United States Steel Products Co., the American representative undertook to make further enquiries to confirm whether or not this was correct.

WIRE RODS

Until otherwise agreed by the London Committee, the power to authorise special prices shall, for ALL COUNTRIES (apart from the free territory of NORTH EAST ASIA), be vested in the President of the Comptoir, who will take all steps necessary to meet outside competition. In the case of the countries in which the American Group are interested (which are understood to be GREECE, TURKEY, CANADA, BRAZIL, COLOMBIA, and VENEZUELA) the American Group will apply to the President of the Comptoir when they desire to quote a special price to meet outside competition and will agree the special prices with him.

For the countries in which the American Group are interested the Comptoir will report to the American representative and to the London Committee for each ten-day period the business taken, by countries, and will furnish full particulars daily of all business authorised at special prices. The American representative will, on his part, report to the Comptoir and to the London Committee for each ten-day period, by countries, the business taken by his Group.

For the other countries the Comptoir will report to the London Committee the business taken in each ten-day period, with particulars of all business authorised at special prices.

SHEETS

The British Group's representative on the London Committee submitted a letter which he had received from the Sheets Comptoir raising certain points. In regard to the contention of the Comptoir that the American Group were continually selling Black Sheets beyond their provisional quota, it was agreed that there was no information to indicate whether this was the case during the present trial period, since the Comptoir's statistics in respect of the period subsequent to 20th April 1939 were 38 not yet available. In regard to the discrepancy between the figures for the American Group and the Department of Commerce statistics, the American representative stated that he had not yet been able to obtain an explanation. It was noted that the questions in dispute in regard to the amount of the American quotas had been referred to the Joint Coordinating Committee.

Until otherwise agreed by the London Committee, the power to authorise special prices shall, for ALL COUNTRIES (apart from the free territory of NORTH EAST ASIA), be vested in the President of the Comptoir, who will take all steps necessary to meet outside competition. The Comptoir will agree with the American Group the countries in which the latter are interested; in the case of these countries the American Group will apply to the President of the Comptoir when they desire to quote a special price to meet outside competition and will agree the special prices with him.

For the countries in which the American Group are interested the Comptoir will report to the American representative and to the London Committee for each ten-day period the business taken, by countries, and will furnish full particulars daily of all business authorised at special prices. The American representative will, on his part, report to the Comptoir and to the London Committee for each ten-day period, by countries, the business taken by his Group.

For the other countries the Comptoir will report to the London Committee the business taken in each ten-day period, with particulars of all business authorized at special prices.

NORTH EAST ASIA-ALL PRODUCTS

In the case of the free territory of NORTH EAST ASIA, the Groups will cooperate as far as possible so as to avoid competing with each other rather than with the outsiders, and to this end they will exchange all useful information which is at their disposal in regard to outside competition. Until otherwise decided the Central Bureau and the American Group will furnish to the Chairman of the London Committee for each ten-day period a list of the tonnages sold in these markets and the prices obtained, and the particulars so furnished by each Group will be circulated by the Chairman to the other Groups when full information has been received from all Groups.

DIFFERENTIAL FOR QUALITY-ALL PRODUCTS

In regard to the view expressed by the E. I. A. representative on the London Committee that the differential for quality should be the general rule, it was agreed that consideration of this matter should be deferred until the excess/deficit figures for the period subsequent to 20th April were known.

NEXT MEETING

The next meeting of the London Committee was fixed for Tuesday, 6th June, at 10 a. m. at Steel House, London.

N. B.-Les chiffres indiqués à la droite de la présente copie sont ceux de la pagination originale.

EXHIBIT S-104

Private & confidential-eighth meeting

E. I. A./U. K./U. S. A.—AGREEMENT

MINUTES OF THE MEETING OF THE LONDON COMMITTEE HELD AT STEEL HOUSE, TOTHILL STREET, WESTMINISTER S. W. 1 ON TUESDAY, THE 6TH JUNE, 1939, AT 10 A. M.

Present:

Mr. R. M. Peat (in the Chair)

Mr. H. Dieudonné, Continental Group

Mr. I. F. L. Elliot, British Group

Mr. Wm. B. Todd, American Group

In attendance:

Mr. S. J. Summers

Mr. H. Craig

Mr. V. N. Malcolm

Mr. W. G. Tubman

Mr. J. H. Lascelles

British Group

Mr. E. Conrot, Continental Group

Mr. R. V. Kennard, American Group

Mr. J. R. Mackay, Peat, Marwick, Mitchell & Co.

MINUTES OF PREVIOUS MEETINGS

The meetings of the Fifth and Sixth Meetings of the London Committee, held on the 3rd and 11th May, and the Minutes of the Joint Meeting held with the Presidents of the Comptoirs on the 22nd May, were formally confirmed and were signed by the Chairman.

EXCESS/DEFICIT FIGURES AT 20TH APRIL, 1939

It was agreed that in order that the position as at 20th April, 1939, be definitely established the Groups should be asked to supply audited figures for the statistics as at that date, which, as defined in the supplementary agreement with the American Group dated 18th April, are to be held in suspense for the time being. In regard to the item "Unspecified Balances-New Contracts" which appeared in the statistics furnished by the American Group, the Committee discussed the question as to whether unspecified Contracts from Merchants outstanding as at 20th April should be included in the suspense figures. It was agreed to defer decision on this matter until an explanation of this item in the American Group's figures had been obtained by their representative, and the American representative undertook to circulate the explanation as soon as he had

obtained it.

REVISED QUOTA FIGURES

A statement, of revised quota figures to operate for the period from 21st April, 1939, was submitted by the British Group for all products other than Sheets. It was agreed that Messrs. Peat, Marwick, Mitchell & Co. should examine the records from which the figures had been prepared and should

examine the various calculations by which the revised quotas have been ascertained, and the figures were approved by the representatives of the three Groups subject to this audit.

Mr. Summers stated that he was awaiting the figures which the Sheets Comptoirs were submitting for the revised sheet quotas and which will then be put before the London Committee.

EXCESS/DEFICIT FIGURES FOR THE PERIOD SUBSEQUENT TO 20TH APRIL, 1939

Excess/Deficit statements for periods subsequent to 20th April were submitted for Shapes, Senis and Wire Rods up to 10th May. It was reported that the British Makers of Merchant Bars, Tube Strip and Other Hoop and Strip had not yet been able to furnish their figures subsequent to 20th April in the requisite form, and that the statistics for Plates were held up pending receipt of the Belgian Group's figures. It was also reported that the sales, but not the delivery figures, for Sheets had been submitted by the Comptoirs up to 20th May, and that the American Group's sales and delivery figures had been received up to 10th May. Attention was drawn to the fact that complete statistics were not yet available for certain products and it was agreed that the parties concerned should make every effort to furnish the statistics as speedily as possible in order to assist the Committee in its deliberations.

It was agreed that as soon as the current statistics were obtained they should be circulated without awaiting a meeting of the Committee.

SPECIAL PRICES AUTHORISED AND OTHER RETURNS SUBMITTED TO THE COMMITTEE There was submitted a list of authorised prices which had been reported to the Chairman of the Committee.

It was agreed that the Chairman should communicate with the various Comptoirs who have not yet furnished particulars, reminding them of the arrangements which have been agreed between the London Committee and the Presidents of the Comptoirs at the Joint Meeting held on the 22nd May, 1939, and it was further agreed that he should ask the Central Bureau to submit for the Committee's records a list of the authorisations of special prices for Plates for the period from 21st April to 21st May, 1939, inclusive.

It was also agreed to notify the Comptoirs that the returns showing particulars of authorised prices should be accompanied by a full explanation as to the circumstances which had necessitated the authorisation of each special price.

NORTH EAST ASIA-ALL PRODUCTS

It was agreed that the information to be exchanged in regard to the 43 free territory of North East Asia (page 39 of the Minutes) should be for the period commencing 20th May, 1939.

PLATES-SOUTH AFRICA

Mr. Todd and Mr. Craig reported the discussions which they had had in regard to the American Group's suggestions that the price for Plates in South Africa should be £9.50 per ton cif with a reduction of 6/6d for Government business. The British Group were not agreeable to any discrimination between the price to the South African Government and the price to the general consumer, and pointed out that according to the figures up to the end of February the American manufacturers had taken no Government business in Plates.

It was pointed out that in submitting these proposals the American Group stated that they had been informed that the International Steel Trading Co. of Johannesburg had quoted £8.11.0 per ton cif Cape Town for Continental material. The Central Bureau had given a complete denial that this price had been authorised and the Continental and British representatives stated that that firm was unknown to them, but they undertook to make further enquiries. It was agreed that in view of the fact that there was no evidence of any material loss of tonnage to outsiders in recent months, the American representative be asked to obtain his Group's consent to observe the already agreed price of £9.5.0 per ton basis cif all ports for delivery to all consumers in the Union of South Africa including the Transvaal.

HOOP AND STRIP

It was remarked that no report had been received from the Hoop and Strip Comptoir in regard to the order for baling hoops which, as reported at the last Meeting, had been taken by the United States Steel Products Co. for Karachi at 15/- per ton below the appropriate price. The American representative agreed that such an order had been taken for 1,600 tons, and stated that the American Group had now withdrawn from the Indian and Egyptian markets for thirty days by cable dated 25th May.

It was agreed that this was a direct breach of the Agreement, as in the case in question the sale was, according to the British Group, conducted through the London Office of the United States Steel Products Co., who therefore were readily accessible both to the British Group and to the London Committee for consultation on price if this was necessary. It was agreed that the Comptoir should therefore be asked to consider whether the appropriate clause in the Agreement should be applied in this case.

NEXT MEETING

It was agreed that the next meeting should be held at Steel House, London, on Tuesday, 27th June, at 3 o'clock.

EXHIBIT S-105

[Private & confidential-ninth meeting]

E. I. A./U. K./U. S. A. MEETING-MINUTES OF THE MEETING OF THE LONDON COMMITTEE HELD AT STEEL HOUSE, TOTHILL STREET, WESTMINSTER, S. W. 1, on TUESDAY, THE 27TH JUNE, 1939, at 3 P. M.

Present:

Mr. R. M. Peat (In the Chair).

Mr. H. Dieudonné, Continental Group.

Mr. I. F. L. Elliott, British Group.

Mr. Wm. B. Todd, American Group.

In attendance:

Mr. H. Craig

Mr. W. G. Tubman

Mr. V. N. Malcolm

Mr. J. H. Lascelles
British Group

Mr. P. Maulick
Mr. Ohlhaver

Mr. E. Conrot

Continental Group

Mr. R. V. Kennard, American Group

Mr. J. R. Mackay, Peat, Marwick, Mitchell & Co.

CONFIRMATION OF THE MINUTES OF THE MEETING HELD ON 6TH JUNE, 1939

The Minutes of the previous meeting, held on the 6th June, 1939, were confirmed and were signed by the Chairman.

SUSPENSE FIGURES AT 20TH APRIL, 1939

The Committee considered the memorandum submitted by the British Iron and Steel Federation showing that in the American Group's figures for orders on hand at 20th April, 1939, there were several discrepancies, notably in Plates. As the difference in the figures could not yet be explained, it was decided to leave the matter in abeyance until the audited figures as at 20th April were available.

It was agreed that in arriving at the suspense position at 20th April merchants' contracts should be treated in the same way as consumers' contracts.

REVISED QUOTA PERCENTAGES OPERATING FROM 21ST APRIL 1939

The Committee considered the report of Messrs. Peat, Marwick, Mitchell & Co. on the revised quota figures as from 21st April as calculated by the British Iron & Steel Federation for all products except Sheets. It was agreed that the report should be left over until the next meeting, by which time the Groups would have had an opportunity of considering the points raised in it.

The American representative submitted a letter from the S. E. A. in which it was stated that they had not included defective material in the tonnage figures which they had submitted for the basis years, and that the American quotas should be amended by reference to their figures for defective material as now put forward. As, however, the sales for the American Group which had been used for calculating the quotas had been based on the customs returns, it was agreed that the auditors in America should investigate the matter and report whether or not the customs figures included defective material.

It was reported that the Sheets Comptoirs had not yet been able to submit their figures as to the revised quota rates when sales to Japan, Korea, and Man chukuo were excluded from the reference years.

CURRENT EXCESS/DEFICIT STATISTICS

The Committee considered the excess/deficit figures available up to 31st May for Tube Strip and Other Hood & Strip and up to 10th June for other products. In regard to the question raised by the S. E. A. as to why other Groups had not been able to reach their quota in Plates, the representatives of the other Groups assured the American representative that there was no question of their Works not being able to give deliveries. It was suggested that the American Group had become in excess by reason of the fact that during the early part of the present trial period the relative statistics had not been available to enable the London Committee to take such steps as were necessary to ensure that equilibrium would be maintained between the Groups.

In regard to a circular which had been issued by the S. E. A. fixing a price for Plates for Holland lower than the price fixed by the Comptoir as recorded in the Minutes of 3rd May 1939, it was agreed that the price for HOLLAND should be re-established at $1.94 subject to any special authorisations.

The American representative confirmed that he had obtained by telephone the Central Bureau's consent in all cases where the American Group had quoted fighting prices, except in the case of the 900 tons for FINLAND in respect of which there had not been time for consultation.

It was agreed that for the purpose of the U. S. A. Agreement particulars of ten-day sales by countries should be exchanged through the Chairman of the London Committee, this arrangement not however to disturb any procedure which might exist between the Groups if they wished to forward particulars direct to each other, sending a copy to the Chairman of the London Committee at the same time.

The American representative submitted various requests which he had received from his Group:

(a) 1.200 tons for Gotaverken at $1.87

Mr. Todd stated that the American Group understood that the Continentals had taken business in Sweden below $1.87 but Mr. Maulick stated that the Central Bureau had authorised nothing below £9.2.0 ($1.92). It was agreed that since they were in excess the American Group should protect the other Groups by quoting $1.94 and Mr. Todd undertook to cable to New York accordingly.

(b) Shapes and Bars for Costa Rica

The American representative stated that the Germans were said to be quoting about $2.50 to $3.50 below the established price, and his Group asked that they should maintain the appropriate price. Mr. Maulick stated that he would look into the matter.

(c) Ship plates for Portugal

The American representative asked for permission to quote $45 c. i. f. gross ton average (about £9.13.2) for this enquiry against an official price of £9.17.6, as his Group stated that $45 was being quoted by American outsiders. Mr. Maulick promised to look into the matter and to telephone Mr. Todd the following day.