The _Standard_ tried to fight by selling refined oil below cost price in foreign markets, while keeping the price very high in America in the shelter of the tariff wall. It even went so far as to sell in the Far East 50 per cent, lower than in Holland, although the latter market was nearer the American oil-fields. At the same time the refined American oil, which was quoted in England at the end of August 1910 at 6-1/4d. a gallon, fell at the end of November to 5-3/4d., and in December to 5-1/2d. Deterding's receipts from the sale of kerosene were reduced by 3,750,000 dollars. But he would not give way. He did not leave China; he stood his ground and fought. Although his oil was of an inferior quality to that of the _Standard_, it was near at hand, and had not to be transported for long distances like that of its rival (which involved the latter in great expense). An agreement was finally made. The _Standard_, which had taken possession of the Chinese market in 1903, gave up 50 per cent, of that trade to the _Royal Dutch_. The latter's share has even been increased recently to 60 per cent. For the first time Deterding had conquered! Perhaps he would not have triumphed so easily if the _Standard Trust_ had not been dissolved just at that time by the Supreme Court of the United States. But two such powerful groups could not have continued indefinitely to struggle for the international market without making sure of some stability and limiting their respective zones of operation. After many attempts they have come to an understanding. In 1907 an agreement fixed the quota of oil that each group might send to the British market. In 1912 an agreement of a similar kind put an end to the struggle that had been going on in the Far East. The absence of a definite general agreement between the two great Trusts did not exclude the possibility of tacit agreements, which regulated their operations in the international market and assured to both an extraordinary prosperity. _The_ Standard _has several times made very tempting offers of close co-operation to the_ Royal Dutch, _leaving this group free to make its own conditions_. The _Royal Dutch-Shell_ has always refused, for _the future is its own_. What will happen to the _Standard_, an almost exclusively American concern, when the oil resources of the United States are exhausted? Since 1919 it has been endeavouring to acquire oil-fields in the rest of the world, to guard against this danger, but everywhere it finds the "closed door." The _Royal Dutch_, aided by the British Government, has taken possession of all that remain in the world. New Struggle with the Standard Oil for the Conquest of the World