New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-15
THE LANCASHIRE CRISIS
Cotton Spinners' Campaign against
Spectators.
London. January G.

meeting Of the cotton trade in Manchester. at
which gambling operations in America and
Liverpool were strongly condemned. has been
followed by the presentation Of Mr.. Macara's
proposals fer counteracting them. The remedy
suggested for the evils % speculation based
upon pessinisuc estimates Of the cotton supply
Is contraction ot consumption. Mr. NIAGARA
proposes preconcerted arrangements fer depriv-
ing spectators of a market when they force
I'D the price Of cotton artiacially. The spinners
are to be bound by a hard-and-fast coalition
not TO buy cotton for the enrichment OF gam
blers, but to cut down their working time all
around and TO wait until the prices fall The
figures of the American Agricultural Bureau
have not been accepted by the Lancashire trade
as trustworthy. II has preferred to follow the
estimate OF Mezsrs Neil Brothers, which puts
the crop above 10950000 bales; and these fig
ures have been advanced considerably beyond
100000 bales by independent statisticians
with optimistic tendencies. Meanwhile the
trade has been exposed TO the inconvenience
and cost OF buying cotton for immediate supply
ut prices which IL considered fictitious and
speculative Although there has been sudden
drop this week. cotton has been higher than at
any tine since the outbreak OF the American
Civil War. when the supply was cut off and
Lancashire was without raw material and its
best Informed and most conservative men in
the trade the evidence that there is a serious
shortage IN the American crop is untrust-
worthy and the general interests Of the indus
fry-perhaps the greatest one in the United
Yingdom-are 3eopardized by senseless specu-
lation.
Mr. Macara's scheme which is worked out In
detail with painstakng care, proposes curtah-
rnent Of production by the substitution or forty
for dfty-fve and a half working hours week
for the period of four weeks. BY that time the
truth VIII be known about the American crop
ma prices will have settled to the natural level.
spinners who prefer to keep their factories III
operation on full time are called upon by MI.
NIAGARA 70 pay to a central fund sum which
viii be fair equivalent for the losses OF those
consenting to reduce their production. The
-rocesses of calculation are too intricate and too
technical to be reproduced in detail, but the
unit Of compensation may be broadly stated as
three-ffths Of penny per mule spindle Inc
loss o. sixty-two hours in the working time Tor
four weeks II these adjustments and compensa-
tions for the good 81 the trade as whole were
considered satisfactory. would involve mate
rial reduction in the consumption OF cotton
Whether it would be an effective counter-check
upon speculation in cotton values is doubtful;
but II would be a practical measure for enabling
spinners TO ascertain what they can do By pre-
concerted ARRANGEMENT toward reducing produc-
ZION during limited periods. and what arrange
ments they make for securing the co-opeIa-
ton Of spinning associations abroad. MI
NIAGARA. as the chairman OF the Manchester
meeting contends that his scheme will enable
British cotton spinners to act together for COM
mon defence. The general committee Of the
epinners' Federation has sanctioned the plan
and submitted it to the trade as q whole.
THE prar more Bile, certainly, than the
frenzied demands Of some OF the Lancaster mas
ter spinners for legislation against speculation
tn raw material Gambling in cotton cannot be
prevented in Liverpool; and even If the Board OF
Trade be armed by Parliament with drastic
powers against nlegitimate speculation in raw
material and staple products Of large consurnp-
ton Il will be utterly impracticable to regulate
markets abroad. Instead OF making Irrational
demands for legislation the Lancashire spin
ners will be more prohtably employed in devils
ing measures Of their own for restraining the
vagaries Of panicstricken manufacturers, who
are ct once the dupes and the allies Of specu-
iators A reduction IN the demand for cotton
IS the natural defence against extoruonate
prices based upon scarcity or shortage Of sup
ply If II could be enforced by coordinate &C
ton of the cotton spinners in the United States,
Germany. France. Belgium and Great Britain.
there would be an effective weapon for dsarm-
already been begun in Manchester; but an inter-
national combica ~s-n OF spinners dealing direct
iy with the raw steriaI is a long way in ad-
vance Of the times. and even IL II could be
brought about under stress OF great crisis In
the worlds cotton trade. II would be an under
taking OF insuDerable difficulty TO coordinate
the interests Of the allied industries and to regu-
late the operations Of manufacturers. calico
printers. bleschers. dyers. anishers and mer-
chants. These allied industries have not been
brought into general combination in Great
Britain. much less 81 the world; and while the
spinn-rs OF the United Kingdom have power
.ul organization. there are SO many outside the
federation that II is extremely doubtful II
working arrangement for short period as
Four weeks can be effected Even II the fedora
ton were TO adopt unanimously Mr.. Macara's
plen for meeting inflated prices with a dimin-
'sheo demand for cotton. there would be a
suong probability that Independents outside the
organization would take advantage OF the op-
Portunity and operate against IL.
ny NIAGARA, 81 is true. has received assurances
G, The support Of many Of these Independent
spinners. and he has devised a scheme which
renders II possible for ali master spinners.
whether In or outside the federation. TO unite
Tor the defence OF the industry as a whole. If an
attempt be made TO carry the plan into effect all
British sPinners have the alternative of
adopting short time paying a levy TO the
common fund contributed for the purpose OF
dealing with questions of cotton supply and
eheckmating gambling and cornering" 1t IS not
probable that there viii be many contributions
TO this fund from masters outside the fedora
ton. although short time may be adopted by
those having a low supply. The scheme is not