42 



the bulk of their cotton early at high prices, and partly to the 

 severity of English competitiou." Bavaria said : The main 

 reason for bad trade, over-production, has been aggravated in its 

 consequences, by the regrettable and ever recurring sharp com- 

 petion of England on our own market." Wurtemburg said: 

 " The business of the past season was worse for spinners owing 

 to the low prices caused by English competition." Alsace said : 

 " The past season has been very unsatisfactory to spinners, owing 

 to the low prices of yarn compared with cotton, brought about 

 in a great measure by English competition." Switzerland said: 

 "The unsatisfactory business (which has never been so bad since 

 the industry commenced) is attributed to hostile tariffs and 

 English competitiou. Manchester in default of finding an outlet 

 in the East throws enormous quantities of yarn on the Continent 

 at any price, and this injures our industry," or as another 

 correspondent puts it : " England has squandered yarns at ruin- 

 ous prices on our market." Holland said : " Moreover the trade 

 has been injured by Manchester comj)etition at excessively low 

 prices." Lille, Roubais, &c., say " The past season has been 

 very unsatisfactory, owing to the low and unremunerative prices 

 occasioned by excessive competition, especially from England." 

 Perhaps these quotations will be sufficient as indicating the feel- 

 ing of soreness as to the severity of English competition. Lastly, 

 with regard to the spinning industry of India, J. E. O'Connor, 

 Esq., in his annual Report on the Finance and Commerce of 

 India for 1884-5 says : " There was mostly no profit, the value 

 of all shares in these enterprises has fallen heavily and two at 

 least of the largest mills in Bombay found themselves compelled 

 to stop working in March and April. The Directors of one of 

 the largest of these mills, in their report for 1885, say, ' the 

 fact is notorious that this year has been to the cotton spinning 

 industry in general an unprecedeutedly disastrous one.' " The 

 following table will show how our export trade in cloth and yarn 

 is distributed : — 



AVERAGE PER ANNUM, — CLOTH IN YARDS. 



Five years 

 Continents. 1873 to 1877 

 Europe... 611,650,000 



Percentage 17"B 

 Asia 1,905,750,000 



Percentage 53'7 

 Africa ... 264,550,000 



Percentage 7*4 

 America ... 715,000,000 



Percentage 20-1 

 Australasia 58,000,000 



Percentage 1"5 



