New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-18
.JAPAN'S COTTON INDUSTRY.
MILL-OwNERS' EARNINGS GRADUALLY
FAILING OFF.
GOLD STANDARD BLAMED FOR THE CHANGE
WHERE THE REAL FAULT LIES
Az rrLEanArH ro rnE TRIBrNE.l

lBY TELEGRAPH THE TRIBrNEl
Washington. april 1.-THE cotton-spinning ihuus,
Try of Japan appears to be In as c@presseo MI"
unsatisfactory a condition as most OF ner o'ne'
manufacturing industries. In November. 1879 '"e
| number OF cotton-spinnIng mills was seventy-seven'
and the total number Of spindies sl'o't INC
quantity OF cotton worked up in the course o.
the year amounted q Si3 coo pounds and the total
output OF yarn 23.773OOo pounds. Returns rom
eighteen mills in the last half OF the year sho"eo
that only three reported Increase OF dvidehds as
corpared with the first half while only two had
maintained increased the DIVIDENDS deciareu III
the last six months OF 1897 Eight out OF tne
eighteen or a per cent paid no dividends at all
in the last half OF 1898.
Consul-Ceneral Convey. OF Yokohama. has sent
to the State Department newspaper article pup
lished there. in which the writer says:
1t must I've rather miserable reflection for o tne
eminent bonds, 1t would be giving them return OF 81
3 per cent at present market rates ana be nro
ducfng per cent whereas IN the case OF eight mills
gives no return at a. ana n,eresng to note that
the adoption of gold monometallism Is frankly
which is the chief customer for Japsn's yarns. has
become constantly falling market from the popin !,
reason that the mll-owners are so anxious to see
a China pan bank established working on a
silver basis. Such an analysis OF the SITUATION
Exporters Of goods from a sold-standard country
their markets are among silver -standard peoples
% long the appreciation OF gold continue mt hs
read among foreign observers OF Japans currency ie
arrangements Since Japan became mcnometaile,
however there have been no fluctuations OF eN
Grange at all comparable in severity to those OF
uast wears: vet British manufacturers managed 10
find their account in supplying sver-using nauons
through the whole period OF the sharpest aPprecina
sarne obstacle In a greatly reduced form, is re-
sponsible for the recent failure OF Japanese MUS
especially VIXEN Japans home market Is h Oh t ,h
importance
Chinese market. the latter taking what may ve
called her surplus producc only? The cause ~ 10
he sought II some conditions independent OF ek
change Defective o.ganiza ton. unskful methods
in LAYING in raw material increased cost OF ldVoI
and want Of cheap working copitar.nssh ard he
reasons assigned by foreign critics VINO shoulu ne
competent 70 give an intelligent opinion. -
Further reasons adds the ul-Generai are
said be the payment of inflated dividehus LA,
anything for depreciation of plant, sinking fuhu'
10 ascribe the depression OF the manufacturing
standard which has curtailed trade with emma
which Is on a silver basis would seem to be a mis-
In 1894 the exports of cotton manufactures from
the United States to China amounted In value 70
s2s54l and in 1897 10 81 $50 s,s an increase IN 'nr S
years Of Si6O6.6S7. or more than ISL per cent me
increase Of exports OF colored cotton cloth was
from s4 l55 in value to 81 232O OF uncoiored from
to SIS 1856 China took l2s7 yards Of colored cotton
cloth from the United States in 1894 and 2O02l5l In
rom the United states 1888 $40 yards in 1894
and 119 Az 1884 yards in 1897. In the same period
the exports of cotton manufactures from the
United States TO Japan also increased From
isot 70 1907 the total value increased from S50,441
TO sl6s55s or than 800 per cent. The IN
crease Of exports of unmanufactured cotton 70
s3GO 400 to 81 345 0t6 more than 900 per cent
No unmanufactured cotton was exported from the