London, July 9.
'The first meeting at Manchester to-day of the special sub-committee appointed by the Federation of Master Cotton-Spinners' Associations to investigate the overcapitalization of the Lancashire ent ton industry, decided to appoint the financial position of the mills' spinning American cotton, with view to reducing, with the co-opera tion of banks and the Government, financial over-head costs to an economic level. 5 Mr, S. 8. Hammersley, Conservative M. P. for Stockport, declared that the banks had a strangle-hold on the industry and suggested that solution might be found on the Hines of the formation of a special cotton bank, Strenuous Efforts Being made to Recapture Foreign Trade July 10.
Manchester corres eign trade. The first market to be tackled is China, where Japanese competition is very severe, 'A. Joint syndicate composed manufacturers, merchants,—dyers and bankers "has been established with the intention of producing certain cloths on a bulk scale at rates enabling them to compete with Tapanese fabric Attention at the present time boeing. concentrated on dyed cloths, of which China uses 50,000,000 to 60,000,000 yards each year, for the production of which the interests concerned are doing their share of the work at rock-bottom—prices Several cases of these foods have already been shipped to China, where they have fetched good prices Ju the auctions. Many firms have entered into guarantees to stand any loss incurred in marketing the goods, It is intended later to work 1 mats production basis Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.