New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-24
4 CONFERENCE OYER coTToy

4 recent issue OF the Daily Consular Re-
ports" printed by the Department Of Com
merce and Labor. contains an account OF an
international conference held in Zurich. ito de-
wise ways of improving the condition of the
cotton market II is hardly necessary TO say
that the meeting was held in the interest OF
the manufacturers, not the growers, or to add
that it was brought about by the high prices
which have prevailed at times during the last
six months. England, being the largest for
eign buyer, has naturally suffered the most
severely. 1t was upon her initiative that tho
congress was held, but practically all OF Eu-
rope was represented, and Europe has in op-
Grafton about three times as many spindles
as the United States. In aim and purpose,
therefore, the gathering was far from insiGnifi-
can't though no formal and decisive action APP
pears to have been taken.
Several methods Of securing relief were pro-
posed and none Of them could be characterized
as absurd Most Of them however are appsr-
entity impracticsblc. They would be eficacious
if they were adopted but adoption seems 10 he
almost difficult spriukling salt Oh a birds
tail 2 preliminary 10 capture. There was
talk, for instance of limiting the output OF the
mills, and thus diminishing the demand for raw
material. Such a policy would tend 10 lower
prices, but il could not be carried into execu-
tion without organizing the cotton industry of
Europe into a colossal trust Every mill owner
would be willing to have his rivals cut down
production, but he might be reluctant TO de-
crease his own. The advisa blity OF securing
better market reports" than are now available
was also discussed. If more accurate informa-
ton regarding actual sales and prices than is
now supplied is wanted, it is doubtful whether
the requirement will ever be met. 1t is true
that estimates Of production. past and future,
often disa gree, even when made by government
officials who are thoroughly honest and disin-
terested. Tho same thing is observed, however.
with the statistics of production of other kinds
of gold, for instance II is extremely doubtful
whether a closer approximation TO exactness
than is now attained is possible at least in
the United States. which raises about three
fourths of the whole supply Of cotton.
More feasible, if not more sensible, is the
suggestion that encouragement be lent to the
culture "f this great staple in other countries
than America. Something has already been ac.
complished in this direction. especially in Eng
lands colonial possessions. Thus far the prac-
tical results have not been large. but the full
influence of the measures recently taken has
not yet been felt. If Germany and France,
which dominate large areas in Africa and both
of the Indies, should follow the example OF
Great Britain, their manufacturers might be
rendered less dependent on America than they
are now. Again, II the mills would accumulate
larger reserves of raw material than they haye
been accustomed to carry, they would suffer
less from an attempt to corner the market.
Such a course should be followed cautiously
and by slow stages, lest demand be created
which would force prices upward temporarily,
but it is dictated by common prudence. If the
predictions of a crop of 10 100000 bales or more
in this country this year should be verified an
opportunity for making beginning would seem
to be at hand.