New-York tribune., 1922-03-05


ton could possibly be retailed for
As to Chnas imports OF cotton
piece goods, the trade is almost en-
tirely in the hands Of Great Britain.
Japan and the United States, since Of
a total OF importation OF 13,431 900
pieces in 1920, but 81 900 came from
"other countries A comparison of
the volume of trade in 1919 and 1920
shows this country and Japan TO be
losing ground and the British gaining.
During 1919 American exports to China
were 622.d06 pieces Of plain cottons,
while in 1920 the figure had dropped
to 563,59 pieces. During the former
year the exports Of Great Britain were
1852, ,283 pieces. rising to 5,784026
pieces in the latter year. For Japan
the volume was 8.89S,S27 pieces in
1919, falling to 7,035,4o8 in 1920. 1t is
also far from encouraging to note that
the United States supplied smaller
quantities Of these staples in 1920 than
in 1918, when the imports from Amer
ica aggregated 2.2S1,12 pieces. There
is also the significant fact to be borne
in mind that China is increasing the
capacity of her own cotton factories.
1t is expected that during the current
year China's cotton spinning spindlcs
will be increased to 2.225,O00. They
mako an attractive investment to the
rich native no less than to the ad-
venturous foreign investor. seeing that
mills have earned dividends as high as
100 per cent. According to the United
States commercial attache one of the
prominent Chinese mills has averaged
nearly 80 per cent in dividends for
the last ten years.
Then, too. China is not only improv-
ing its native grown cotton in quality,
but is adding very materially to the
quantity produced.
During many years Britain has been
supplying machinery to equip cotton
spinning and manufacturing plants in
countries that were heretofore Gus
toners for the cotton goods made in
her Lancashire mills; yet. strange as
it may seem, while doing this her own
cotton factory capacity has expanded
at greater rate than has that of any
other country. Brazil, for example,
due largely to English enterprise, has
now reached position that is nearly
self-supporting in regard to cotton
manufacturing. Altogether there are
242 cotton factories in that republic.
These contain 1921 900 spindles and
$1,000 looms. Most of the mills are in
the central groups of states, with Sac
Paulo and Rio de Jsneiro in the lead
Curiously, Pernambuco, the leading
raw cotton producing and exporting
state, has only eight factories, with
$500 looms and $4,000 spindes. This
is not surprising. seeing that when /
was managing a department of small
cotton mill in the interior of that state
a quarter of a century or more ago, all
oru cotton came tothemill on mule
back in the seed. where we ginned it
on An American made gin outfit.
The English manufacturer consoles
himself for the loss of the one-time
near monopoly he held in that market
with the hope of one day seeing Brazil
become large supplier of raw cotton
to England, threatened as he is with
this country at some time in the fu-
ture taking all the cotton grown in the
South for the use OF American mills
The budget statement just presented
to the Indian Legislative Assembly
provides for an increase in the excise
(internal revenue) duty on cotton
manufactures woven in domestic mills
from 31s to 71a per cent, with the
object of taxing the consumption Of
cotton goods in the present emergency
and not for the purpose of counter
balancing the increase in import
duty" 1t should be remembered that
Lancashire leaders have always fought
against what they term fiscal disad-
vantages,' by which is meant that
places an import tariff on cotton
manufactures, an internal tax of an
equal amount should be imposed on
that portion of the products Of the
cotton mills in India which is con-
sumed in the home market India is
by far the most important overseas
outlet for British cottons. notwith-
standing the fact that the modern cot
ton factories of the country, plus the
hand looms CT the natives produce
about 65 per cent of normal require
ments. and that Lancashire has little
competition in the import field, as the
figures Of comparative British and
American sales in the country show.
While the strike in the New England
mills is on a good deal is heard to the
effect that the prices of American cot
ton goods are based on the costs Of
production in Southern factories. This
serves to recall the great stress that
was lafd by Southern promoters during
the cotton mill building boom on the
supreme advantage of having the mills
in the cotton fields" Since many OF
the mills in the Carolinas are compelled
to go to Louisiana and Mississippi for
the grades Of fiber they use scrutiny
of freight rates throws light on the
illusion which served to draw much
Northern capital into the cotton belt.
The rate per hundred pounds of cotton
from Memphis to Carolina points aver
ages rs cents, from the same market to
Boston $1.12 and to Liverpooi So.ss.
There is not much foundation here for
the statement of the early enthusiasts
that "the proximity to the cotton fields
would soon pnt the mills Of New and
Old Ennlond Of