The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1911-06-13
CROW ELSEWHERE

VEP III ~
Has Bought 80, 600 Acres of Land in
Mississippi Delta and They Declare it
Necessary to Grow the Cotton They
Need in the South.
The details Of the meeting Of the Fine
Cotton SpinnerS and Doublers' Association
at which it was decided to buy 80 600
acres of land in the Mississippi Delta and
begin the cultivation of long staple cot
ton are found in the London "Statist' OF
Nav -. The meeting was the fourteenth
general one Of stockholders and was held
at Manchester May &c. Some extracts from
it are as follows. and they contain those
red to as well as some facts showing the
prosperity Of the spinning industry
abroad for the year:
Lord Rotterdam, in moving the adop-
ton of the report, said When the ac-
counts for the year were made up on
March 81 last yoar directors found them
reserves up to $1,000, 459. We propose to-
dedUcting depreciation and including the
amount brought forward of 1881 sol, that
representing an amount of t57, 900 IL eA,
cess Of the corresponding amount last
year, and $500 in excess of the CORES
pondinG amount for the year 1909, hut
in the latter years the amounts brought
forward were larger. 1t would perhaps
give you a fairer idea of the prosperity
trading profit shows an increase over the
profit of 1900 of f144, O00, and after trans
ferring the usual sum of $4,000 to our
depreciating account, and after paying
f11o,G0 for our debenture interest, your
directors have no hesitation in recon-
mending the transfer of 100000 to the
reserve fund as against the transfer or
10000 to the same fund a year ago. and
that transfer of 100000 will bring oul
reserves up to 100000 We propose to.
day. with your consent, to declare the
usual diyident of 3 per cent on the pref
erence shares. absorbing f125,OOO, and a
dividend of 8 per cent on the ordinary
shares. absorbing 100000 that will leave
us with a carry-forward for the next
year of f196. SO1. or 1000 larger under that
particular item than it was a year ago.
4 year ago l had to refer from this plat
form to the shortage of cotton supply
from which we were then suffering; that
shortage, as you remember, resulted from
the comparative failure Of both the
american and the Egyptian crops in 1903.
!. am glad to say that the succeeding cot
ton crop from Egypt was a remarkable
one, and in view of the satisfactory out
put from that great cotton-growing coun-
try | think it only right that we should
from this platform acknowledge the care
full and constant attention which the
Sovernment has paid to this important
especially for having started a new agri-
cultural department. in Egypt under the
management Of Mr.. Dudgeon. I think the
constitution of the department Is likely
to benefit first Of all Egypt, where the
cotton is grown, and next the various
Countries in the world who are users of
HSJ wa tOuOu. nat L nave SHiu just
now refers to the Egyptian cotton crop,
but although the American cotton crop
mas been very much better than that Of
the previous year, it is still inadequate.
- think from the worlds requirement
the normal crop is entirely insufficient to
meet the abnormal extension of cotton
spinning machinery which took place a
lew years ago, and unless and until we
nave a corresponding increase in the sup
ply of our raw material / think it is OBJ
V,ous that we shall suffer periodically
from this scarcity and it's dearness. Re-
1errlng for a moment to our balance sheet
! VIII not trouble you with a detailed
reference of more than one or two items,
put / would like to call your attention
70 the items among the assets under the
shares and Undistributed Profits in Sub
sldlary Companies The total of that
Item this year is Fl ,957, 143. That shows
an increase on the year of some fS5, 900.
Inc reason why l call attention to that
particular item is that l think it very
important that we should bear it in mind
when considering the satisfactory results
OF the trading Of this association.
During the last year these investments
amounting to nearly two millions sterl-
ing, depend, upon it, are not all Of them
IN cotton mills. They cover a very much
wider field, and some of the most profit
able OF them are in ventures quite apart
prom, but. closely allied to the business
OF cotton spinning. The variety Of these
investments serves, therefore, a useful
purpose, not only in ~steadying the earning
power of this association, but also in