124R. F. B. Bourdillon to Harrod, 17 November 1926 [a]
Bourdillon sends a list of invitations to a meeting of the Economic Group of the Royal Institute of International Affairs scheduled for 24 November, the expert called to give evidence being Mr. de Rousiers.  Bourdillon points out that only a few of those invited at first had accepted.
The evidence of "four authoritative experts on cartels" is summarized in a memorandum dated 17 November 1926, drafted by Harrod (TD with autograph corrections, eight pages; a preliminary AD draft survives, thirteen pages, both in HP V-114.The notes Harrod took during the meetings mentioned in the memorandum are also preserved in the same folder).
The second expert was Julius Hirsch, former secretary of the Reichswirtschaftsministerium and member of the German Cartel Commission. He spoke on the German experience, about which he provided abundance of informations, both statistical and historical. He naturally tended to regard cartels as a normal feature of industry.
Further evidence was given (probably on 19 July) by D. H. Macgregor (Harrod's notes on Macgregor's Industrial Combinations, London 1906, are preserved in HP V-37). Of all the speakers, he was reported to be the least favourable to combines. He regarded the matter from the point of view of the law, which he considered to express the public sentiment. Macgregor pointed out that English law is not precise enough, and advocated the necessity of a tribunal which could be able to consider the economic consequences of combines, mentioning as an example the American Federal Trade Commission. He also referred to the German law of 1923 as an advance in the public control of combination. He pointed out that in the United States cartels were not generally seen to be conducive to efficiency, although it was admitted that combination is of help in pushing export trade. He held that cartels stood for stability and high prices, and argued that a suitable degree of public control might permit to reach a compromise between the beneficial effects of stability and the detrimental consequences of high prices.
The last contribution reported was by W. H. Coates, who advocated greater combination and argued that cartels do not necessarily lead to higher prices, but to higher efficiency (i.e. lower prices in the long run).
A further meeting was prospected by Bourdillon on 30 November: he asked Harrod's opinion as to the opportunity of arranging a meeting with Norman Wyld, secretary of the "Industrial Institute", to discuss the policy of this Institute of pursuing agreements between capitalists and labour leaders on certain theoretical problems (in HP V-114).
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