- The Federation policy received the support of only two-thirds
of the membership in the American section, whereas a four-fifths majority was necessary. In the Egyptian section , only 28 per cent. of the membership voted for the reduction of wages. It is said that the members of the Manchester Royal Exchange heard the news with deep relief, and we cannot be surprised at that. An industrial conflict would have been a calamity not only for the cotton industry, but for all other industries. Now that this misguided policy of a reduction of wages is out of the way, it may .be hoped that the leaders of the industry wall tackle with fresh minds the practical and obvious methods of setting their house in order. The industry, which was over-capitalized in the boom after- the War, needs reconstruction from top to bottom. The costs of production are notoriously too high, yet .wages are the one element in the cost of production which cannot be attacked. The industry still has a good market for its finest products, but the markets for the coarser products have fallen away one after another. Possibly a concentration upon high-class production would pull the industry through, but it is thought by many who understand the industry that the markets for all products are by no means irretrievably lost. The leaders, however, must show the ability and the energy to take reorganization in hand at once.
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