INDIA AND FREE-TRADE.
[To THE EDITOR OP THE "SPECTATOR."] SIR,—May I draw your attention to some very striking contributions to the present fiscal controversy contained in the September number of the Indian Textile Journal? It is clearly shown that Protection would seriously harm the Indian textile, and indeed all Indian industries. Mr. B. J. Padshah, an able Indian economist, declares that in India manufactures have been able not only to strike root without Protection, but are now searching for new markets in every direction. Half the yarns spun by the Bombay cotton mills are for shipment to China. He tells us that the textile industry's needs are "cheap cotton, cheap coal, cheap stores, cheap machinery, cheap and plentiful labour, cheap skill, cheap transport, cheap land and buildings. cheap working capital, a large indigenous demand, a large external market, stability of market, and honest financing. Will Protection give the industry more of these, or Free-trade ? " His answer on the facts is that Protection has no case in India on a large scale, and that if it is introduced, "heaven help the investors!" English investors in Indian securities will, if they are wise, watch the present controversy with acute alarm.—I am, Sir,
Previous page
