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Meanwhile some-very interesting light has been thrown on the "

Building Rings," of whose existence we have heard so much and of whose doings so little. In last Saturday's Manchester Guardian there appeared a letter signed " Contractor " which gave far the most exact information that we have yet seen on the subject. According to the writer there exist rings of brick manu- facturers which, either by allotting regions to different firms or by fixing prices, keep up the supply of order's to the least well equipped firms. Firms with modern plant have to turn away thousands of orders which they could execute by quoting a lower price that would still be profitable, or cannot even compete for business because it is " out of their 'district."

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