South Wales: More Steel and Coal, 1900–14

Having merged with the Patent Nut & Bolt Co., the managers of the collieries and manufacturing plant of the former Dowlais Iron Co. discovered that they were no longer autonomous leaders. Not only were there other interests to consider, but, despite their size and historical importance, they found themselves being junior partners in the union. They were faced with the prospect that their policies might conflict with those decided upon by other members of the Guest, Keen group. Would the personalities that the amalgamation had brought together be prepared to co-operate with one another? Whilst at first sight the activities of the Dowlais Iron Co. complemented those of the PNB and provided for a chain of vertical integration, on closer inspection it was apparent that the links fitted together far less closely than might be supposed. There were considerable difficulties following the merger, as formerly unconnected units had to sever established business relationships and attempt to form trading and supply relationships with those consumers within the group of whom they had little knowledge and, on occasion, because of personality clashes and the strength of former company loyalties, scant liking.