New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-08-16
GREAT BRITAIN.
THE TIMES ON THE coTTON SUPPLY.


LONDON, Saturday, Aug IA, 1892
The T,iaoS to-day has editorial article on the
subject of the cotton supply wherein 1t says:
"A curious aspect has just been given to
the question of the cotton supply just as
the association for promoting this object Is
holding its usual meeting, merchant writes
us asserting that Manchester alone is responsible for
the scarcity it suffers. With all its wealth, enter
prise and confidence, it has never invested penny
In a cotton field. The conclusion of the outside
world obviously is that those who know the most
about cotton are convinced that cotton planting
never pay. Their caution acts on Others and cotton
culture is discouraged. If the Manchester
spinners would establish cotton compa-
nv with a large capital employed in the heart
of India things would be different; but
they stand aloof refuse to risk their money IN the
adventure and when cotton comes to them, dnye 1t
down to a losing point. The association urges the
establishment of a vast cotton field in Ethiopia; but
the recommendation, though interesting to growers
has little effect to more cotton to be grown
Mr.. Golden and his friends maintained that it was
not the duty of the manufacturer to himself
with the growth, but merely to offer a sure and
steady market for the product. II India undersold
America by farthing pound on equal quality, she
would command the Lancashire market. The true
policy of the manufacturers was to keep the market
OPEN and give the preference TO the best corners.
How these doctrines ended we need not say; but 1t
Is singular that the complaint of correspondent
lends illustration to the argument. He re-
sents the practice Of the manufacturers
in driving down the price Is it not natural for the
buyer TO cheaper the articlef Does not the remark
strengthen the argument that the same people ought
not to be buyers and sellers His figures state that
the average Indian cotton formerly bringing four
pence pound, now brings ten pence; and il may be
many years before 1t is lower than seven pence. If
this means that seven pence would repunerate the
planter and satisfy Lancashire mighty question
NAV be near its solution. Remembering that the
cardinal question is the price cotton stus be sold
60 the markets of the world and the money to
pense the grower and spinner comes from the pocket
of the wearer 1t is useless to grow and spin if it
cannot be sold 10 quantity and at price to remuner
ate all concerned Up TO the time of the American
war the conditions were fulfilled The South pro-
dueed and Lancashire manufactured so cheaply that
the article commanded the markets Of the world.
The native spinner always undersold. The price Of
Indian cotton is two and q half times
greater than formerly. which is enough TO de-
molish the whole trade. No wonder the looms are
idle Cheap goods and dear cotton are incompatible.
Until cheap goods are produced trade cannot revive
II the average ID pays the grower. there is
con why industry should not revive Protective
tariffs will not always prevail. II the price spoken
Of will satisfy the consumers and remunerate the
producers there is nothing 10 prevent the speedy
vival Of production and consumption. But, between
the spinner and the grower, must necessarily exist
the ordinary commercial antagonism. Cotton IS now
tenpeRce instead Of fOuFpeDce because American con-
petition 10 reduced. The price can only be abated
by the return 10 larger more regular supplies If
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