Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-12-17
Cur Future
English Investments In the south.

English Investments In the South.
From the New York Bulletin.
That the South will ultimately absorb @
| large part Of the cotton manufacturing in
terest Is conclusiveiy proved by the present
| state of affairs. Of the mills of New Eng.
| land, many of them are now closed; others
are running on short time; while not one
| single corporation in the North, so far as
we know, is working up 10 its maximum
production. The cause of this semi-pros.
| tration in one Of our most important inter
| ests is plainly to be seen in the diminished
wants of the people at high prices, the
falling CT IN the amount of exports, and,
consequently, the little, or in most cases,
no margin afforded in selling the goods at
current rates. The cost of producing q
yard of cotton standard sheeting in Mas
sachusetts and in Georgia exhibits diff
| This is accounted for IN various ways
The slight difference in cost Of the raw ma.
terial the freighting expenses, which OF
course, in Georgia, are done away
with. the less expense Of labor in
handling, &C., are few of the most
important The result is that every
Northern manufacturer is complaining
that present rates do rot even afford in
terest On the capital invested in property,
machinery, &c. Besides, the Northern
water-powers ara all absorbed by monied
corporations, which, Of course, to benefit
their stockholders, are forced to levy and
collect as much as possible for rents, while
the donse population Of the North renders
every foot of ground adjacent to these
water courses valuable for dwelling and
business purposes. Thus the mill owner
is obliged to contract his limits for manip-
II e I J IL. II
est space possible or else absorb more
space at a mparatively high price, which
the prospective profits do not warrant -
In the South these ter-power2 are alto
gether moro numerous, and, from the OK
tent Of the majority of them, capable of
eXerting more power than those OF the
North, while the prices at which eligible
LANDS end sites are now offered, compared
to those of the North, are decidedly low.
English capitalists are therefore awak-
Ing to the excellency of the field
thus offered for investment, and many
Of their agents are at this moment in the
South prospecting, while their numbers
are augmented by almost every steamer.
The ''Cotton Supply Association" of Lon
don, England, came TO the conclusion this
summer that midas production Of the
staple had reached its maximum, unless
efforts were made to improve the condi-
ton of the land. "In that peninsula I'm
dial there was on abundant field for Gull
tivation, and cheap labor market. Be-
fore the agriculture! condition Of India
would reach the desired position great i'm
proveA4ents wero necessary. Those i'm
provements, considering the vast area of
the country, and the want of means of
communication, could not be effected by
n att oil oIo&
was paternal, and to it they must look for
assistance" Resolutions we're adopted
petitloning the government for some as
sjstance which so far have been of little
avail. Ahe non-suocess Of their pro I.
ajects and the satisfactory accounts
received as to the condition of
the South, turned their attention to
this new field OF investment open to
them, whore private enterprises could be
most effectualy and successfully employed.
The consequence was the dispatching of
an agent to inquire into and report full
particulars regarding the production and
manufacture of cotton in the South
ern States. The gentleman filling
this position has arrived here, has visited
the South, and is probably ere this on his
way back to report his experiences, which
we are rather anxious to know, as pend
ing this action Of the association, @ num-
Der of English capitalists stand ready to
pour their wealth into the South, which
must largely contribute to its prosperity
and advancement. That the benefits to
accrue from such Investments are i'm
mense is beyond question, and we regret
exceedingly that this should be made by
foreigners, while large amounts of unem-
r'oyed capital at the North should be al
lowed to remain idle