Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1906-06-19
Miseellaasuus 8saains.
OPPORTUNITY OF THE SOUTH.
Interesting Review of Cotton Market
Conditions,

Interesting Review of Cotton Market
Conditions.
Mr.. E. D. Smith, president of the
South Carolina Southern Cotton asso-
citation recently gave out the follow
ing interesting review Of the position
of the south with regard to cotton:
I'm view Of the fact that such q
number Of planters and merchants
throughout the south are selling theil
cotton for next fall delivery at 10 cents
per pound, there are certain facts
which deem 1t the duty Of myself and
others who are posted, to give to the
members Of the Southern Cotton asso-
citation and those interested in the con-
tinued high price of cotton and the
consequent prosperity Of the south.
I'm 1904 we made practically 14,000,-
900 bales Of cotton; in 1905 we made
approximately 1O,500,000. These two
items make an average Of about IL :
100000 bales for the two years, 1904
and 1906. Notwithstanding this enor-
nous yield Of cotton, enormous In
comparison with what we have been
led to believe was necessary for the
worlds supply, hear what the officers
of the British Cotton Growing associa-
-tion have to say In reference to the
cotton situation published May 18th in
the official journal Of the Manchester
Cotton association. This journal says:
Ion last Thursday what the prime
minister described as one of, II not the
most influential deputations that has
ever waited upon the head Of the gov
ernment of this country, met together
in the foreign Office, London. Accom-
panying Sir H. Campbell Bannerman
were the Earl of Elgin, colonial secre-
tary; Mr.. John Morley, secretary for
India; Mr.. Winston Churchill, under
colonial secretary, and Mr.. George
Whitley, chief ministerial whip. This
deputation which represented the Brit
ish Cotton association, some Of the
principal chambers of commerce OF
Great Britain, the various associations
of labor and capital, some Of the chief
magistrates of Lancashire, and other
towns outside Of Lancashire was in
troduced by Lord Derby, the lord lieu
tenant Of Lancashire. He was follow
ed by the Duke of Marlborough, who
In few pithy remarks associated
himself with the movement. Mr.. ]. A.
Hutton, vice chairman of the council of
the association, stated the case for the
deputation. He stated that the annual
value of the production Of the cotton
trade amounted to over 100,000,000
pounds sterling ($500,000, ,000) and that
the capital directly engaged represent
ed over 400, ,OO0,00 pounds sterling, or
81, 900, 100000. There was no need, he
said, to labor the point that a trade OF
such Importance vitality affected the
welfare Of the country, and that any
disaster to 1t might be said to be a
disaster to the whole country. The
cotton trade, he went on to say, was
in a very dangerous position. The
dangers were two-fold. In the first
place they got rs per cent. Of the raw
material from one country, and that
they were consequently at the mercy
of the weather in one part Of the
world. It was therefore quite evident
that they ought to aim at broadening
the bast of supply, and IL possible to do
so within the British empire. The Sec
ond danger to which he called atten-
ton was that consumption was more
or less overtaking production. 1t was
calculated that consumption in the
British empire was increasing at the
rate Of 100000 bales per annum, and
Lancashire alone had in the last year
or so added something like 100000
spindles to her spinning capacity which
represented an increase In consump-
ton in Lancashire alone Of half mil
lion bales; that the United States had
increased their consumption from q
SOC, 900 bales ten years ago to 100000
bales at the present. It was therefore
clear that in a comparatively short
time the United States would require
the greater part of their own produc-
ton. Whether they would get it was OF
course another thing. For the cotton
would go to those who paid the best
prices for 1t; that a scramble was ex-
pected, nobody would deny. The pres
ent position gave great anxiety to those
who were deeply interested in the cot
ton trade.
"In 1901 and 1902 good many mills
had to run short time; in 1903 the bulk
of them had to run short time for four
months. The climax was reached In
1904 when the greater number Of mills
ran short time eight months. He did
not think 1t was realized outside OF
Lancashire low much suffering this
entailed. Perhaps he could not indi-
cate it better than by saying that In
many cases two families had to be
crowded into one house. So long as
they had fluctuations of that sort, so
long must they remain In the unhappy
position they were now In. What was
the crop going to be? If 1t was any
thing less than 100000 bales, they
would have speculation again and short
time The consequences Of short time
were very serious. According to Mr..
Macara, who was generally recognized,
he said as the greatest authority on
cotton statistics, three-quarter time
meant a total loss to capital and labor
Of 100000 pounds a week ($750,0OO to
Lancashire alone, and $40, 1000, 900 a week
to the whole country (EnglanO.
1.-The association had made inquiries
all over the world in their search FOR
new sources Of supplies. and they had
come to the conclusion that they must
have a country capable of producing
millions OF bales to take the place or
or supplement the American supplies.
And that North Nigeria alone was the
only possible salvation for the cotton
trade. But here they were brought up
against the fact that North Nigeria
was for all practical purposes inacces-
sible.
"Sir Alfred Jones urged the English
government to take hand in helping
the British Cotton Growers associa-
tion. Sir Alfred Jones Is president or