The depression in the Lancashire cotton trade is at an
end, and all signs point to a period of prosperity for our greatest manufacturing industry. The American cotton crop of this year has been the largest on record, with the result that prices have already fallen considerably. As two-thirds of the industry goes to America for its supply, most of the mills are now running full time again. The wisdom of those who insisted on curtailing the output when the price of raw material was high is now abundantly justified. Many foreign manufacturers bought largely at the enhanced price, and to-day find themselves under heavy disabilities. The Fabian game is not always a safe one, but in this case it has been wholly successful. At the same time, a bumper year in one supply-ground gives no security for the future, and we are glad to note that both masters and men urge the British Cotton-Growing Association not to slacken their efforts. A steady supply can only be secured by extending the cotton. growing area of the world.
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