New-York tribune., 1921-01-23

heavily sized cotton cloth reaches a
point where in India alone 70,000,000
people are forced to break this import
ant cardinal rule of their faith, politi-
cal action in this country stands help
less. Where Incomes have advanced
but little and costs have climbed in
many instances 1000 per cent, the
holding of the crop from use is not in
the hands of the unfortunate producer,
for nothing can move it except price
that will bring it within the range Of
the Oriental purse. Conviction as to
the cause of and remedy for an intang-
ible obstruction to trade as one thinks
it ought to be is altogether too easily
fixed by repetition and reiteration.
Leaders spring up who, to suit the
exigencies of the moment, calmly set
aside economic facts which operate
as relentlessly as the ocean tides. A
fact, for example, steadily ignored by
many is that at the probable rate of
consumption for the coming year, the
near 100000 bale crop just picked
plus the carry-over of last season
points to a possible surplus of some
100000 bales of American cotton by
the time the next crop begins to move,
and unless acreage is reduced to an
unheard-of extent, the inevitable car
up, above what they should be, or alter
nately some group or other will suffer
a great loss.
The crux of the position is that
European spindles are working on
halftime and other spinners all over
the world working more or less short
time, at the same time carrying
in spinners' hands on July 81, 1920,
2,l55,000 bales of American cotton.
While the average of this "invisible''
supply for the seven years, 1907 to
1913, was only 100000 bales. There
fore, when there is world-wi e cur
tajlment of consumption, we have the
largest carry-over ever known and a
50 per cent above normal stock in fac
tory warehouses. Here is tnen an
ether force operating to keep down
consumer purchases. the inference
reing that a glutted market hetwcer,
field and factory can only cone from
producer sales. However, in so far as
the accumulation of low grades goes.
trere is one condition which ought to
help in their sale. AS they must
.rainly be used where Indian IS ,om
n'only employed the fact that reports
Indicate a crop of but 1000 900 bales.
leave an opening, for part 1T least
e. our surplus, even though Japan has
m unusually large cerry-over of this
Indian quality Of fiber on hand.
Returning TO conditions as they are
it cannot be too firmly impressed or
our cotton growers that the high price
of the dollar III practically every coun-
try using American cotton acts as q
brake on their purchases of the fibel
and at the same time it is a great in
centive TO them to make every effort
to obtain as much of their supply as
they possibly can from other sources
as we'll as to encourage the extension
OF cotton culture in other lands And
this struggle for independence from the
United States is now being carried or
more vigorously than ever before.
1t has already been shown how the
fall in the rupee has worked against
the consumption of American cottor
in England. Italy needs our cottor
V,,y 5adly. but the Ira, which in nor
NAL times exchanges for the dollar or
the basis Of about 10 cents, is now
worth about 3h cents, making cottor
purchases almost impossible. The
present position will be worse if, as is
proposed, the import duty on lemons
is raised, since this product is one
Italy now uses to create credits il
this country.
Safety first" is the motto of our