1924-09-24 — Page 3

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THE HONGKONG- DAILY PRESS, WEDNESDAY, SEPTEMBER 24TH, 1924

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CAN LANCASHIRE COMPETE? our historic Eastern markets following

19

A COTTON PROBLEM.

{BY-G. WÂND PRICE)

upon that of our European trade!

The remedy generally invoked for the stagnation in cotton business is larger cotton crops, and cheaper cotton.. The idea of miration through cheap cotton is a dangerous delusion. Of gravest importance for the British Even if we could get back to average cotton industry are the developments ad American crops of 13,000,000 bales, Lanca present taking place in Northern Italy.shire would not obtain the cheaper cotton While the output of Lancashire, lootus that she sighs for. The competitive bug is reduced to 65 per cent. of their pre" ing of these new foreign industries, with war production, and her mills are work-their cheap labour, would keep the price. ing only 20 hours a week, a visit to the of the raw material, bigh. industrial aren. of Italy has shown me And according to expert opinion, a the Italian cotton trade enjoying rapid succession of big crops is not to be look- |expansion at the expense of our own. ed for. In the International Cotton During the last two of three years Bulletin of last June, Mr. Joseph A. Italian textile manufacturers Dave Becker, Statistician of the United States almost completely driven out foreign Government Barea of Agricultural goods from their own country, and, they Economics. says:- are now beginning to export their pro- duen to compete with ours in other parts of the world.

"The expected prerage production in the near future is 10,900,000 bales.'

Que is driven hack, then, upor, the cons Not only has the output of Italian clusion that salvation for the enfeebled wool and cotton fabrics greatly increas British cotton traale can come only from ed, but the mass production is being within. These factors of high production organised of An improved form of costs and heavy heavy taxation which "artificial silk," that new fibre prepar-drag it downward are within our own ed from wood-pulp, which, by reason of control. And this long established in- its low cost and wide utility would be dustry of ours bas certain strong advan better named "artificial cotton.

ever

engage

tags in the struggle to which foreign Fifty years ago it would have seemed rivals are now forcing it. British cotton. to gur prosperous British manufacturers workers have a skill - roeptalled in a fantastic suggestion that Italy should Europe, inherited from two generations

in competition with the of highly trained operatives. The pre British textile trade. Yet this is now eminence of our trade associations is still fact plainly vouched for by Italian unrivalled. The immense asses of our statistics of imports and exports. Fur-Indian connection remains, though its thermore, the same process is going on in retention, has been gravely imperilled by Belgium and the reconstructed area of a series of political blunders. In bank- Northern France. while a similar chaling facilities we-are better off than any lenge from the Gerinan cotton industry of our new rivals. And the old spirit may be looked for as soon as that coun of energy and enterprise that build up try has been set upon its feet, by the

our once gigantic trade has not vanished good affices of the British Government. from the nation.

Inquiries which I made in Milan, the centre of the Italian cotton trade. re- veal that Italian mauujarturer already produce the earsey kinds of cotton-cloth 10 per cent, cheaper than British firm

No one outside the caston industry would presume to offer suggestions as to how the decay that has set in way best be checked. But the public has a right to know what is being done to save from the competition of cheap foreign Italian cotton merchants informed me production this vital British export that the only English yarn at presentirnde, whose help we more than ever need being sold in Italy is produced,ând ex-

to meet our increasing bill for imported ported at a loss by Lancashire spinners food-faily Mail. in order to hvoid stopping their mills.

It is a significant fact that all this undermining of our once thriving cotton industry is being carried on by protect. ed countries from behind the shelter of their tariff barriers. Yet Lanenshire still clings fast to the nineteenth century fetish of Free Trade, heedless of the rain which, under this system, has befällen the sister textile industry of silk, for- merly so flourishing in England.

THE FREE TRADE FALLACY,

GERMAN ØREDIT INSURANCE.

According to the Berliner Tageblati, Lloyd's have made the Arst contract for credit insurances for Germany. A foreign consortium is concerned whose risks in other business are also insured at Lloyd's.

It is supposed, says the newspaper. that the English insurance companies will The truth is that for two generations begin to be interested again in the Ger past British ectton manufacturers and man insurance market. The first agree- operatives have been entirely wrong inments now signed have a premium rate ascribing their pasty prosperity to Freeof 13 per cent.. which is far below the Trade, Lancashire's fortunes were found-rate hitherto prevailing in Berlin. ed unt upon Free Traile, but upon mer close politicul connection with India. Through this we had direct access to the greatest cotton-consuming market in the world-a privileged position which recent British Governments have been deliberately working to destroy.

In quantity the cotton output of Italy may still be relatively small by the side of England's. The all-important fact is that it rapidly increases while our own declines. Our old virtual monopoly of manufacture" is disappearing. If Lanca. shire is unable to react against the new foreign competition of which Italy fur- nishes so striking an example, she may bo reduced ere long to the production only of those finer counts" for which her durap climate especially fits her, and to the dyeing, printing. and finishing processes in which the possession of cheap coal gives her advantage.

Figures of the twenty largest Italian cotton concerns. which I have obtained show a record of dividends for the past three years ranging from 6 to 25 per cent., in many cases accompanied by sub- stantial distribution of" bonus shares. On the other hand, 200 Lancashire cotton. firme pay no dividends at all..:

There is no mystery about the reason why the Italian cotton industry, thus makes progress while our own stagnates. Italy is unhampered by the high costs of production and the extravagant taxa

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are crushing British trade

Women cotton operatives in Italy nre paid 23. ed. a day; men get is, a day, In Lancashire the rate of wagua is more than twice as high. But though good wages are most desirable if an industry ean stand them, they am of dubious nd- vantage when, in order to pay them, it is obliged to run on half-time.

There can be no doubt that much of the machinery in British cotton mills needs renewal, whereas there are few cotton factories in Italy whose equipment. is more than ten to fifteen years old.

Land values, too, are far higher with us than abroad. A mill-owner who was enlarging his factory on the outskirts of Milan, the chief Italian cotton-city, told me that he had bought the requisite additional land at sixpence a square yard.

- +

OUR CICSHING RATES AND TAXES. DE Moreover, Italian cotton concerns. have to bear nothing like the crushing burden of rates and taxes that cripples British industries. In Milan the rates on fac tary property are not more than 4. in. the pound. With us not only are rating, Rssessments excessive and the rates often 128, or 148. in the pound, but the burden is one which constantly increasca in geo. metrical progression, for, as mills in any given locality close down, an additional share of the rates is thrown upon those which remain open.

..::

Wita such overhead charges as these it is evident thas a 201-hours week means nothing less than lingering death for the Lancashire cotton trade.

The urgent crisis which confronts Lan- cashiro is, thus of a double charmeter. It arises from growing competition abroad | and excessive cost of production at home. What plans are being made to meet i by the men of Lancashire, renowned for) their shrewdness of judgment and energy of action? What are British cotton merchants doing to prevent the loss of

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32.

The combustion chamber is completely surrounded by water and an alloy piston noted for its great hea radiating qualities is used so neither the combustion chamber nor the head of the piston gets hot enough to baka the remains from the exposed gases to form cathon while there is still enough hest maintained to handle the explosiva mixture effectively.

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If is the only type of motor that wears in while other wears out

All parts in the Willys-Knight car aro samumbled with wide clearence between each other and cil is forced into these clearances under heary pressure so that the entire assembly is lapping or wearing in on these heavy films of oil instead of wearing out. In other words, every bearing in this motor is an oil bearing instead of a metal to metal bearing which is necessary in the construction of a poppet valve motor in order to keep it quiet with subsequent quick west and noise.

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