rivate interests in international trade and in the acquirement of
mineral reserves. Since the war all governments except that of the
United States are taking an active part in these fields, both directly
and in cooperation with private capital. The British government has
taken a direct financial interest in certain companies, such for
instance as the Anglo-Persian and Shell Oil Companies, and in some cases
is actively interested in the acquirement of selling contracts. In
England there is a wider use of voting trusts in controlling private
companies, with the purpose of preventing the control from falling into
alien hands. Government control of shipping in certain countries is
involving various degrees of control of mineral movements. Also, through
loans and bonds, mineral resources in certain countries have been tied
up by the loaning governments. There has been wide extension of
government control of minerals in mandatory territories and elsewhere
through many new loans and regulations. These steps are in effect
closing important parts of the world to private initiative, and
particularly to nationals of other countries. Whether these activities
of governments are economically desirable or not, they are the actual
conditions, not theories.

If this situation continues, it raises the question whether our
government will not be forced, in protection of its own mineral
industries, also to take a direct part; for under present conditions,
our importers and exporters find themselves dealing single-handed with
governments or with private groups so closely identified with
governments as to have much the same power. In matters of shipping,
credits, exchange, tariffs, embargoes, and opportunity to acquire
foreign reserves, the actual and potential disadvantage to American
interests is obvious.

TENDENCIES TOWARD INTERNATIONAL COOPERATION AND POSSIBILITY OF
INTERNATIONAL CONTROL[59] OF MINERALS

Under the pre-war conditions, unrestricted competition in world trade by
private enterprise had led to a certain kind of internationalization of
mineral deposits based on natural conditions of availability. There is a
natural tendency to work back as quickly as possible to this condition,
but new elements have entered which seem to make it difficult for
governments to keep their hands off. The participation of governments in
world mineral trade, when not modified by international cooperation or
some other higher form of control, see