1908-01-04 — Page 9

POSITION OF THE COTTON INDUSTRY.

THE HONGKONG DAILY PRESS SATURDAY, JANUARY 4TH, 1908.

so bought yarn are finding it extremely difficult to obtain orders on a remunerative basis. The high price of the raw material The son of the great Lamoanbire textile before the beginning of August reunited in a marked falling off in the volume of business; trade is one of ounsiderable interest at the predent time. Practically all branches of this and, although there bas since boon a substantial reduction in quotations, the buying capacity industry have enjoyed great prosperity during of certain of the foreign markets in less than nearly three years; on emplasupply of the raw

it was a year ago, and manufacturers have materis! has been co-incident with a high level

not been able to recoap themselves for the high prices for yarn and manufactured piose goods, price of yars. Exports to India hare repently and there hus boon a largo expansion in the hoen very large, and the outlook there is not volume of the home and foreign trades. Mainelarers in both the spinning and wear.usainctory Egyption businesa reinsins

depressed and no marked improvement o ing sections of the industry have reaped large be looked for in this direction for some little profits, and dividends ranging from 10 to

of

thus feebly represented by an armful of bones probably ranged in the living flesh, mighty in their strength and freedom, over the very site of the salo-room.

por cost, have been paid by many of the mills time. For the greater part of last year roamed at will. Hordes of hungry wolvising the largest vessels in time of peno, and,

Britain at that period (probably more than 150.000 years ago) was covered from and to and with a vast, trackless forest, fearfully and wonderfully populated. The bair mammoth and the hippopotamus, as well as the rhinoceros and elephant, ranged the land in great herds. Huge flons and bars and powerful byens prowled forth of their dark oaves to stalk their orushed the prey. Sabre toothede bones of their victims with their awful tasks.

Giant dear, feree wild oattle, and wild boara Some of these undertakings, have adopted the China was practically out of the market, but rounded up their quarry in the forest tangle.

And palolithic and neolithic man, thinly of war. lately a revival in the demand from hang- policy of pradent finance characteristics of the hai has set in, and the reports from this scattered, lived in his cares and fashioned bis better class of other limited liability companies, quarter are encouraging. The disturbance poor littlo javelins of stone to defend himself and have added large sums to reserve out of their earnings, with the result that, generally rocco saloted bsiness un against the overlasting perits of his world. What speaking, the Lancashire potica uompanies were favourable. Our shipments of Catton pleas stupendous conflicte must he have witnessed goods, however, continue in a large sonte the between the mi biy areaines among whom he never in a sonude fluanolal position than they quantities and values for the ten maths ended lived, when in their rage they rushed at ons Docupy at the present tim».

October 31, 1907 and 1906, boing ne follows: another with all their immensity of weight and The reports of the great textile companies 1907, 3,301,227,200 yards, valued at £67.814932; strength, and deadly armsary of resistless tooth folly redet the favorable caditions which have resoutly pre afled in the industry. The 196, 5,255,063,30) varda, salad at £42,988,396, and task!

The home trade was prejudicially affected by smaller comates have also dede very well, and

the inclement weather experienced during the inently issued ectton trade circular Mr Wilem Tattorell, of Machester, gave a list summer months, but there has been a marked of 37 cotten spinning companies which had takenprovement during the past three mouths, and stock for the preceding six months, the profit the general condition of this trade may be Bgares working out at per cent. per annum on the share capital and 30 por cent on all capital employed. The total of the share capital was £1,451 741 and the loan capital £514,129,

BUTELIES OF RAW MATERIAL. The Amerions cotton season of 1906-7 is many resposta sa abnormal one. The crop realized 13,500,000 bales es compared with 11,320,000 bales for the previous season, and yet, notwithstanding this large crop, the averag price of middling American in Liverpool for the whole Besson was 6.38d., 28

5954. for 1905-6, aad 4 Y[d, for 1904-5, when the erop was

Southern States of A orica during September, 1908, affected the quality of the crop very

described as healthy.

LABOUR TROUBLES.

in existence,

and only are on the routes now in question. Four of these fire accidents had bean conclusively shown to be due to incompetent and careless navigati n, leaving only one--the stranding of the "Monires!" in 1850--attributed by the Court of inquiry to the danger of the route and extraordinary weather. With the improved aids to navigation, and greator knowledge, such an croat w uld not be lik ly now. There would very shortly be a channel 1,000ft. wide and 4t, deep right up to abbes, so that the fastest ship could go at full speed all the way. From the naval and military point of view the now route was extremely desirable. For one thing, it would involve harbours hand. therefore, capable of handling them in time Then it should be realized that before such a route, if established at the earliest possi- ble date, bad bean ten years Canada would be able to supply all the food requiremosts of the Motter Country, while the cossed I to caport United Stated would have finally grain. The routas taken by grain from our other sources of supply-Tudia, Australis, Argentina and Continental Europe-would be far more liable to attack in war time than the route across the North Atlantic, which might make all the difference between scarcity and plenty in the British Isles. This route would also be of the greatest service if a large body of troops had to be sent to India. When therefore, we were spending millions on our Navy to main- tain the supremacy of the sea, it would surely be well to spend the comparatively smo! sum required for this route, which in time of war might be an absolute necessity. The ships built according to Admiralty would be requiramente, and fitted to carry heavy guns. The jaws of the hyens are built to orasch It was very desirable that the Colonies should the toughest bouer, and while it is unlikely assist Great Britain in maintaining our aaval that the hyenas of old attacked the contem expremacy; and in the carrying out of this porary rhinoceroses in the open, it is believed scheme they wonki be making" a substantial that the latter, owing to their great weight, beginning, Sir W. Lavarier's suggestion was frequ zils fotl from abore into the ones of that Canada should bear half the expense of the their iron-jawed enemies, and were assailed when 24-knot besta on the Atlantic, and a very sub- thus helplessly situated. The place of deposi- stantial share of the 18-knot service on the tion of

many rhinoceros fossile seams to tear Pacific. The more thoroughly the antio

was considerod, the clearer it was that when the No glare of artificial light over illumiueronts had been established a few years it would thess wild scenes, caly the sun, the moun, and be a solid commercial sucosss. The British the stars lit the everlasting forest and the grast

Government was now making investigatione, river which flowed through the Thames Valley.

and Canada expected an early and favourable Todoed, when the creatures whose bones wore reply. The case for the rent was unanswerable, cold were alive, the Thames turged away nor k and, even if the present negotiati as did not ward, flowed over what we now call the Dogger Bucceed, succes would come in a very short Bank, and joined the Rhino,

time. (Cheers.)

That these anrly British mammals were armed on an extraordinary scale is aan by the onormous size of the fossil teeth, task, and horns ia gur musums. Not the most fearful of the then exraivors wore the hyenas; but one little item in the quique catalogue now in the hands of every fossil-hunter in the country sug costs in a graphic way, the power of the ancient British specimens of that slinking tribe. It reads: "Rhinoceros, bonos, may gnawed by hyenas." These bones form a collection from varions British caves.

Labour questions which have for gama tima part assumed a threatening a post culminated in a demned from the Oldham ton counts spinners for an advance of wages The bulk of the Oldham trade is in our counts, and Balton is the centre for the flus counts. The dine counts spinners in Oldham ontend that, they are not paid-on as high a seale as the Bolton operatives for the Bane clase of work, sud they hava requested advances of wages varying from 124 21 per cent. The first point conference of masters and employes which discussed the held that the differance between the Oldham anl question was fruitless, because the employers the Bilton lists wasuot so great as th oporativus not this theory. represented it to be. Aga ast this contention the operativos warn in a position to produc: tables, which purported to show that the average Oldham prise was below the average Lotton price to the extent of 24.11 per cent. for twist and 16 per cent for welt. At the segond joint conference the employers malotolued that the Ondowand was in centrarastion of the Brooklands Agreement, which they cottanded proondal and application for an increase of wages until Juns nort, and even then that it imposed limit of 5 percent, inernam To that the opera tives-replied that the Brooklands-strement doult with, the got diet and 27t with local disputes. Theara Federation thereupon offered to subm the construction of the agreement to arbitration, and, in the event of their view not being upheld, to grant an increase of 5 per cent The operatives presentatives Golined this off, and notices. to cease work on November 23rd were sent in by over 10,00 operatives employed in 63 mills, Mr. Lloyd Gorge's "ortunate inter

prejudicially, and the disorganization of das railway traffic in the cotton-growing States aggravated the diffully, as the cotton which had been picked early and which was, generally speaking, of goed grade was detained, in many instances for moatkk, on its way to the spinnr The present cottou.' season opened with the market is a somewhat ratifioial condition. September 2 the price of American middling in Liverpool was 7.42d., as compared with 5.15d at the beginning of September last year, and the visible supply of American cotton was 1,302,000 balos, as compared with 864, 500 balas In September, 19.6. The new orop, which met with a late spring, was tuusnally backward, sad the unfavourable weather experienced during the pas eix weeks has rendered the outlook very uncertain. Masers, Neill, who may be regarded as leading authorities, estimate the srop at 11,600,000 bales and the consumption at 12,600,000 bales. Upon this basis a deficiency of about 1,000,000 tales may be looked for, which would have to be met out of ex-

the raw material.

For Britain was then connected with Franer, Germany, and Scandinavi A subsequent subsidence of the land formed the North Ses, which is in all par's shallow, and has yielded to dredgers working close to the cosafe of both Norway and Estern England many fossil remains of the rhinoceros, elephant, bison, and other animals of that entrancing past. Some of the specimens ostaloga d for yesterday's sale were taken from the sen bed.

what is known as the Norfolk forest-bed ware

Specimens from the great forest submerged at the rising into being of the North Sea - bo se of mammotha, elephants, and rhinoceroses horns of gigantio d'or, tasks of wild boars, and many other fra ments, each flushing more lating supplies. Fortunately fo the usualy, venting under the agreement, which he has frequently been cast ashore by high fides light back into thoes far-distant ages-have stocks are somewhat larger than fortnight. the total being estima'ed at about 1,600,000 arranged the operatives undertook to poat-data on the Norfolk coast. Moy fossils taken from kales, so that, -even if Messrs. Neill'ethair strike notions a fortsight, and the Board. catimates are realized, manufacturera need not of Trade has agreed to obtain from the Law sald last month, and one of them, a lower-jaw of be unduly apprehensive as to their supplies of floors of the Crown an interpratation of the the fearful sabretoothed tiger," is exceeding. clause (No, 4) of the Brooklands agreemently rare. In fact, it is the only specimen from There was a remarkable fall in cotton values which has been responsible to a large extent for the forest-bed known to exist. during September, which dated from the the des look. Pending the receipt of this inter publication of the Union States Government pratation the employers and the operativos will reports, and by the end of that out the pro discuss their differanoa without prejudice TO declined to 6.60. A further fall took place future action. Sould the interpretation of the during October, and at the close of that month

law officera of Clays 4 banginst the view hald the price was 6,038. Daring the present month the 100 slso declined substantially, the fall by the operatives, matters will at onos revert being due is a large measure be the oflapse of be their present position. There it general belief that the worst is over, but those who are redit in the United States. The lowest price acquainted with the spirit in which operatives and reached was $75d.

on November 18; since employers have approached the matter appre- then there has been an upward movement in oiste the fact that a sattioment will not be sympathy with the improved conditions in America, and the price is now 6-10d. The total easily arrived at Many people who are co- cerned with the cotton industry would not fall since the beginning of September sa been about, lid. per 1b. in the price of regard a stoppage of looms and spindles at the middling American. The magnitude of this present time as an altogether unmized evil, and it is quite clear that the labor and wagon ques- deoline will be appreciated when it is borne tion will not be placed apan a satisfactory basis in mind that spon the average consumption of American cotton in this constey 144 per 1.unill there has been a thorough overhauling of represents a total of about £10,000,000,

The Egyptian cotton Besson was sles an ab normal one. The crop proved the largest on record, but the shortage of high-grade, long atapled American assisted the demand for Egyptian cotton, and very high prices were realized. The financial troubles at Alexandria affected the market considerably, prices fell somewhat from the highest level reached On September 7,1906, fully good fair Bepptian was quoted 9/11/16d. per lb. The price rose steadily until March 15, 907, when it reached the highest point tuaoued-11d. A decline then get in, and at the beginning of September the price had fallen to 10/11/ 6d. Since then a further fall bas taken place, partly in sympathy with the drop is American cotton, and the present quotation-is 9,550. In Septemberthe Egyptian crop for 1906 7 was estimated by the Alexandria General Produce Association at 6,949,383, cantars, against 5,943,188 for 1905 6. The same association estimated the acreage for the new crop at 1289,315 feddana in Lower Egypt, and 313 958 in Upper Egypt, or a total increase of 96,009 feddune. There was, at that time, a fair prospect for a record crop, bat later reports on the condition of the Nile render this somewhat dubious,

PRESENT OUTLOOK, The year 1906 was one of the most satisfac tory asasons experienced in the history of the trade, a lá

the anticipated that the will current year

prote

such a generally profitable one. The Lancashire cotton industry does not appear to be very well balance at the present time, and while spinners are and improving even enjoying prosperity. upon the favourable earnings of 196, the weavers are complaining that it is impossible to obtain orders at remunerative prices. The production of yarn shows a notable expansion, and notwithstanding, the oilpa

all the clauses of the Brookisuds agrasment.

Apart from the labour question the outlook for the spisning industry is still good, though continuence of the large profits earned during the past three years cannot reasonably be looked for. The new spindles which are in course of traction, the incressed wages, and the dearer fuel will all tend to out down the margin of profit. Moreover, the orop outlook is somewhat world appears to be imminent. But the L1008- uncertain, and a trade reaction throughout the stire cotton industry has shown great vitality in the past, and the large reserves which have been soon rulated daring the past two years will enable most of the companies to face with equanimity the prospect of a period of declining trade,--The Commercial Supplement.

BRITAIN'S DIM PAST.

What a picture of the pist the knowledge of the existenes of that forest bol brings to the mind Its sacient valleys and river way have been exposed by excavations and boring; ita majestic frana, and even its trees and truita, have been brought to light in the fossil rate, The green valleys stretched out into the place

of the modern sea; the rivera ran right away to what is now the European maialand, to which Britain would be united again to-day if the bed of the North Sea ware elevated but a few hundred feet.

THE ALL-RED 'ROUTE.

The Liberal Colonist Club gave a dinner at Princes Restaurant last month, when the Hon. Clifford Bifton, K.O, lately Minister of the Interior in Canada, opened a discussion on the

All-red Route." Mr. H J. Tennant, M.P presided, and among others present were Lord Brassey, Mr. Carlyon Bell irs. M.P., Sir Felix Sobust r, Mr. R. W. Parks, M.P., Mr. Manro Ferguson, P., Mr. E. A. Ridsdale, MP, the Hon. W. P. Reeves, High Commissioner of New Zealand, Catain Muirhead Collins, re- presentative of Australia, Sir Algernon West, Dr. G. R. Parkin, Mr. Freeman Murray, of the British Empire League, Miss Talbot, of the Victoria Les gus, Lieutenant-Colonel Lewis, Mr. Peroy Bunting, Mr. J. A. Spencer, Mr. Cecil Grenfell, honorary treasurer, and Mr. E. T Cock honorary secretary of the club. The only tomat was that of "The King." This having been duly honoured.

The Chairman said that the idea of colonial, 'preferenos was a very, captivating one, and some of them would have embraced it if they had

SOME REFLECTIONS AT GREAT POSSIL SALE. found it practicable. As they had not, they were compelled to look elserbere for mesne to A heap of dry bonos was sold at a famous establish Imperial unity; and where could morë London auction mart last month, The Back-oortsin means be found than in this scheme for house coilsation of fossils came under the

hammor.

Dry as the bones themselves, and utterly void of any appeal to live, modera hunas interests, dose this bald report appass, bat if the man who sabled round the salesman's rostrum, corett Ing jaws of hyses and fomare of elephants, were not as crusted as the fossils, they must have donjured romantic pictures of the dim past of Britain.

In the light of geological, knowledge romanes €15 biok over spores of thousands of years,

dy othe our country with the primeval forcets and tropics fora, and people it with tribes of gi- gautic add terribly armed animals, against which naked man was compled to pit himself with

rude weapons of chipped stans."

Theophrastes called fossil deposita "franks of of the new mills the increased supply has asture, and, up to com aratively modern times, been fully absorbed by the additional looms when defaite knowlegs on the subject hagan at home and abroad. During the past aren

and generally accepted, many a

shortening the time of communication between the Mother Constry, Canada, Australia, and New Zealand? Our Government, as well as the Colonial Governments, by the resolution passed at the Imperial Conference, had one did the principle of the project. There might be dificult details to work out but Goveramsuta existed to overcome difficultis, and the matter was in

good bands, Mr. Lloyd-George being strongly inclined with a a desire

to promote inter-Imperial trade. On the Canadian side, also, the matter was in safe hands, Mr. Sitton having been B member of the Alask. Bandary Tritmaal and for aina years Minister of the Interior.

Mr. Sifton said that the mails between New

Zealand and London now took 33 days by Australia and Saez. By the new route, they would take less than 5 days from London to a Canadian pore, 21 (3) days to Vancouver, and 25 to New Zealand. The roata suonld attract a large trafo from Australia as well as Now The Lusitania's" best time from epindles have been erected involving a total aiot

Liverpool to New York was 5 days 18 hours 48 outlay of about £14,000, and the number of was expressed.

Thus, towards the close of the eighteenth minute, the distanc: baing 8,128 knots. The spindles in course of erection to be in work during 1998 is about 2,380,000. The growth of century, the Swise astoralist, Bertrand, 2,439 knots from Liverpool to Halifax would b our exports of cotton yarn continues to expand suggested that fossils were directly deposited covered by a 24 knot boat in 4 days 12 honza; at a great rate, ani the total for the ten months by the Creator, in order to demonstrate the the 2,633 or 2,801 knots from Liverpool to of His work. Not a geoat many yeara Quobee, via Bail Isle or Cape Race, would take

years, 123: new, milla containing 11, 01000 1 to be on the origin of fossil deposits Zland.,

two

harmony

He bod

of the current year largely ezoeads the figures later at Oxford divine went to the other 4 days 20 hours or 5 days 6 hours. for corresponding period in 1916 and 1905. The Agures for the first ten months of the past extreme, declaring that the devil himself placed it on the best authority that, though the now Canarders were of 83,000 tons, 20,000-ton years are for 1907, 199, 71.1091b, valued at fossils in order to decaive and perplex mankind. £12,728,798, and 1906; 173,777,403, valued at skeleton of a thinoceros was dug up during economic lines. The fog question had been A little mire than four years ago pact of the steamers of the same spead could be built ou, 29,793,551. Spinners are largely indebted to the Continentat demand for their present high excavations in Fleet-street. The lay mind was thoroughly investigated by the United States profits. Germany, Holland, Bussia, and Austria tickled hugely at the idea of a rhinoceros in the Hydrographic Service, which showed that have all taken much larger quantities of yarn Many a public and private mason was already route scross the Atlantic averaged only heart of London. Scientista were unmoved, the percentage of foggy days on the northera than they purchased in 1906.

enriched with fossil remains of the rhinoceros, 35-12 per cent, againal 8 per cent, on the Asregards the wearing section of the industry, and the elephant, the hippopotamus, the New York route. As for the ice, it compelled

much less favourable position is alown During

past four years there has been giant Irish deer, and the great or as well, all of ships to take a slightly more southerly route a screwhat reokloes increase in the number of which had bean found in the Thames Valley. from December to May; and in the Gulf of 8 looms about 90,000 looms have been brought into operation since 1993, The production of yarn has not kept pace with this rapid growth of the weaving sheds, and manufacturers whe

.

the

When the bidding began yesterday for such Lawrence there were floating borga st certain precious fragments as elephas primigenius, two sonsong, but this was not a serious danger to upper grindera," and "bos primigenius, fice careful navigators. The dangers of the St. sscrum, humerus, and foot boxes," it might Lawrence were talked of; but from 1880 to bave been remembered that the very animals 1907 only seven passenger vessels had stranded,

Mr. Reeves, High Commissioner for Now Zealand, strongly supported the scheme. Even if the new route did nothing for trade, it might be justified by presiding the most healthy and rapid means of travel between New Zealand and the Mother Country. He had his: Govern. ment's authority to say that New Zealand would pay a sum not only proportioned to ber population, but ample for her share in the route. No part of the Empire would gais more then New Zealand; but the route would also do a great deal for Eastern Australia and more than nine-tenths of the Australiaus lived in the oast and south-omat of that continent. The. Panama route would not affect the question; and the idea that it would was one of the delusiona fostered by maps on Marcator's projection:

Captain Muirhead Collins, after pointing out that the "reasonable gust specified in the Imperial Conference resolution had not been dealt with that night said that` Australia was sure to be sympathetic in all matters concern. ing the Empire,

Lod Brassey said that Mr. Sifton was hers, no doubt, for the purpose of obtaining that liberal assistance which they all desired should be given by the Mother Country, No step could be more calculated to aronse public epizion

after much experience of the Gulf of St. Lwrence, in Mr. Siftor's statement that it had no dificulties which could not be surmounted by careful carigation and such side as the Canadian. Government was supplying and bad supplied. He was convinced that the all-red route would be carried into effect at no distant date; and he suggested that the great Canadian railway companies might reasonably be looked to for financial co-operation.

than such gathering. He fully ceopurred,

Mr. Musto Ferguson, M.P., and Mr. E. W. Peke, M.P, also took part in the proceedings.

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C.

la energizing effects are shews from the Gret day of its administration by a Hema kabie Increase Nerve and Intellectual Power. with a feeling of Courage, Strength, and Comfort. Digestion is Invigorated. The Appetite increases wonderfully. Steep becomes calm and refreshing. The Face becomes faller, the Lips red. The byer lighter, and Skin clear and healthy.

Beware of vila' Imalimiluna --None genuine without the British Government Stamp with "Dr. Lalor's Phosphodyne, London, England engraved thereon, by order of her Majesty's Honourable Commissioners. Thousands of unimpeachable testimonials from all part of the World, and from the highest Medical Authorities. No other Phosphoric Preparation. has received suc“ distinguished recognition.

HEALTH, STRENGTH & ENERGY- Sold to Bontics at du. 6o. ano 11. cach, by all Chemists throughout the Worla, MANUFACTURED ONLY AT DR. LALOR'S PHOSPHODYNE LABORATORY, HAMPSTBAD LONDON, ENGLAND. Agents in HONGKONG-A, B. WATSON & CO.