THE COTTON SITUATION.
After - confirming in general terms the diagnosis of financial and industrial conditions during the' past year which have been made by some other bank chairmen, Mr. Paton emphasized certain points in the industrial situation in which, no doubt, he was prompted by a consider- ation of conditions which have characterized some of our staple industries in Lancashire and in the North. With regard, for example, to the Cotton trade, Mr. Paton referred to the tremendous foreign competition which the cotton industry has had to withstand since (Continued on page 180.) (ContinPrei from page 178.) the war. Many of the competing countries are provided with the most up-to-date machinery and equipment, and employ a class of -labour which' is not only free from any restrictions, but is willing and able to turn out by mass production at low wages a class of goods which satisfies the demands of many of our former markets. Our competitors, said Mr. Paton, now have mechanical devices for humidifying the climate, and by cheaper living, longer hours of employment and double shifts create formidable competition, particularly in India and China.
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