Fibres. 



522 



[June, 110$). 



Jones, k.c.m.g.) most generously de- 

 frayed the whole of the expenses of the 

 guests. 



An Exhibition, illustrating more parti- 

 cularly the cotton growing movement 

 in the West Indies, was opened on April 

 25th at the Offices of the Board of Trade 

 in Basinghall Street, London, by the 

 Right Hon. D. Lloyd-George (President 

 of the Board of Trade). 



An expedition in connection with cot- 

 ton growing visited the West Indies in 

 January, 1907, the expenses of which 

 were paid by Sir Alfred Jones. The use- 

 fulness of this visit was unfortunately 

 seriously interfered with by the earth- 

 quake at Kingston, Jamaica. The Coun- 

 cil cannot express too strongly their 

 feeling of gratitude that the members 

 of the expedition escaped all harm in 

 that terrible calamity. 



In June, 1907, the Annual International 

 Cotton Congress was held at Bremen. 

 Mr. Henry Higson read a paper on the 

 work of the Association. 



In the autumn of 1907 an influential 

 and representative deputation visited 

 the United States, and attended the 

 Conference at Atlanta. The Association 

 did not take any official part in the same, 

 but several members of the Council 

 went out with the deputation. They 

 are unanimous in the opinion that the 

 work of this Association has not been 

 commenced one moment too soon, They 

 were much impressed with the determin- 

 nation on the part of the Americans to 

 wrest from this country her pre-eminence 

 in the manufacturing of cotton goods 

 for export, and they were convinced 

 that sooner or later the bulk of the 

 United States crop will be required 

 by the American mills. They are also of 

 opinion that this Association has 

 nothing to learn in America as far as 

 ginning and baling are concerned. 



Owing to the large and continued 

 increase in the work of the Association, 

 it was found necessary to obtain larger 

 offices. These were completed iu Sep- 

 tember, 1907, and should provide suffi- 

 cient accommodation for such increased 

 work as may be expected during the next 

 three or four years* though if the work 

 continues to grow in the future as it has 

 done in the past, not only may further 

 accommodation be required, but a 

 large increase in the funds at the 

 disposal of the Council will also be 

 absolutely essential. 



As will be seen from the Balance Sheet, 

 the total amount of shares subscribed 

 for on December 31st, 1907, amounted to 

 £260,632, showing an increase of 

 £13,359 only since 1906. The Council 

 hope that those spinners and manu= 



facturers who have so far subscribed 

 nothing or only part of the agreed 

 basis will take up the necessary shares 

 in the immediate future, and they 

 further hope that those shareholders 

 who have so generously supported the 

 Association iu the past will subscribe 

 for further shares after the last instal- 

 ments have been paid on their previ- 

 ous holdings. 



In view of the small amount of sub- 

 scriptions coming in recently, the Coun- 

 cil did not feel justified in continuing 

 any further expenditure for canvassing. 

 As will be seen from the Balance Sheet 

 the expenditure under this heading, 

 which in 1906 amounted to £1,597, was 

 reduced to £707 in 1907, and has now 

 ceased altogether. 



In consequence of the large and con- 

 tinuous growth of the work and oper- 

 ations of the Association, and of the 

 resulting heavy financial demands— over 

 £50,000 being at one time locked up in 

 West African cotton alone — the Council 

 Avere compelled to take other steps to 

 raise capital, and under their auspices 

 the British Cotton Ginning Company, 

 Limited, was formed, with a capital of 

 £100,000, all of which has been subscrib- 

 ed. An agreement has been concluded 

 under which the Company purchases 

 from the Association its Ginneries and 

 Plant, and then leases them back to 

 the Association on rental for a term of 

 years expiring in 1916. On the expira- 

 tion of the leases the Association will 

 repurchase the same, and in the mean- 

 time will work them on its own account, 

 subject to the rental mentioned above. 



In order to more effectually develop 

 cotton growing in British East Afriaa, 

 the Council handed over their work in 

 that protectorate to the British East 

 Africa Corporation, in which the Asso- 

 ciation holds a large number of shares, 



The question of management has 

 been occupying the serious attention 

 of the Council during the past year. 

 The increase in the woi'k has been al- 

 most overwhelming, and in this connec- 

 tion the Council beg to call the atten- 

 tion of the shareholders to the following 

 facts :— 



(a) The capital of the Association and 

 of the auxiliary companies now amounts 

 to £450,000, as follows :- 



The Association ... £260,000 



The British Cotton Ginning Co.... 100,000 

 The British East Africa Cor- 

 poration ... 60,000 

 The Rhodesia Cotton Co. ... 30,000 



£450,000 



