Wilmington journal., 1869-08-20
The Gotten Supply.
Review by the London Times

The London Times, of the 18th instant,
has an editorial on the subject of tho cot
| ton supply, which was transmitted by cable
on Saturday, wherein it says
curious aspect has inst been given to
| the question of the cotton supply. Just as
the association for promoting this object
Is holding its usual meeting, a merchant
writes us that Manchester alone is respon-
sible for the scarcity it snfters. With all
its wealth, enterprise and confidence. it has
| never invested a penny in the cotton field.
The conclusion Of the outside world OBJ
viously is, that those who know most about
cotton planting can never pay. Their eau
tion acts in others, and cotton culture is
discouraged. II the Manchester spinners
would establish cotton company, with q
large capital employed In the heart Of In
dia, things w0nld be different but they
stand aiOOf and refuse to risk their money
in adventure, and when cotton comes to
them they drive it down to losing point
The association urge the establishment
of large cotton fields in Ethiopia, but the
recommendation, though Interesting to
growers, has little effect to canae more cot
ton to be grown. Golden aud his friends
maintained it was not the duty nf the man
ufacturer to concern himself with the
South, but merely to offer a sure and steady
sold America by farthing in the pound
on equal quality, she would command the
Lancashire market. The true policy of the
manufacturer WAS to keep the market open
and give preference to the best cOttons,
How these doctrines ended we need not
say, but the singular complaint of orr cor
respondent lends illustration to argument
lie roaehts the Practice OF the maInfac-
turer III driving down the price. 1t IL hot
natural for the buyer to cheaper the
ticle Docs not tl.e remark strengthen th"
argument that the same people ought not
to be buyers and sellers? ? His figures
state that the average Indian cotton, for
merly bringing four pence Fer pound, now
brings ten pence, end it mny be many
years befole it is lower than seven pence.
Ii this means that seven pence would ro-
munerate and satisfy Lancashire, tho
mighty question may he near its solution
Remembering that the cardinal question is
price, and that cotton stnffs cnn be sold to
the markets of the world, and that the
money to recompense tho grower and
spinner comes from the pockets OF tho
weaver, it is useless to grow and spin If it
cannot be sold in quantity and at pricca to
all concerned.
Up to the time of the American war
these conditions were fulfilled. 1he Sonth
produced and Lancashire manufactured 40
cheaply that the article commanded the
markets of the world. The price of India
cotton Is now two and-a- half times greater
than formerly, which is enough to dcmol
ish tho whole trade. No wonder that
looms arc idle. Cheap goods and dear
cotton arc incompatible. Until cheap
goods are produced trade cannot revive:
If the average of 7 pence pays the grower,
thoro is 10 reason why industry should
not revive. A protective tariff will not al
ways prevail.
If the prices spoken of will satisfy con-
snmers and remunerate producers thero is
nothing to prevent the speedy revival of
production ana consumption. But bo-
tween the spinner and the grower must
necessarily exist ordinary commercial an
tagonism. Cotton is now at 10 ponce in
stead of ponce, because American com
petition is reduced. Tho price can only
be abated by return to largo and moro
regular supplies. If India be our focdcr it |
can only be on terms OF free and open
trade. Cotton growers must be prepared |
for revival of American industry and the |
of the whole world. In such |
\ race India would have great advantages,
which, if measured by the ju,licious action
IF the government, it is probable that In
linn agriculture and British industry might |
30 established on broad and permanent |