24 FEBRUARY 1912, Page 16

[To THE EDITOR Or THE "SPECTATOR. "] SIR, — Anent Mr. Harold Cox's

most instructive communication in the Spectator of February 17th on industrial developments in India, he will agree, I think, that the Japanese pay only market rates in Bombay for East Indian cotton, and that they, like native millowners, buy at lowest possible prices. You cannot discuss competition between different countries without acknowledging that buyers operate at rock-bottom rates, without regard to the actual state of trade, and sell accordingly. It is refreshing to see such a sound view from an outsider on the Indian cotton import duties and excise. In my poor way I have argued for these ideas on the subject for many years, and Lancashire welcomes Mr. Cox as an advocate for fair economic dealing between the two countries.