The “defensive action” referred to was already being formulated, and in October, 1888, was issued the prospectus of the Salt Union Limited, which was formed with a capital of £4,000,000 for the purpose of consolidating the undertakings of the Salt Proprietors in the United Kingdom, “with a view to ending reckless competition which injuriously affects the salt industry without conferring any adequate advantage on the public.” By virtue of the sixty-four agreements, covering the purchase of properties involving the inclusive payment of £3,704,519, the Union became the greatest salt proprietors in the world, and the success of the flotation was described as “almost unprecedented.” Apparently the only two newspapers that had the least dubiety concerning the success of the venture were _The Times_ and the _Northwich Guardian_. _The Times_, while recognizing that the primary object of the movement, viz., that of “curtailing supply and creating an artificial scarcity”--would be gained if an effective monopoly could be secured, pointed out that: “The Syndicate has not acquired the control of all the mines or works at which salt is produced, and unless they do this they will not have an absolute monopoly.” The _Guardian_ admitted that with careful management the company would prosper, but, speaking from its intimate knowledge of the spirit which animated the salt-trade, it cautiously predicted that the first few months’ operations would show whether the enterprise could go on successfully. “The scheme is a gigantic one, and may prove either a great blessing or a great curse, according to the principles on which it is conducted. Let us hope that a spirit of justice and fairness towards shareholders, servants, and the public at large will make the scheme a blessing.”