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A S ĒJIȚIȚIȚIIIIIIIȚIIſiſſiſſiſſae!!!!!!!!！!!!!!!!!！!!!!!!!!！!!!！!！!!!!!!!!!！！!!!!！!!！!!!!!!!!!！ į §©®°¶√∞∞∞∞∞∞∞∞∞∞&&ººººººººººººººººººſººſ！！！！！！！！!！!！！！！！！！！！！！！！！！！！！！！！！！！！！！！！！！！！！ ！！ ！！！！！=）=）=~~~~{ ·№ſſaeſae：{ UĮk;Œ;|-.{ •··º：1 \\Ķ\，\:\ſ*）?';* -} -4 # i §§ } ، |IIIHIII Y. § Ë ĶĒ §2# Ë | | | º!!!!NBll!! ºm rº-e- ºº: int Enºſiſ w 62D ‘gº) HOUSE OF REPRESENTATIVES Pº 2d Session SPECIAL AGENTS SERIES-No. 47 * * * ºr '-3- ENGLISH COTTON-GOODS TRADE t * * t i S. 1, 27 'ſ £ " , ; ; , t t ºf f f {} By J. M. HAUSE Commercial Agent of the Department of Commerce and Labor TRANS MITTED TO CONGRESS IN COMPLIANCE WITH THE ACT OF MARCH 4, 1911, AUTHORIZING INVESTIGATIONS OF TRADE CONDITIONS ABROAD DECEMBER 6, 1911.-Referred to the Committee on Interstate and Foreign Commerce and ordered to be printed WASHINGTON 1911 LETTER OF TRANS MITTAL. DEPARTMENT OF COMMERCE AND LABOR, OFFICE OF THE SECRETARY, Washington, December 4, 1911. SIR: I have the honor to transmit herewith, in accordance with the act making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending June 30, 1912, approved March 4, 1911, a report by Commercial Agent J. M. Hause, of this department, containing the results of investigations of the cotton-goods trade in England. Respectfully, BEN. S. CABLE, Acting Secretary. The SPEAKER OF THE HOUSE OF REPRESENTATIVEs. LETTER OF SU BM ITTAL. DEPARTMENT OF COMMERCE AND LABOR, BUREAU OF MANUFACTUREs, Washington, October 7, 1911. SIR: I have the honor to submit herewith a report by Commercial Agent J. M. Hause, which describes some of the factors contributing to the success of the English cotton-manufacturing industry, and pre- sents statistics showing the trend of the English trade during recent years. Respectfully, A. H. BALDWIN, Chief of Bureau. To Hon. CHARLEs NAGEL, Secretary of Commerce and Labor. 2 ENGLISH COTTON-GOODS TRADE. The phenomenal success of hundreds of small cotton mills in Eng- land may be largely attributed to low capitalization as well as to scientific management. The system of renting room and power is a common one. An experienced manufacturer with limited funds in this way finds an opportunity for manufacturing cottons, and is as well equipped as in the American mill of the same size with several times as much capital. Erecting buildings and equipping them with power has proved, after years of experience, a safe investment. A landowner with idle money will readily erect and equip the desired buildings for a limited company or individual in preference to buying stock in mills. The customary rental based on 45s. ($10.95) per loom and £100 ($486.65) per slasher, per annum, insures to the owner of the structure a fair return on the investment, and is less expensive to the manufacturer than owning the buildings and power, especially if operating on limited means. This method is more ºriº ºfin weaving than in any other process of manufacturing, although numerous spin- ning mills are operated under this plan. DETAILS OF MANAGEMENT AND COST. The owner of buildings and power guarantees facilities to operate any given number of looms 60 hours a week with a speed of 220 picks per minute. The manufacturer employs a manager (the only salaried man in the plant), who, having a wide acquaintance among mill operatives, employs for a 1,000-loom plant, 15 overseers, agreeing to give each a certain percentage of the earnings of each weaver under his charge. The overseer in turn employs experienced weavers for the plant, say 250 men and women, with an average of 4 looms to the weaver. Suppose it is decided to make one of the standard print cloths, 32 inches wide, 64 by 64, using 38s warp and 44s filling. According to the standard wage schedule the “weaving wage” or price to be paid weavers would be 66 cents per piece of 116 trade or “long stick” yards of 36% inches each. This construction requires per piece 7.83 pounds .# and 7.2 pounds filling, allowing 5 per cent for waste. He goes to the yarn merchant, who in July, 1911, would have charged him 24 cents a pound for 38s warp and 23 cents a pound for 44s filling. All other expenses—above yarn, waste, space and power rental, and weaving wage—including manager's salary, wages of overseers, and general help, supplies, repairs, etc., work out at five-eighths of the weaving wage. The goods being practically ready for market the manufacturer oes to the “goods agent” who effects the sale. This is frequentl one even before the mill is started or the yarns purchased. In this . it is known exactly what each piece or pound of goods will cost, and how much profit is being made each working day. f 3. ... " ; : * #8ſ). 3 4 ENGLISH COTTON-GOODS TRADE. Such a system eliminates two-thirds of the average American mill cost in the way of operatives' houses, plants, grounds, etc., therefore less gross profits are necessary to pay dividends. COOPERATION OF LABOR.—MILL COMBINATIONS. In or near towns where such a plant is operated live several thousand working people who find employment in various plants of a similar nature residing in houses owned $º different people, the means and methods of renting being of no concern to the operator. Such a system necessitates very little working capital, as the manufacturer can deliver his goods in Manchester and receive payment the following day by discounting his invoice 4 per cent. Or he may sell his goods direct to the shipper and receive payment in 10 days from the date of invoice, less 2% per cent. The operatives, working under a scale of uniform wages agreed upon by the weavers' union and mill owners, have little or no desire to move about—as is the case with the American mill ºperative—and therefore spends many years in the employ of one mill. The larger production, of course, shows the better marginal profit. The owner is assured of his profit because his overseers’ income is based on the weavers’ earnings. Therefore, employer and overseers work hand in hand to see that each loom runs 220 picks per minute of the working day and the full capacity of the loom is obtained. It is seldom necessary for the owner or manager to criticize the overseer for lack of production in his department, the overseer and the weaver being vitally interested in every machine doing its best. Such a system can hardly be improved upon and leaves little ground for speculation. There is a tendency of late years to concentrate interests—not- withstanding the success attained by small mills—by grouping a number of small concerns under one management, rather than building large individual plants, which seems most profitable under local conditions. In this respect the Fine Cotton Spinners’ Association leads the British Empire with 100 mills, having in the aggregate 4,000,000 spindles. Horrockses, Crewdson & Co., of Preston, with 7,500 looms and 250,000 spindles, is the largest single firm of cotton manufacturers in England. ADVANTAGES OF CONCENTRATION. Cheap skilled labor, and atmospheric conditions play important parts in the low cost of Lancashire textile production. Old men who have spent their lives at the loom, following fathers before them, may be seen at work in the mills with their sons and grandsons. With such experience and with the technical training now being given, the English mill operative of to-day tends naturally to a higher degree of efficiency than is to be expected from the farm hand fresh from the fields as found in many American mills. * The concentration of industries engaged in the various parts of the process of manufacturing of cotton, cotton-mill machinery, and requi- sites facilitates this great English industry. A world-wide market at the door where a day's production may be sold for net cash; where any number of pieces of goods may be finished to order; where materials, from raw cotton to the smallest part of a machine, may be had on an hour's notice, all go to make up a system that has required many generations to perfect. ENGLISH COTTON-GOODS TRADE. 5 It has been stated that to some extent the Lancashire manufactur- ing industry does not keep up to date in equipment. It is true to-day that some mills hoist a bale of cotton from a dray to the opening room on the top floor by a hand pulley, and say they do it because their grandfathers did it, but most of them unload it by an electrical appa- ratus because it pays. CAUSES OF SUCCESS—HANDLING EXPORT ORDERS. A hundred well-posted manufacturers, on being asked for their ideas of the secrets of success in the trade, will give many different reasons, each one having its peculiar bearing on the ultimate result. In the matter of cotton manufacturing, geographical and atmos- pheric conditions, cheap skilled labor, specialization, and low interest rates play important parts; of these, England's wonderful banking system is possibly the most important factor in the extension of the country’s export trade. With the financial assistance, small mills are enabled to accept business on forward shipments and long datings that American manufacturers would not consider. Frequently small orders in which there is good profit are booked by the shipper for a house in China or India for the delivery of so many cases per month, covering lºod of 6 to 10 months, which trade would not interest American S. The order may specify 10 cases each month for 10 months and the manufacturer or agent ships the entire Order at once, discounts the documents, and uses the proceeds for additional business. The manufacturer or agent's bank, which is a branch of a London institution having a branch bank, say, at Shanghai or Hongkong, forwards the bill of lading with a copy of the order to the London bank for credit, which in turn forwards the documents to the bank in China with advice that these goods will be stored on arrival in certain bonded warehouses, and that they will receive on a specified date properly numbered receipts to deliver the designated 10 cases to the proper parties who surrender the receipt. The procedure is repeated by the branch bank in China each month on payment of the invoice installment until the order is completed. In this manner the consignor and bank are protected, with the goods in storage as collateral. Freights, insurance, storage, and interests being a matter of calculation, are included in the price. The Chinese jobber and retailer are thus enabled to carry smaller stocks than if they contended with the uncertainty of deliveries in- curred by great distances. NATURAL ADVANTAGES. The natural advantages of Lancashire for cotton manufacturing constitute the determining factor in its location and success. Cheap labor and coal, humid atmosphere, the port and proximity of sub- sidiary industries, might be mentioned as the principal ones. The damp climate, while entirely unsuited fl. agriculture and out- door occupations, is especially suited to cotton manufacturing; the damp breezes from the Atlantic driven inland deposit moisture that is essential and is unobtainable in mechanical humidifiers. Auxiliary industries dependent upon the main industry have pros- pered accordingly. Practically all of the machinery used in British 6 ENGLISH COTTON-GOODS TRADE. cotton manufacturing is made in Lancashire, and the adaptation of means to an end in this respect is noticeable. The export trade, due largely to waterway facilities and aided by the English banking sys- tem, has expanded wonderfully. SPECIALIZATION.—CONFORMITY TO BUYERs' WANTs. The cotton industry of Great Britain is more highly differentiated than that of any other country, not alone in variety of productions, but the various branches are specialized to a degree unknown else- where. Spinning, weaving, printing, bleaching, dyeing, mercerizing, finishing, and packing are all distinct businesses, conducted by methods calculated to produce maximum quantities of the best Quality at a minimum cost. Taking a broad survey of existing conditions in Lancashire as com- pared with the United States, the opinion is ventured that, notwith- standing the favorable climate, well-trained operatives, and numerous other advantages of the former, they may be overcome by adjusting the American industry to the needs of the trade, export and domestic, rather than by an endeavor to train prospective customers in buying goods in yº. widths, and size packages that best suit the convenience of the factory. If there is not a profit in manufacturing a plain 68 by 70 six-yard goods or a 28-inch 64 by 60 73-yard goods with 10 per cent sizing, and the trade wants the same widths, but fewer yards to the pound, with heavier sizing and smaller bales, it surely is more profitable to manufacture what the trade wants than to educate it to the economy of buying what we think it should have. Two striking examples of this point have recently been brought to the notice of the writer. One developed from a conversation with a foreign representative of an English firm, who said, he had just returned from a trip on which he had secured business for an inferior fabric—that is, more heavily sized—in competition with American goods at the same prices, on account of his willingness to pack the bales with fewer pieces than was the custom of the American firm. The other instance is based on the experience of a millman from the Southern States, who manufactured a heavy fabric for which he stated he had not had an order from London in several years. While in that city on a pleasure trip he decided to inquire of the trade what demand there was for his goods. Several dealers stated that they had never heard of his goods (although he is the largest manufac- turer of that particular fabric in the world), and ordered a small quantity for trial. This millman stated that with the proper repre- sentation he thought as many, if not more, of his goods could be sold in London in a year than in any city of the United States, upon which he now depends almost exclusively for the sale of his output. In one case it will be noted that American cotton manufacturers are not inclined to make and pack what the trade wants and, in the other, that they are not seeking thoroughly to find a market for what they are in position to produce. WEAVERS HAVE PRESENT ADVANTAGE OVER SPINNERS. Lancashire, like America, has suffered during the recent depression, some branches more than others. Spinners having been running for several months on very small margins of profits, and in some instances at a loss, but the weaving branch has had the benefit of it. ENGLISH COTTON-GOODS TRADE. 7 Manufacturers, as weavers are designated in England, have profited by the overproduction of yarns, which condition has been brought ºo:: by the building of so many more spindles than looms during the flourishing times a few years ago. owever, each and every branch of the trade is working with renewed energy to keep the cost of production below the prices obtainable and, with few exceptions, is succeeding. FOREIGN TRADE SHOWS FURTHER, GAINS. The exportation of cotton piece goods from the United Kingdom attained a new high record in the first six months of this year, both in uantity and value. The following table shows the exports to va- rious countries during the half year compared with the January 1 to June 30 periods of 1910 and 1911, the total value appearing at the bottom: Country or port. 1909 1910 1911 º Yards. Yards. Tyards. Denmark----------------------------------------------- 11, 183,900 9,849,600 11,823,700 Germany..... -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 033,8 45,292,500 46,303,000 Netherlards--------------------------------------- - - - - - 31,653,000 28,580,900 29,459,200 Belgium------------------------------------------------ 21,513,500 ,519, 19,331,500 France. ------------------------------------------------ 5, 181,600 7, 150,700 5,572,300 Switzerland... - - - - - - - - - - - - -.- - - - - - - - - - - - - - - - - - - - - - - - - - - - 28,353,900 36,647,900 43,894,900 Portugal, Azores, and Madeira- - - - --------------------- 11,384,500 22,099,600 19,614,500 Italy --------------------------------------------------- 8,320,300 8,666,400 ,461,900 Greece. -------------------------- - - - - - - - - - - - - - - - - - - - - - - 13,016,600 12,717, 100 12,929, 100 Roumania---------------------------------------------- 20,331,800 20,206,900 24,477,300 Turkey------------------------------------------------- 212,041,900 185,984,700 234,657,700 Egypt.-------------------------------------------------- 120,412,900 115,762,500 162,258,800 Morocco - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 28,259,900 22,358, 100 23,904, 600 Foreign West Africa------------------------------------ 24,359, 41,798,700 42,665, 100 Persia-------------------------------------------------- 14,374,500 ,557,300 18,311,800 Dutch East Indies------------------------------------- 113,961,800 88,899,500 130,700, 300 Philippine Islands and Guam -------------------------- 17,638,600 15,705,500 11,829,900 Siam. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6, 182,000 6,773,200 ,954, China (including Hongkong) - - - - - - - - - - - - - - - - - - - - - - - - - - - 332,550,800 223,039,300 347,586,000 Japan. ------------------------------------------------- ,763, 52,294,200 80,872,500 United States. ----------------------------------------- 38,458,700 33,415,400 32,226,500 3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 36,901, 200 32,047,700 28,609, 400 Haiti and Dominican Republic------------------------- ,760, 4,711,200 5,710, 100 Mexico. ------------------------------------------------ 7,557,800 9,791,000 10, 166,000 Central America. --------------------------------------- 19,271,100 16,248,900 27,666,900 Colombia and Panama- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 24,719,400 28,003,500 26,391,200 Venezuela. --------------------------------------------- 13,547,900 21,500,900 34,987,200 Peru. -------------------------------------------------- 12,474,700 14,702,900 13,401,500 Chile--------------------------------------------------- 29,692,800 44, 180,700 38,711,700 Brazil-------------------------------------------------- 7,934,9 58,450,300 74,763,300 Uruguay - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 13,398,500 20,584,600 19,818,800 Argentina---------------------------------------------- ,370,000 100,218,300 97,296,800 British West Africa. ----------------------------------- 39,214,100 54,851,500 53,419,200 British South Africa------------------------------------ 30,608,700 37,479,400 37,932,100 British India, via: Bombay via Karachi-------------------------------|---------------- 138,646,200 170,930,700 Other ports------------------------------------- 280,566,200 295,684,600 299,545,500 Total to Bombay----------------------------- 280,566,200 434,330,800 470,476,200 Madras.-------------------------------------------- 51,338,400 38,766,600 72,097,400 Bengal. -------------------------------------------- 497,627,300 543,569, 100 591, 112,400 liſſilä - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 36,866,800 33,153,000 0,896,300 Straits Settlements.------------------------------------- 42,400, 49,164,600 49,599,900 ylon.------------------------------------------------- 12,221,800 9,256,500 13,776,800 Australia----------------------------------------------- 71,882,600 90,552,000 86,739,300 New Zealand.------------------------------------------ 17,093,300 19,225,600 21,295,200 anada------------------------------------------------- ,406,1 53,295,400 41,258,300 British West India Islands (including Bahamas) and British Guiana--------------------------------------- 18,822,800 17,495,900 20,271,000 Other Countries---------------------------------------- 91,799,700 106,258,800 112,862,600 Total.-------------------------------------------- 2,662,253,500 2,864, 158,400 3,316,094,700 Total value--------------------------------------------- $153,823,734 $177,215,211 $217,181,189 i 8 ENGLISH COTTON-GOODS TRADE. YARN CONTRACTS AND CONDITIONS OF SALES. The conditions of the sale of cotton yarn in Manchester have been altered considerably during the past 25 or 30 years—in the manner of selling, discounts, time allowed and the mode of payment, the increased fineness of yarn required for the same make of cloth, the exactitude with which the buyer insists on his contract being kept, and in many other respects. A quarter century ago almost every Lancashire spinner had a yarn agent at Manchester, through whom the whole of his production was sold, the spinner visiting Manchester only once or twice a week. His yarns were consigned to the agent's warehouse and from there sent to the weave-mill purchaser in the required quantities. An account current was kept between agent and spinner and settlements made º intervals, interest charged or allowed, as the balances PéC UIII’éCI. his was the custom in the days of private firms, but with the inception of the limited liability movement many companies were formed under the new law. As a result competition became greater and efforts were made to reduce selling charges by bringing buyer and seller together. At present most firms have their own salesman, who will sell to any and all agents or cloth manufacturers. Some spinners keep to the old system of retaining an agent in Manchester through whom all sales are made, but these are diminishing yearly. This system originally applied to the sale of yarn for export, but it is now done direct with the shipper. In export business a noticeable change has taken place in the method of delivery. Formerly all cop yarn was exported in casks or barrels and fine yarn in cases, supplied or paid for by the shipper. Quantities of yarns are now consigned to the Continent in the spin- ners' cases and returned when empty, thus saving the expense of cases. Some firms, however, still send yarn abroad in cases paid for by the manufacturer and not returned. RANGE OF DISCOUNTS-FINER COUNTS. Discounts previously allowed were different from those now ob- Uained. It was customary for the yarn agent to allow the manufac- turer 1% per cent discount for payment in 30 days. The agent's terms with the spinner were 4 per cent in 14 days, 1 per cent for selling and one-half per cent for guaranteeing i." of accounts. The yarn agent's terms with the spinner for shipping were 24 per cent in 14 days. When the spinner sold direct to the shipper the terms were 14 per cent in 14 days. This system has been completely changed. The manufacturer now pays the spinner or agent in 14 days and is allowed 2% per cent dis- count, though some pay on the next market day after delivery and get 3 per cent discount, the extra one-half per cent working out for the 14 days to 13 per cent per annum. Another change in this market is the increasing demand for finer counts of yarn for standard cloths. Ten years ago an ordinary print cloth was made from 32s filling and 36s warp, while 36s or 38s filling and 42s or 44s warp are now demanded. This procedure has taxed the spinner in compelling him to use better grade cotton, increasing the cost of production, and has necessitated higher skilled labor. ENGLISH COTTON-GOODS TRADE. 9 Manufacturers now submit yarn to a severer test than in former years with modern appliances because of the (1) increased fineness of yarn; (2) greater variations in cotton, making irregularity in yarn; (3) increased speed of machinery, necessitating regularity of yarn; (4) importance of obtaining maximum production. RULES GOVERNING SALES OF YARN. Practically all Lancashire spinners sell under the rules of the Man- chester Yarn Contract Conference, which read as follows: (1) The actual weight of cop yarn shall be invoiced, including tubes, if the yarn be ordered on tubes. (2) (a) When warps or back beams are sold on the basis of scale weight and the counts are coarse, the seller may not invoice in excess of I per cent over the calculation weight. º When sold by calculation weight, any deficiency exceeding 1 per cent shall be allowed to the buyer. (3) For bundle yarns, a pressed 10-pound bundle must contain not less than 9 pounds 14 ounces, and a pressed 5-pound bundle not less than 4 pounds 15 ounces of yarn. This rule does not apply to long bundles. (4) The number of hanks in a bundle, taking 840 yards to the hank, must indicate the counts of the yarns, “sewings” and “fancy yarns” excepted. (5) In case of dispute as to counts, length, weight, or condition, the yarn shall be tested by and according to the rules of the Manchester Testing House, and its certifi- cates shall be binding on both parties, who, however, shall have the right to be repre- sented when the samples to be tested are drawn. (6) Either buyer or seller has the right to ask the Manchester Testing House to repeat the test, and in that case the average result of the tests shall be taken as final and bind- ing on both parties. (7) The seller has the right to replace rejected yarn, if he offers to do so within the original time of delivery, and free of all expenses to the buyer. (8) If “delivery as required” is specified, or if no time is specified, the contract must be completed within six months, and particulars furnished .# (9) “Delivery to follow” shall be held to mean at the same rate of delivery as that of the last preceding contract for the same description and quality of yarn. (10) If a contract is entered for delivery at specified dates, the cancellation of any portion shall not affect the remainder of the contract, each portion being deemed a separate contract. (11) Payment of an overdue account shall be a condition precedent to further deliv- ery. Delivery may be suspended by the seller whenever any payment is in arrears for accepted delivery, or for any delivery respecting which formal notice of rejection or claim has not been given by the buyer. (12) In case of a strike, lockout, breakdown, fire, or other unavoidable occurrrence, the party affected shall give written notice of his inability to make or accept delivery (as the case may be), and it shall then be at the option of the other side, the aggrieved party, either to agree to the postponement of delivery, or within 10 days to give notice to close the contract, and to pay or receive the difference in price, such difference to be fixed by the Tribunal of Arbitration. Contracts for yarn for shipment to foreign coun- tries are excepted from this rule. (13) In default of delivery by the seller at the rate or within the time specified in the contract, of any quantity of yarn bought from him, the buyer may purchase such quantity of similar quality in the open market, charging to the seller the excess (if any) over the contract price which he may have had to pay in making such purchase. In default of acceptance of delivery by the buyer at the rate or within the time specified in the contract of any quantity of yarn sold to him, the seller may dispose of such quan- tity in the open market, charging to the buyer the deficiency, if any, as between the contract price and the price realized by such sale. In either case three days' notice in writing shall be given of the intention either to buy or sell, and the quantity of yarn bought or sold shall be deducted from the contract. (14) In case of dispute the decision whether a delivery may or may not be rejected, and what damages shall be paid for breach of contract, shall be left to the Tribunal of Arbitration. Where yarn is sold under the above rules, the following remark is made at the foot of the contract: “Except as may be specified herein, this contract is made under the rules of the Manchester Yarn Contract Conference. All cases of dispute arising under this contract are to be finally decided by the Tribunal of Arbitration recognized by that conference.” 10 ENGLISH COTTON-GOODS TRADE. SALES OF YARN AIBROAD. British exports of cotton yarn made large increases during the first half of 1911 over the preceding two half years. The statistics cover the quantities sold abroad during this period com: pared with the first six months of the two preceding years, the total values also being shown: following Country or port. 1909 1910 1911 Pounds. Pounds. Pounds. Russia-------------------------------------------------------- 832,300 775,300 1,534,400 Sweden------------------------------------------------------- 695,300 651,300 3, Norway------------------------------------------------------- 792,100 986,900 978,100 Denmark----------------------------------------------------- 853,400 621,000 606,000 Germany------------------------------------------------------ 19,820,400 24,012,400 28,672,200 Netherlands--------------------------------------------------- 22,281,600 20,350,600 22,846,300 Belgium------------------------------------------------------- 2,788,700 2,188,400 2,018,400 France-------------------------------------------------------- 2,638,400 2,864,500 2,268,900 Austria-Hungary------------------------------------ -* - - - - - - - - 2,788,600 2,604,400 3,026,700 Bulgaria------------------------------------------------------ 3,943,200 1,408,300 123,900 Roumania---------------------------------------------------- 4,437,800 2,811, 4,692,800 Turkey------------------------------------------------------- 7,911,600 4,066,100 4,335,600 Egypt.-------------------------------------------------------- 1,482, 1,044,400 1,060, Dutch East Indies. . . . . . . . . . . . . . . . . . . . . . . . . ------------------. 434,700 332,800 457,500 China (including Hongkong).-----------------................ 3,974,800 527,300 1,013,000 United States------------------------------------------------- 3,495,800 3,391,600 3,268, 100 Argentina----------------------------------------------------. 1,044,500 1,052,400 682,500 British India: Bombay.------------------------------------------------- 9,008,600 4, 7,206,000 adras.-------------------------------------------------- 2,567,500 3,755,200 4,990,700 Bengal (including Eastern Bengal and Assam). . . . . . . . . . . . 2,986, 100 2,924,600 4,957,400 urma------------------ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 478,700 1,369,600 1,272,500 Straits Settlements.------------------------------------------. 831,700 685,400 763,800 Canada-------------------------------------------------------- 661,900 1,535,000 1,266,600 Other countries----------------------------------------------. 9,895,600 9,435,700 11,901,600 Total.--------------------------------------------------- 106,646,200 93,415, 100 112,627,800 Total Value--------------------------------------------------- $27,571,473 $30,628,096 $39,285,790 FoEEIGN TRADE RESUMſ. The export trade, of course, is always the prime factor in the British cotton-mill industry, which its centralization so materially aids. Referring again to the statistics of shipments of cloth and yarn shown on preceding pages, the following record is now given to illustrate the substantial and continuous growth of this trade, despite the occasional dull years. The figures are for the first six months of the respective years and cover the past decade: +- Ç Cotton yarns. Piece goods. Total value all Half year. Cotton goods. Pounds. Value. Yards. Value. 1902. ------------------ 83,645,400 $17,646,459 || 2,704,335,700 $134,952,975 $158,318,433 1903. ------------------ 79, 504,300 17,943,627 2,621, 587,700 133,789,745 177,798,157 1904. ------------------ 76,568,500 21,042,945 2,593, 484,300 143,702,654 191,246,257 1905. ------------------ 97,867,100 23,703,066 3,005, 471,300 167,565,318 216,374,060 1906------------------- 105,146,400 27,958, 123 3, 116,703,600 178,943, 112 236,324,873 1907------------------- 112,918,000 34,118,783 3, 135,841, 600 192,588,988 259, 135,178 1908------------------- 115,227,600 34,676,796 2,848,750,800 181,234,285 246,337,495 1909------------------. 106,646,200 27,571,473 2,662,453,500 153,823,734 211,999,581 1910------------------- 93,415, 100 30,628,096 2,864, 158,400 177,215, 211 243,643,347 1911------------------- 112,627,800 39,285,790 3,316,094,700 217, 181, 189 292, 319,404 THE UNIVERSITY OF MICHIGAN { ! | ... . . .-- " - . . **** * * *-ºn----r—— , --- - * *- : . . .- – - ... --~~~~ : * ~ * - i. z. z. * - - *** - - - - - - 3. i - º t * tº * º N - ! ! . . . . . }. .# l | 661 |CHIGAN | ---------. . - OF | III. iii. m --~~~~ ~~ k. 、、。、:： -; （ſ.º.）."*- ¿??¿?,-· *****&&#ffºcyº:№vaers，· -->- - - ∞∞∞ √æ√≠√∞ √-- ************************ ? * * *-- Ř5，5 ± ≠ ≤ ≥ ≡≡ 2 × × × × × × × × × × × × × × × × × × × × × × × × × × × × × × × × × × × × × ×-sæsº-º！！！！！ ！！ ！！ ！！ ！！！！ №w ** ¿¿.*¿¿.*¿¿.*$2，-2，-∞） × ≤ ≥ ≠ ≤s≤ x ≤ x ≤ ≥ ≠ ≤ ≥ ≠ ≤ 、。・、5 255№ºr-gaerae！！！！！！！！！！！！！！！！！！ ºººaerºs， șºara praes） și-+* _ ... - 。、、 ***** • •*********************************************ſºa， ºrae, **** O - *... ; : á. ！！！！！！！！！！！！！！！！！！！！！！！！！！！!！！！！！！！！！！- ！ €&se（?！=） *** ±，±，±，±，±，±，±，±，±,±,±，±，±，±,±，±,±,±ësº！!！ **************：）*）*）******************** §§ · * * * * * * * * * * ** ******** gº 2-º-~~~==<！--*****---- » +* * * && && �.*?） ****¿¿.*.**…， ¿º ſºxae ******、、、、、、、、、、、*********** æ5ālē saeae: ***、、、、、、、、、、、、、æ√≠√æ√æ√≠ ≤ ≥ ± − ×-rºš §§§§§§§§§¶√≠√≠√≠√≠√±，±，±，±，±，±），ș<！-! ****x， áærae-wºº， ****************§§§§§§§§§§§§ §§§§§§§§§§s*\{.*?< *rººy， z） ≤ x ≤ ×SGĘ ! : #