws, and if unincorporated, a copy of its articles or contract of association. Any association which shall fail so to do shall not have the benefit of the provisions of section two and section three of this Act, and it shall also forfeit to the United States the sum of $100 for each and every day of the continuance of such failure, which forfeiture shall be payable into the Treasury of the United States, and shall be recoverable in a civil suit in the name of the United States brought in the district where the association has its principal office, or in any district in which it shall do business. It shall be the duty of the various district attorneys, under the direction of the Attorney General of the United States, to prosecute for the recovery of the forfeiture. The costs and expenses of such prosecution shall be paid out of the appropriation for the expenses of the courts of the United States.

The law of Great Britain regarding industrial combinations is included in its general corporation law which after several years of special investigation was revised and consolidated in 1900. The provisions of the common law regarding monopolies and restraints of trade remain unchanged. However, in order to prevent fraud of any nature and to keep the public fully informed of their investments in case they take pains to investigate them, special provisions have been made for the promotion of new enterprises and the special reports that should be made by all public companies. Regarding promotions the following paragraph is of interest:

The law now provides that a prospectus, which it defines as any notice, circular, advertisement, or other invitation, offering to the public for subscription or purchase any shares or debentures of a company, must be filed with the registrar of companies, and must show (1) the names and addresses of the vendors, and where there is more than one separate

*For the full text and further information regarding the legislation cited in Appendix G and for legislation in other countries see "Laws on Trusts and Monopolies, Domestic and Foreign" (1914) and "Trust Laws and Unfair Competition" (1915) as cited under U. S. Government publications, Appendix H.

vendor, or the company is a subpurchaser, the amount payable to each vendor; (2) the particulars and the nature and extent of the interest of every director in the promotion of, or property to be acquired by, the company; (3) the dates of and parties to every material contract, and a reasonable time and place for the inspection of such contracts; and further, that a company which does not issue a prospectus shall not allot any shares or debentures until a statement in lieu of a prospectus has been filed. A person is deemed a vendor who has entered into any contract, absolute or conditional, for the sale or purchase, or for any option of purchase, of any property to be acquired by the company.

The purpose of the legislation is to disclose the real vendor, the real purchase price, and who is profiting by the promotion.

2. AUSTRALIA

The British colonies have gone further than Great Britain in direct attacks upon monopolies. Australia and New Zealand seem to have attacked these combinations quite in the spirit of many of the American states. The Australian Industries Preservation Act of 1906 as amended in 1907, 1909, and 1910, in its title provides "for the preservation of Australian industries, for the repression of destructive monopolies." The following extracts contain the most important provisions of the Act:

4. (1) Any person who, either as principal or as agent, makes or enters into any contract, or is or continues to be a member of or engages in any combination in relation to trade or commerce with other countries or among the States (a) in restraint of or with intent to restrain trade or commerce; or (b) to the destruction or injury of or with intent to destroy or injure by means of unfair competition