The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1829-08-26
From the Boston Advertiser.


N. ENGLAND CoTToN FACToRIEs.-No. 5
Cotton shirtings No. 16, would probably
at the present price of cotton and labor,
yield reasonable profit at eight cents a
yard. They are now sold for less. Thirty
years ago India cottons were in general
use, at twenty-five cents yard. And four
yards Of them were never worth one yard
of our New England shirtings. Thus eight
cents will now purchase what required a
dollar thirty years ago. This is one of the
natural effects of introducing domestic
manufactures. And it would entitle them
to public favor, were it not that they so de-
f1edy nsrsE s MA ba pE sass IF h Is @ ali
the evils of their maledictions.
1t is true that prices of goods are reduc-
ed so low as to leave little profit to the best
factories, and to render others the poorer
for every yard of cloth they make. The
cause of this reduction, however, may be
found, without supposing an over production
and the removal of those causes, which is
now in progress, will surely restore prices
TO reasonable rates.
The leading, and chief cause of the fall
of price, is the poverty of the manufacturers.
Having no working capital, and often being
indebted for part of their permanent in
vestments, they are obliged to sell their
clothes as soon as they are made, whether
the market be favorable or not or they
take the worse course of depositing them
and taking an advance, to reimburse which,
on the expiration of the credit, the goods
must be forced at auction. This cause, if
general, and it is nearly so, must enable
purchasers to obtain the goods at their own
price.
The great semi-annual sales have con-
tributed much to reduce prices. BY means
of these, immense quantities of goods came
periodically into the market, when small
portions only were wanted for consumption
Notice was given, and with great fidelity
observed, that the whole would be sold
without reserve, to the highest bidder
| They might as we'll have added-if pur-
chdSerS tciH combine, they may haze the goods
at Just achat they please to giue. Combina-
tons were sufficiently numerous on the no.
tice as it was.
Another evil of the great sales was, that
purchasers generally were not judges OF
the quality of the goods. Each depended
too much on what he deemed the opinion
OF others, or the general opinion, when in
truth there was no opinion in the case.-
And each desiring the advantagea-and
| thought if goods went last fall at nine cents
| it was safe to speculate the next spring al
eight and half And if all thought so
eight and half would be the limit of the
bidding-that would fix the price till the
next great saie-and it was ms difficult tC
get an advance on that sum, as on nine
cents in the fall. Such a course was cal
culated to bring goods down from five tc
ten per cent. at each sale, and so in truth il
turned out. The jobbers too were disap.
pointed. Purchasing low, they expected
to turn their goods in two months, at ter
per cent. profit-an amount that would
satisfy the manufacturer for years
labor. But all the county traders and theiI
other customers were present at the sale
marking on their catalogues the purchaser
and price of every article. All the machin.
cry of regular business was wanting. The
mysteries of the rate of exchange, amount
of duties, and double invoices, had here nc
place. Every customer knew the exact
cost, and would only offer bare commits
sion as an advance to the jobber for his
profit, and risk of solvency on long credit
Selling agents were the only gainers-and
they saved nothing but the increased labor
of selling in other modes.
The result of each sale being general
disappointment, all determined at the next
to buy cheaper or not at all-and it al
length became apparent, that decline o.
price would continue till the sales in that
mode should be abandoned. The project
of the great sales was well intended-bu
they have defeated the hopes of all. The