The New York herald., 1921-06-15
UNIFORM STANDARD
OF COTTON URGED
J. r.. Meadows Advocated
Classification at Confer
ence i'm Liverpool.

LIVERPOOL, June 14.--Adoption OF uni
form classification OF cotton for the
world was urged to-day before the
worlds cotton conference by w. Il.
Meadows, a member Of the delegation
representing the United States. who has
charge Of the cotton division of the Amer
\ lean Agricultural Department.
\ Universal standards would not only
simplify methods OF handling cotton. out
would tend 10 higher standards of ethics
in the cotton business said Mr.. Mead
ows. Knowing definitely what is ex-
pected of him, shipper would be more
likely TO make serious effort to meet his
obligatio on shipments by supplying the
grade and staple stipulated in the con-
tract.
"A most important advantage of uni
versal standards would be the reduced
number OF arbitrations that are neces-
ssrily held in the cotton business each
season. BY the adoption OF Uniform
standards thsughout the world. trading
on the future exchanges in both Europe
and America will be more nearly on the
same basis. future quotations would be
more readily comparable and better
hedging facilities would result than when
material discrepancies exist in the terms
of the future contracts"
As indicating the Importance OF cot
ton to the United states. Mr.. Meadows
said that exports of the staples from
1865 to 1914 was S13,610, 100000. or
So ,267, 900, 900 more than the total net
trade balance Of the United States for
the same period.
J. II. Ziegler OF Liverpool se.d that
a uniform set OF standards for the
world was desirable, but that there were
difficulties attending the adoption or
such standards which perhaps had not
presented themselves. The merit Of the
Liverpool standards was that they We're
time honored, he declared. and he did
not believe they had ever been altered.
He said he would be extremely 10th to
see any change made in the Liverpool
standards, which had stood the test Of
time.
f. T.. Bushby. another Liverpool man.
sold that any alteration in the stand
a rds would mean the destruction OF all
the decisions that had been got In the
past. E. 3. Orme, also OF Liverpool,
ueld that the conference should accept
the Liverpool standards. make the Amer
ican and Liverpool standards come alb
golutely together and fix the resulting
standards as those of the world. 1t
vas decided by the conference to refer
! the matter to a committee.
A paper on financing cotton for Euro
pean use. by NJ. Booth of the Guaranty
| Trust Company OF Ner was read
MIR. Booth not being present. The paper
advocated some kind OF credit scheme,
mentioning the Ter Meulen system and
the American hedge Law. It was, the
paper said, going to require an extended
| credit and an extended Investment In all
business, so that not only the cotton
business but the economic structure of
the world could be rehabilitated.
In the discussion after the reading Of
the naoer sir James Hope-Simpson OF
the Bankers Institute, In referring to
the Ter Meulen System. said public opin-
! ion of every kind would need be given
that syste,11 IL Il was to be operated. He
declared Il would have to be supported
not only through the banks, but through
! the League of Nations.
Ciorgis Mylius of the Italian Cotton
| Association complained that American
bankers demanded too heavy security
! He thought the signatures or the italian
! spinner and italian banker should be
enough, but in some cases he asserted
| American bankers demanded profit
an exchange also. r. S. Hecht OF the
| Hibernia Bank and Trust Company OF
! New Orleans said that what worried the
average American banker was the politi
| cal risk and the American banker re-
! uu,red ms much protection as he could
| get against such rick.
Sir James Currie OF the Empire Cotton
! Growing Committee said there had been
a conspiracy OF eXaggeration regarding
! the social conditions obtaining In Italy.