The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-03-09

1t will thus be that the dividends capital
le4O0OoO dollars have bssn for the first half year
dollars equal to 7sloo per and for the last half
year. 224 900 dollars l5.l0o per cent, equal to 90
leo cent for the year. This probably favorable
view Of the present condition Of the cotton
a. these oonsdsrsd amongst the largest
in the country.
is however, necessary to look more closely into the
causes Of this state Of things to they have been
really depressed by the changes in the tariff and the
adoption the standard whether the result
of the last years business has not been produced
by the internal of the different establish
mentS than by thing else The short crop Of cotton
In 1916 and the advance In prices which Immediately
followed the total receipt of the supply for that
created considerable speculation in the saple and the
manufacturer during the spring and of ls47
provided themselves with large stocks Of the mate
rial. at tip top prices When the revulson in Europe
commenced in August last, prices Of the material
and Of cotton manufactured goods commenced settling
down. and in the absence of other markets. large Of
these goods sent to this country from Great Bril-
TAIN and forced upon the market at enormous sacr
fee. Prices for cotton In Liverpool reached point
within fraction of the lowest mark ever realised and
all goods manufactured Of the material at tho low
prices ruling brought into competition with those
manufactured In this country from cotton purchased at
the highest prices The result of this serious losses
to our domestic manufacturer Had more Judgment
been ufed In the purchase Of the material there
would have been suoh dismal and gloomy account of
earnings exhibited In the above table, and had the
large surplus funds laid up from the earnpgs of pre-
vous years been reserved for the payment dividends
in times likel these, instead of making the most
extravsgant expenditures for new mills and
chinery there would not have been much complaint
against the tariff, or 20 much disappointment among
afr Il otad thstt
Of Lowell, with capital Of and half million Of dol
lars have made only six thousand dollars during the
past year, and this fact parsdsd by tho
for the purpose Of showing tho ruinous effects Of the
present tariR Every error in Judgment In the mana.
gers Of these establishments every reverse In prices
every loss by suspension Of their customers every bad
debt in any shape, summed up and put down against
the tsriR.
There are many cotton manufactures in the Eas.
torn, Western and Southern States in the highest
state Of prosperity, which not only make good dvi
dsnds bat the stock Of which commands In the
market high premium. Companies with less sapi.
tai than most Of those located in Lowell, and NOR
moderate facilities than those which have net earned
dividend during the past year. have been doing prof.
table business and their have no reason to
had fault with the present tariff There is vast deal
extsvsganse in the management Of nearly all the large
manufacturing establishments Of this country and until
more economy is used in the expenditures the large
dividends which many OF them have made during the
two three years previous to the last declared will not
b realized again very II Is the class Of smaller
manufacturers, distributed oil the country that
prosper amidst all fluctuations In prices for tho
MATERIAL and for manufactured goods amidst all changes
In he tariff and all expansions and contrsctions In the
currency. They commence with limited capital In
small way, and gradually enlarge as they increase in
strength, until ultimately they accumulate large ospi
tai and become proprietors Of extensive mills These
are the men who building up the manufacturing
interest OF this country and establishing 1t upon per
manent basis. All the combinations In creation among
the turers Of England reach this class
and we are glad to sec such increase In every section
OF the country, Of these manufacturers a. has taken
place within the last two thrse years We have no
doubt but that the rapid increase at tho South aud
West has been partially the cause Of the depression
among the Eastern manufacturers rs tho demand for
consumption In the immediate vicinity Of the Southern
and Western establish ments has no doubt bsep prino
paly supplied by them In G,orgia there are thirty
two cotton factories in active operation or In prcere,s
Of construction, mployng q capital Of more than two
millions Of dollars The number Of operatives engaged
10 three Thousand the consumption Of cotton, Der an
num- reaches from IS to 40 900 bales and the value of
ms goods turned out last year was but little
short ofons and half millions Of dollars There are
several iron establishments In successful operation
Georgia, with large capitals, and give employment to