New-York tribune., 1919-10-17
Cotton Conference
Asks Huge Fund
To Aid Exchange
Wants Billion Credit forWar
Finance Corporation 10
Buy Foreign Debensures;
Other Recommendations
.SnccinL Cnrrcsnnndc,c,

Special Correspondence
NEW ORLEANS, Oct. 1G-After
decision was reached to suspend the
rules the British delegates boltcd tho
world cotton conference to-day and
withdrew in a body
NEW ORLEANS, Oct. 16 (By The
Associated press). - The world cot
ton conference was made a perma-
nent organization late to-day with the
adoptionu of report submitted by the
committee on organization. Sir Herbert
A. Dixon, of Manchester, England,
chairman of the British delegation to
the conference. was elected president
and the recommendation was made that
the next conference be held in England.
Other officers are general secretary,
Rufus l.. Foster, Boston; assistant sec
retary, Frank Nasmith, England; treas
urer for European members, Sir James
Hope Simpson; for the United States,
W. Irving Bullard, Boston; vice-prcsi-
dents, for the United States Fuller Z.
Galloway, La Grange, Ga; England,
Edward b. Orme and John Smithcrs;
France, George Badorn; Belgium, Count
Jean de Homptinne; Switzerland, Her
man Duhler and Italy, Giorgo Mylius.
recommendation by American mem
bers Of the group on financing foreign
credits and exports that Congress
place at the disposal of the War
Finance Corporation sufficient funds to
permit the corporation to finance the
expectation Of at least 100000 bales
OF cotton was adopted. The resolution
of recommendation asserted that the
government had authorized the eXtcn-
sion Of $ 900 600 ,000 of credit to finance
exports through the agency of the War
Finance Corporation, and it urged the
purchase of foreign securities, against
dcbcnturcs which would be issued and
sold in this country in order to get
away from short-tcrm banking credits
and stabilize the rate of exchange
Recommendations Of the growers, en-
bodylng fourteen points, at first were
voted down because of objection to
several of the points. 1t was agreed
finally, however, that the rules be sus-
pended and that points in the growers
recommendation not previously killed
at the general committee meeting be
voted on. AS a result all points in the
growers recommendation were adopted,
with the exception of those condemning
the sale of cotton on call, favorinc gin
compression, condemning gambling in
cotton and other necessities recon-
mending that tare should consist only
of the actual weight of the bagging
and ties of the bale and urging closer
cooperation between the grower and
spinner
Foreign spinncrs objected to the con-
demnatlOn of the sale of cotton on call,
declaring 1t was necessary that they
should be allowed to purchase their
cotton in that way. The gnncrs' group
objected to the gin compression recon
mendaton, while because "gambling"
was not defined the bankers group
voted against that feature of the
recommendation, explaining that the
futures market was a necessary part
of the cotton industry. and that deal
ing in cotton futures had often been
classed as gambling.
The recommendations of the grow
ers' committee, which were unani-
mously approved after suspension of
the rules, follow.
/. Diversification of crops.
2. Recognition Of cotton damage as
an inexcusable economic loss.
3. Increase of storage warehouses;
4. Twelve more marketing systems
for farmers.
5. Endorsement Of the formation of
poration.
6. Tagging of each bale with the
name and address of grower.
7. Opposition to price fixing by gov
ernmcnt
s. Opposition to embargo and re-
strictions on cotton in times of peace.
8. Demand that a price for cotton
covering cost of production and fair
profit be allowed.
A recommendation by the growers
that all revenue taxes be removed from
cotton seed oil products and markets
enlarged was rejected by the confer
ence, an adverse vote having been
recorded by the textile manufacturers
who announced they feared cotton would
be raised more for seed than staple
under conditions urged in the recon-
mendation.