Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1905-04-04

SOOQS Is nOt HeeIiy up " "h%S -
should be, nor anything like what 1t
would be II proper efforts were made
at exploitation. BY way Of illustra-
ton and in support Of his contention
he tells Of whole peoples who are anx-
ious to buy cotton goods, and actual
ly hunting for sellers.
We have seen 1t suggested that Mr.
McLaurin is too far ahead Of the pro-
cession again. 1t is argued that mas
much as cotton production has ex-
ceeded the manufacturing capacity OF
the mills, and that there Is now ready
sale of all the goods the mills can
manufacture, there is no need to de-
velop additional markets until the
goods with which to supply them are
available This last proposition Is not
without force, but as we see 1t. 1t
does not detract in any particular from
the doctrine that Mr.. McLaurin Is so
ably advocating. e..
Although we are constantly hearing
of the worlds requirement" the term
is misleading. The worlds require
ment" Of cotton Is an absolutely In
definite quantity. There Is no limit
to It, and there can be no limit for
centuries to come We have the IL
lustration before us right now In Its
most concrete form. We refer to the
present surplus variously estimated at
from 100000 to 100000 bales. This
surplus Is commonly referred to as the
excess over the Requirements OF the
world" AS a matter Of fact 1t Is only
an excess over the capacity or the
mills. To the mills this Is a matter
of tremendous Importance; but to the
producer it is only a distinction with
out a difference. Whether the trouble
be with the worlds requirements or
the capacity Of the mills, the limit to
the demand for his commodity Is none
the less effective. But this trouble Is
not irremediable. 1t has been brought
about by the fact that cotton produc-
ton has outstripped the capacity OF
the mills to take care Of 1t, and the
cure must be found either In the cur
tailment of production or increased
consumption capacity Of the mills.
The total number of cotton spindles
in the world in 1900 was 10S.3S3, ,O00,-
3S6. The increase Of spindles In the
United States has been like this: s.
600, 900 in 1861; 100000 in 1877; 49,
500, 900 In 1887; 16.S00.000 in 1897; 49,
OOS. 900 in 1900. The record Of Great
Britain which is far in the lead Of any
other country is like this: 30,300,0OO
in 1861; 3s,50O.000 in 1877: 100000
in 1887: 44,sOO,0O0 in 1897: 46.oO0.O0o
in 1900. The American cotton crop
during these same years has been; A.
77s,S65 in 1877; 7.046,ss3 in 1887; H.
1ss, 1894 in 1897; 10,3S3,422 in 1900.
The average price Of cotton In New
York for the different years mention
ed was 11.2S in 1877: 1927 in 1887;
6.22 in 1897: S.96 in 1900.
These figures tell an interesting
story. Capital seldom goes into any
kind of a manufacturing enterprise
except on a reasonable certainty OF
big profits. The fact that there has
been a steady increase in the number
of spindles each year shows that the
world has always been hungry for man.
ufactured cotton. There Is no evidence
that there has ever been even the
slightest lull in the demand, and that
demand Is as great today as 1t has
ever been. But with the cotton pro-
ducer it has been different. The linn
its to his capacity for production are
more flexible, and he has often pro-
duced in a year not more than the
world could consume; but more than
the mills could manufacture. AS the
result, he has often been compelled to
give up his product at less than cost
while the margin Of profit to the mills
remained unimpaired.
While there Is no doubt Of the fact
that reduction Of the acreage Will
prove a most efficient expedient In es-
tablishing the equity Of profits, 1t Is
not difficult to see that this expedient
cannot be depended upon as perma-
nent policy. The profit in raising cot
ton at 10 cents pound or over Is suf-
ficient to attract almost half the world
to the industry, and to indefinitely
hold the production to mill require
ments is manifestly impossible.
But in the broad policy outlined by
Mr.. McLaurin it is difficult to find a
reasonable flaw. Exploit and adver-
tise cotton goods throughout the
world, increase the demand in those
countries where 1t Is weak, add to our
facilities for foreign commerce In
every reasonable way, until the pro-
fits in the manufacturing business in
crease indefinitely. In the future as In
the past, increased demand for manu-
factured goods makes more profit,
more profit invites and creates more
spindles, and more spindles require
more raw cotton. When the worlds
spindles are multiplied to the point
where they will be able to supply the
worlds demand for manufactured
cotton, the resources of the producer
will be taxed to the utmost to supply
the spindles with raw material.