COTTON 78 



stored on board a foreign ship and bills of exchange 

 drawn and negotiated!" 



In view of these facts we may regard this leak in 

 the export trade as belonging to the past rather 

 than to the present. 



SHIPPING 60% OF OUR COTTON TO EUROPE 



Lastly we come to what is perhaps the greatest 

 leak of all not to the cotton farmer solely, but to 

 the Cotton Belt. We are still shipping 60 per cent, 

 of our cotton to Europe almost as uneconomic, 

 as has been said, as it would be to ship our iron ore 

 instead of turning it into the finished product here. 



And in view of the leaks we are to stop and the 

 great resultant savings that are to enrich the South, 

 and in view of the prospective remedying of this 

 last great leak, we cannot better conclude this 

 chapter than by quoting an extract from an address 

 by Mr. Richard H. Edmonds, of the Manufac- 

 turer's Record, delivered in New York City a few 

 months ago not a mere day dream, a flight of 

 fancy, but a prediction of what actually bids fair to 

 come to pass within the lifetime of most of those 

 who read this article: 



"It is not to be expected that the South will ever 

 manufacture its entire cotton production, for, when 

 it has reached the point where it consumes in its 

 own mills the 10,500,000 bales which now measure 

 its average crop, the world will be demanding of 

 it, and it will meet the world's demands for, 

 probably 20,000,000 bales. But the utilization in 

 its own mills of 10,000,000 bales would mean the 

 employment of 1,000,000 operatives, the invest- 

 ment in mills, textile machinery, building pi ant sand 

 kindred enterprises, of not less than $2,000,000,000 



