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LEAD  279

The  ownership  or  operative  control  of  mines  is  a  minor  factor  in  the
commercial  control  of  the  lead  industry  and  in  general  is  of  importance
only  as  determining  the  distribution  of  ore  to  smelters  competing  other-
wise on  nearly  equal  terms.  Most  of  the  large  smelter  interests  engage
in,  or  have  subsidiaries  engaged  in,  mining  or  have  sufficient  holdings  in
large  mining  companies  to  influence  their  smelting  contracts.  The
actual  basis  of  control  of  the  industry  is,  therefore,  often  through
combined  ownership  or  control  of  mines  and  of  reduction  works.
The  ownership  or  control  of  reduction  plants  has  been  the  dominating
factor  in  the  commercial  control  of  the  industry.  The  production  of  each
country  in  1913,  the  principal  lead  reduction  works  of  the  world,  and
their  affiliations  and  control  are  discussed  below.
