The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1921-06-09
REVOLVING FUND FOR
BUYING COTTON
President of American Cotton Asso-
ciation Tells of Results at
Conference.

st. Matthews, June 6-President ] .
3. Wannamaker on his return from
the conference of the various lines of
the cotton industry, recently held in
New York City, gave out the follow
lug interview today:
I'm compliance with the resolution
unanimously passed by the confer
ence In New York, asking the Fed
eral Reserve Banking System to grant
more liberal extensions of credits and
a rediscount rate of not exceeding 5
per cent on commercial and agricul-
tural paper, and renewals Of loans
On agricultural products-including
cotton until the export markets
can be opened up for same. this
request has been laid before the pres
fdent, the National officials and con-
gress.
I'm addition to this, have laid be-
fore the National officials and our
law-making body, request that
the funds now on deposit with the
United States Treasurer, which ac-
cumulated through the sale of cotton
seized by the United States Govern
ment from planters and from bust
ness men in the South during the
as revolving fund for the purchase
or cotton until the markets can be
opened for the same.
The English government, in addi-
tlon to guaranteeing rs per cent of
the loss on exports since 1914, has
been using all means for encouraging
exports. opening up foreign markets
ana building up foreign trade, and
has been purchasing Egyptian cotton
direct, which action has resulted in
bringing great relief TO the Egyptian
cotton grower, the English govern
ment having announced the policy of
continuing to make these purchases
until cotton reaches the price of the
cost of production. In addition to
this, the English government is
granting loans of II cents per pound
(at per cent interest and is ex-
tending liberal loans to Egyptian cot
ton growers.
Would Furnish Direct Relief.
The use of the funds which ac-
cumulated from the War Between
the States, for the purpose of bring
ing relief to the cotton producers Of
the South, under the present dis
tressihg financial condition, would
bring direct relief to the people of the
South and indirect benefits to the en-
tire nation. and could not be used
Tor better purpose than to relieve
the very people to whom the money
rightfully belongs.
Every vestige Of sectionalism
should be removed. following the
World War, and the use of these
funds. for this purpose, will have a
wholesome effect and would be a
step in this direction. 1t is the key to
the situation. Cotton to a far great
ell value than the amount of the funds
on hand, could be purchased, as ad-
ditional moneys could be borrowed on
the cotton, so purchased and this ad-
ditional money could be likewise in
vested in cotton.
I'VE are facing the absolute GER
tainty OF minimum cotton crop for
1921, (regardless of seasons on ac-
count Of the enormous reduction in
cotton acreage and IN the use of COM
mercial fertilizers.
I'm addition to this, the census
which is now being taken of the So
called "carry-over" (Which census
will show the number of bales and
the grades of same) is bringing to
light the fact that this so-called sur
plus will be enormously reduced by
un-spinnable" cotton.
when these facts are established
and when exports become opened up,
the question of sufficient supplies of
raw cotton will be OF serious con-
Germ. Millions of people in Europe
and in Asia are in pressing need of
cotton goods. The people of these
countries have lands, forests, mines
and mills, and an industrious popu-
lation, and a great basis of credit
can be arranged whereby the people
of these countries can secure our cot
ton.
Supplies in Mills.
Investigation brings to light the
fact that American mills, particular
ly in the North, have only from 10
to 20 per cent of the supply of raw
cotton on hand that they had on hand
at the same time last year. In ad-
dition to this, the amount of raw cot
ton with foreign mills is startlingly
short. AS as illustration, the Domin-
ion Textile Company of Montreal,
Canada, which last year had $4,487,-
900 worth of cotton on hand. has cut
its stock down to $4,000. Finished
cotton goods, in like manner, have
been startlingly reduced from the
shelves of the retailer on up, as COM
pared with the same period Of last
year.
1.-THE request made by the cotton
conference for a re-discount rate of
not exceeding 5 per cent on CONNER
cial and agricultural paper and for
renewal of agricultural loans, ESQ
called frozen assets,) until the mar