[To THE EDITOR OP THE "SPECTATOR."] Sin,—A large number of
commercial firms in Lancashire and the North of England are grateful to the Spectator for the expert way Mr. Chamberlain's fiscal proposals have been analysed, discussed, and condemned. It is most satisfactory from a national point of view to have so able a leader in the Press on the side of sound international trading. The fallacious comparative tables recently published to show our greatly declining exports of manufactured cottons are most glaring. The figures of values of piece goods and yarn shipped in 1872 and 1902 are given, and so-called experts jump to the conclusion that we have in the last thirty years lost a very large percentage of our staple trade. These authorities over- look the fact that in the former period of 1872 raw cotton values were more than double the average price in 1902. This, of course, makes all the difference. The nearest com- parison of turnover is the yardage of piece goods and the weight of yarn sent abroad. Both of these particulars are available in the monthly Board of Trade returns.—I am,
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