The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-21
CONTRACT IS TEST,
BUT NEEDS REFORM.
Cotton Association Urges Uniform Agreement Between
Spnners and Selling Agent-Strong Plea for Greater .

AT the afternoon session OF the con-
vention Mr.. Lewis w. Parker, of
Greenville, S. G.. chairman Of the COM
mittee on uniform sale contract. sub
mitted report showing the need of
more uniform agreement between
buyer and seller. and admitting he
possibility of reaching it without fur
Their consideration. The committee re-
commended that the membership he
enlarged. that counsel be employed to
prepare a suitable form, which would
be satisfactory to all alike. and
which would stand the test In the
courts. The losses to manufacturers
consequent upon cancellations, said.
the report, have been enormous. and
It is but truth to say that the last
two years have shown that. the stand
ard OF integrity OF buyer and seller Is
not as high as the trade justifies.'
For Uniform Contract.
Following is the full text Of the re-
port. which was adopted without a
dissenting vote:
"At a meeting OF the board of COVER
nors of this association held on yes
terday, there was appointed commit
tee, of which the Undersigned are M M
bers, to consider the report, of this as
ISOLATION is to whether or not IT We're
practicable to adopt rules which should
govern the rights of buyer and seller
in sales OF cloth and yarn. and which
should clearly define the remedies OF
either in the event of default on the
part of the other. and which should fur
thermore clearly define the rights
which either may have to cancel or de-
clare void contracts made.
Your committee was further In
structed to report IS to how far 1t
would be practicable to unite the mem
bers of the association in the efforts
tn I'm contracts IN the inter-
est of the members of the association.
These are large questions, and need
most careful consideration 1t is UNI.
fortunately true that probably on ac-
opment OF the cotton manufacturing In
dustry in tho United States In the last
two decades the rules applicable to the
sale Of cotton commodities are very
indefinite. and are only defined by Gus
tom of trade. which is not generally
understood, and which is not accepted
in the same meaning by all Interested.
Must Protect Rights.
ct is of the utmost Importance that
1.-THE rights of buyer and seller should
be known. and that the remedies to be
applied In the event of default on the
|stood. The fluctuations In the price
|of cotton commodities have been dur
ling the last year almost unparalleled,
and these fluctuations have caused
IluCu lIlSLlOu W dIASS liz LIZ hpPAASoSA0h
of rules OF trade, and have caused ap-
parently much injustice to be done on
the part at one time of seller to buy
er, and at other times OF buyer to SELL
er. Your committee would not for one
moment contend that defaulta and wrong
has existed on only one side. On the
contrary, there is doubtless much force
In the position taken by some buyers
to the effect that during the last year
when prices We're abnormally high and
lyxyt7a a "a c
manufacturer to sell goods at full
lprices and to defer deliveries due on
his contract, that the manufacturers
themselves In some instances We're at
made. deliveries on their contracts and
| In the quality of goods which they
Iapplied to contracts. On the other
hand during the past six months, con-
lsequent upon the decline IN prices OF
cotton commodities, many buyers have
awaited themselves of many unreason-
able and unjust excuses to cancel con-
tracts which We're made In good faith
and which should have been adhered
to by them.
Great Honor Test.
Probably at no period in the cotton
manufacturing industry has there been
such a test OF honesty as there has
been in the past two years; first on
the part of the manufacturer TO hon
estly carry out his contract and de-
Illver goods OF the quality sold at the
times called for by contract and with
In the last few months on the part
lof the buyer to receive their goods
according to contract, OF the same
quality expected to be received and to
pay for the same, though the loss We're
great. Probably every manufactures
| In this room has entered each month
during the past six month With fear
and trembling as to what would be
| the result to him In the delivery of
his goods, There Is no question that
many buyers have made most unrea-
sonable demands and have made most
hand. there are some buyers whose In.
|tegrity and honesty in the acceptance
lIof their goods, even when the losses
Ito them We're very great. Is most mark
Y ad and such mon should receive the