Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-09-20

the rapid accumulation of wealth.
China, which has long Jagged behind
i'm the industrial race, is also waking up
to the situation. At the present moment
three large factories are being erected at
the port from which ! write, covering
many acres of ground, and before AN
other year Is out, two or three hundred
thousand spindles will be at work. That
the ordinary Chinese cOolle can be readi-
ly converted INFO an efficient mill hand
has been abundantly proved. His pa
tient endurance of labour is well known.
as also his frugal habits. The present
rate of wages, with which he is well con-
tent, may be put, in English money, at
from I'd. TO sd. per day. The supply of
labour is so enormous and the extent of
the country is so vast, that many years
must elapse before there can be any ma
terial rise in wages.
But it may be urged, granting that
India and other Eastern nations can
make their own coarser and commOner
yarns and cloths, the competition is
after all confined to these grades, and
they cannot touch us in the finer quail
ties. 1t is no doubt true, that hitherto
the competition has been mainly in the
class of goods mentioned, but there is no
reason whatever why it should be con-
fined to that. If there is any force at all
in the argument adduced, it extends to
all industrial operations whatever. The
only reason why Eastern mills have
hitherto devoted themselves to the lower
counts of spinning is that native cotton
is most suited for this qua lily, and that
the greatest profit was to be made in this
branch of the industry. But there is no
reason why American and Egyptian cot
ton should NOT be imported when re-
quircd, As it is imported into England.
No doubt good many years will elapse
before these Eastern mills can Gust us
from the position we now occupy as
manufacturers of the medium and finer
fabrics. But that things are tending
that way. there can be no doubt. Mr..
O'COnor, assistant secretary to the gov
eminent of India, in his Review of the
Trade for 1929, says:-
Tie influences that affected the mar
ket for yarns, affected also the market
for piece goods, which continue to exhibit
a non-prOgressive character. The trade
in unbleached goods is smaller than it
has been since 1883, and in neither white
nor colOured goods is any advance appar-
ent for many years. 1t must be inferred
that. as suggested in the Review of Trade
for lS90-l. imported piece goods are grad
ually being superseded by local manu-
features"
And again, page 3G:
"There is no doubt, looking at the
course of trade over a series of years, the
competition of Indian mills is telling on
the import of Manchester goods. The
mills are gradually beginning to make the
medium class of goods. which form the
bulk of the imports, and they are also be-
ginning to bleach and dive their goods"
The process described by Mr.. O'Conor
will be fastened by the development of
yarn spinning. in the far East. The
principal outlet for Bombay yarns has
been China and Japan. As these markets
are closed to them, rs they will be in a few
years by the progress of local mills. the
Bombay mill owners must devote them
selves more and more to the medium and
finer kinds of cloth, which in turn will
GUST the Manchester products.
But the object of this paper is not to
show the rate of speed at which these
changes may be expected to arrive, but
to show the tendency and drift of things,
As the inevitable consequence of the mon
etary disturbance. There are, of course,
other elements that count. and which
may for period postpone the catastro-
phe, or mitigate its effects. Intelligence.
organization, abundant supply of capital
may enable a manufacturer to hold his
own, or even to succeed against econ
Omic advantages favourng his cOmpeti-
tor. England has all these on her side,
and doubtless will make good fight for
it.
But our manufacturers are fighting
against odds. They are handicapped in
the race, and many changes and adjust
ments are inevitable. Many forms of
industry will have to be abandoned al
together, and though new forms may
take their place. much capital will be
lost and much suffering entailed.
But why should our people be handi-
capped? What national advantage can
be shown at all commensurate to the
great evils that are evident? 1t has, UNI
fortunately. become ingrained in the
English mind, that gold recommendation
is inseparable from our national pros
perity. But should we not have pros
pered all the same up to 1873 had we
been blmetallic as France was; We
should have enjoyed all the advantages
of fixed par of exchange none the less,
by being ourselves party to the League.
And has the nation prOspered so much
since 1873 that we are justified in glory
ing in mOnometallism: Some individu-
ais have prospered, no doubt. All those
who have a realized capital in gold have
benefited. But for the bulk of the ma
ton, for the industries which are the life
and soul of the country. the change has
been almost an unmiXed evil.