The papers of Monday announced that both the British and
French Governments have decided to declare cotton absolute contraband. The British Government in publishing the decision say that, though "circumstances might have justified such action at an earlier period," they are "glad to think that local conditions of American interests likely to be affected are more favourable for such a step than they were a year ago." Moreover, the British Government propose to introduce measures for relieving as far as possible any abnormal depression of the market. We are very glad to record this decision. We do not deceive ourselves into thinking that the Proclamation that cotton is absolute contraband will prevent Germany from getting any. At the same time, since cotton is an indispensable element of modern explosives, every pre.. caution which reduces the amount leaking through to Germany represents something distinctly gained. If neutral countries neighbouring on Germany receive only their average annual consumption, they will not be able to spare very much for German use, though it is true that what can be spared by those who are willing to resort to this sort of trade will com- mand very high prices.
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