The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-27
BRITAIN URGED TO
STABILIZE COTTON
Head Of Southern Growers
Suggests 10 Cents q Pound
as Minimum.
OPEN LETTER TO LONDON

COLUMBIA. q. C.. Sept. 2e.-E. J.
Watson. president OF the Southern Cot
ton Congress. representing the cotton
growers. has sent the following COM
munication to the British Government:
'1nasmuch as the interdependence
upon cotton OF the and
Nnance OF the principal nations OF the
world has been so fully demonstrated
In the last year and Is now SO thor
oughly realized. n In view of the An.
nouncement following the action OF the
British and French Governments de-
claring cotton c~ontraband OF war, as
the head Of the organisation OF the
cotton growers OF the South known as
the Southern Cotton Congress I have
yielded to requests made of me to ad-
dress this open letter to the British
Government.
This letter has nothing whatever
TO do with the question OF belligerent
rights and would not presume to enter
upon any discussion of the action de-
claring cotton c%ontraband and thereby
effectively closing the markets OF two
OF the chief cotton consuming belliger-
ent nations. Nor Is there any inten-
ton TO discuss the assertions made by
the commissioners In regard TO indepen-
dence OF American cotton in connec-
ton with the war loan nov being
sought.
American cotton Is now an annual
$1,000. 900. 900 proposition. heretofore
regarded by our own Government as a
commodity. but now. because of its in
destructible character. at last recog-
nized as a basis OF credit upon which
the national banking system may make
loans. Cotton Is un~questionahly Amer
ica's greatest asset In world trade and
finance 1t IL practically the sole de-
%pendence Of the population OF the four
teen Southern States in which II il
grown.
Lord Miners View.
Il have noted the announcement Of
the British Government that the Gov
IN ~contemplates the initiation OF
measures to relieve as far as possible
any abnormal depression which might
momentnrily disturb market condi-
tons And 50 the interview with Lord
Miner. In which he IL quoted as say
ing
Nevertheless, ! recognize that IN
view OF the serious effect which the stop
page OF the importation OF cotton into
central Europe must have upon a great
industry in the United States. upon
Egypt. which country indeed is In much
the worst case. seeing hat the whole
structure OF its finance. public and pri-
waite. rests upon cotton exports. any
scheme that can possibly be devised 10
stabilize cotton prices must necessa-
rily appeal very strongly to the British
Government
The total Exports OF American cot
ton were more than 5000. 600 bales in
l9l3-li and about $500, 900 bales last
veal under war conditions. Great Brit
ain and France In l9l3-l4 took abou,
100000 bales OF the total. the Cont.
nent otherwise getting about $500. 900
and only about SOC. 900 less than
l9lt-l5.
Under c~ontraband conditions doubt.
less arrangements are in the making BY
the Continental purchasers 10 buy vi
and store Il post-bellum supply OF cotton
The visible American supply on July 81
was something over 5000. 900 bales. 81
which 100000 were In the United
States.
while the United States exports or.
d~inarily 20.992.216 q~uintals OF cotton. OF
which Great Britain takes approx.
mately half with all the impetus giver
cotton growing In Egypt and India
Egypt Isl3-li) exports only 1856;
quintals and India only $3.50 s quin,
tails. AND this year the cotton worn
has spread over the whole OF lower
I Egypt and to a small extent in tn,
provinces of CHA and Faydum.
British Dependence.
The total exports OF Great Britain
in 1914 were f5~2j.720.3ll sterling
! t2.G2S.60 $3.50. OF which nearly f1OO,.
000. 600 were exports OF foreign and
colonial produce. More than s6i5..
00O. 900 represents yarns and textil,
fabrics. In other words. nearly one,
quarter OF the total commerce OF Grea'
Britain is dependent upon the portion
OF the textile industry. which must have
the raw cotton.
plain business and sound economic.
would. II seems to me. demonstrate IN,
soundness OF the British Government,
expression in it's recent announcement
as TO contraband cotton and indicate tn,
reason for Lord Miners statement tina
any scheme that can possibly be devised
must necessarily appeal very strongl,
to the British Government.
III the British Government or tn,
British ~spinners want to do something
that would be sound and yet would no
wen approach the cost OF the PROPOSE
tlon Lord Miner properly dlscards the,
should rrang through responsible,
agents to watch the cotton both in New
York and Liverpool with a view to in
surfing the grower at least a margin o
profit on his cotton in other words, de
termine that when the price falls below
lO-or better. lO.5 cents a pound-mak
ing that a minimum beyond which tn,
price would not he allowed to fall. the,
shall enter the market to such an extern
As NAV be ,ceSSary to stabilize IL an(