Our hopes for the Lancashire cotton industry are raised again
by the announcement' of a new effort from within towards reorganization. The last negotiations which we had to chronicle between employers and operatives were most disappointing, and seemed likely to bring the mills nearer and nearer to bankruptcy. The new scheme is not concerned with hours or wages, but with the finance and unification of the interests of the mills in the American 'section of the industry, which has been suffering the longest and the most bitterly. The Cotton Yarn Associa- tion, which, though severely criticized in- some quarters, has alone shown an adaptability to new conditions, has worked out a scheme for establishing a Lancashire Textile Corporation. Mill-owners, experts and•the banks, which are deeply involved by their loans to companies that have gone on competing for unprofitable trade, have been consulted, and this is the product of their efforts.
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