COTTON TRADE TURNOVER.
[To THE EDITOR Or THE "SPECTATOR."] SIR,—In considering the Board of Trade Returns for January it is customary for statisticians, who are perhaps only con- versant with general business, to deal with our cotton trade turnover in values. This mode of presenting comparative tables of shipments is misleading in connexion with our staple industry. Take, for instance, last month. We started January with Middling American on spot in Liverpool at 8d., and the month closed at 7.68d. per pound. In January of 1909 we averaged little over 5d. a pound. Consider also Egyptian. A year ago F.G. Fair Brown was at 80.; but in January of this year the price was from 13ad. to about 14d. It will be seen at once that values do not indicate the turnover for comparative purposes. Fortunately we have the weight of yarn and the number of yards in cloth exported. These figures of course are the beat to go by, being the nearest approach to a true comparative statement. I think it is only fair and honest that we Free-traders should acknowledge this position in discussing our cotton export
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