COTTON 135 



on a small amount of experimental and missionary work, 

 but it very soon became apparent that unless the Associa- 

 tion undertook the entire supervision of the industry and 

 the actual buying and ginning of the cotton, very little 

 good could be done. 



In January, 1904, owing to the shortage in the supply 

 of American cotton, the situation in Lancashire became so 

 much more serious that it was decided to reconstitute the 

 Association on a permanent basis, and to apply to His 

 Majesty, the late King Edward, for a Royal Charter. On 

 August 2/th the Charter was finally sealed, and the Asso- 

 ciation was reconstituted with a capital of 500,000, of 

 which 471,000 have been actually subscribed. 



Sir Alfred Jones was the first President of the Asso- 

 ciation, and I must here record the very great debt of 

 gratitude owed to his memory by all who are interested 

 in the welfare of the British Empire. It is mainly due to 

 his untiring energy and to his splendid generosity that the 

 Association has been able to achieve its present position. 



As you are all aware, on the death of Sir Alfred Jones 

 the Earl of Derby very kindly consented, on the unani- 

 mous request of the Council, to accept the position of 

 President of the Association, and we are all most grateful 

 to him for the invaluable services he has rendered to the 

 Association. 



In 1906, owing to ill-health, Mr. J. E. Newton had to 

 retire from the position of Chairmanship of the Council, and 

 I was appointed in his place. 



I must draw attention to the fact that the Association 

 is absolutely representative in character. Its members con- 

 sist of spinners and manufacturers, merchants and ship- 

 pers, and representatives of all the various industries con- 

 nected with the Lancashire cotton trade, and further than 

 that, many of the Labour bodies are taking an active iff 

 terest in the work, and some of their representatives are 

 the most useful members we have on our Council. I 

 should also draw attention to the fact that the capital has 

 been subscribed mainly for the purpose of extending the 

 growth of cotton and not for the earning of dividends, in 

 fact it was stipulated in the prospectus that no dividends 

 should be paid for a period of seven years. 



Before dealing with the actual work, I should like to 

 draw attention to the great assistance which has been 

 rendered to the Association by His Majesty's Government 

 and by both political parties. The philanthropic character 

 of the Association, and the beneficial nature of its work. 



