New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-14

~
- the McAlpin Hotel, New
York, group OF American and
British cotton spinners We're discuss
ing the relative merits of the two
countries as cotton manufacturing
ccnters. One Of the Lancashire men,
who at that time was chairman Of
an important cotton trade associa
ton. wound up tho debate with the
remark that we could take away
trade from England only by either
continuously supplying the world
With better goods at. the same price
and terms or with cloth OF equal
merit at lower prices. And although
he secuted the idea of either Of these
possibilities reaching the stage Of
probability for at least some gen
erations, he concluded with the opin-
ion that If ever that time arrives
we will sorrowfully, but without
complaint, surrender to the better
ton Of some other class Of manu-
featured article in which we can
excel. For Lancashire must manu-
facture for export, starve or emf
CRATE"
The English cotton industry has two
great advantages over tho American.
~ ri 4
size Of ours, with factories locatcd in
Island The other is tho Manchester
Royal Exchange, trading orE~niza
ton with no equal anywhere in the
world.
1t is "the focal center OF the. largest
industrial aroa in the British Empire,
and within radius OF fifty miles
there is a population Of some 5000, 600
persons. for the most part engaged in
tradc and commerce.
Cooperative retail trading. which is
to-day one OF the greatest commercial
forces in the world, was tegun by a
few cotton factory operatives within a
Few miles Of Manchester. as was the
agitation which led to the adoption of
free trade us the nationai fiscal policy
Of the United Kingdom.
"The first building in the nature of
an exchange which appears to have
existed in Manchester was erected by
in the year 1922 and, says a short
history Of the exchange, although in.
tended for the chApmen to meet in and
transact their business, the exchange
becnme tho resort Of ali the blAcl--
guards Of the neixhSorhood."
Enlarged Recently
1t was in 1903 that what was really
the parent Of to-day's building was
opened. In 1914 it was resolved that
"the exchange room be illuminated
with candlcs." 1t was enlarged in 1890,
and again in 1847 when the trading
floor became one OF the largest rooms
in the kingdom. 1t WAS sgsin enlarged
l671'74. The last reconstruction and
enlargement is almost completed and is
TO be formally opened this year. The
floor area on one level will then rc
some $4,000 squire feet. The exchanE,
operates under special acts Of Parlia-
ment its share capital being 100000,
with debentures Of like amount. The
dividends pnid the proprietors nave
usually been per cent and though
not sure. I am under the impression
that under the act they may not e1-
ceed that percentage.
WIN the labt management tuc HCCcn-
sity for restricting membership has
been removed, and this, the largest
trading floor in the world. will com
for.ably accommodate considerable
increase in the present membership,
which Is between 1000 and 10000
Any one of good rcpute can become q
rcmber by paying an annual subscrip-
ton Of E8 ss.
The membership represents many
and varied interests chiefly associated
with the cotton Industry and other
businesses, many OF which are suhsd
iarics thereto, such AS Aikxli, aniline
end color making and manufacturing,
bleaching and dyeing, engineering, tex
calls, colieries, rubber. woolens and
worsteds. particularly for use In cot
ton mills; insurance, land transport,
shipping. etc.
In the cotton trade alone last yenr
about two thousand firm represented
on the exchange were connected with
spinning and weaving Of textile fabrics,
controlling 100000 spindles and
about 800, 900 looms. 1t is estimated,
says the directory Of the exchange,
that tho valuation Of the monetary in
vestment in these industries is iaoo.-
! 100000. 1t was estimated that during
l820 the cotton weaving concerns pro-
duced goods TO the value of f3t5, $780,
900. which were principally exported,
mostly to various parts Of the British
Empire. and In the snme year cotton
yarns were exported TO the value OF
CAT 100000.
Position in Trade
These figures show tho great posi-
ton OF tho exchange in the trade and
! commerce Of the worlds chief elothinx