The present 40 per cent. restriction of output in the manufacture of cotton yarn will be lessened by 10 per cent. on September 15 and withdrawn altogether on December 15, as previously declared by the Spinning Association. How this will react upon the price of "futures" is a matter that is now attracting the attention of the nills and dealers, remarks the pan Chronicle."
So far as present circumstances go, however, it is impossible to judge correctly how many bales will be manufactured aft e discontinuation of the limitation of work, this rendering it difficult to fix the price of "futures." The optimists estimate the increased output at 180,000 bales, while the pessimists put it at 210,000 bales. The grounds on which the optimists base their calculation are that some of the idle spindles are too old to be employed any longer and even the remainder can hardly be expected to exhibit the same working efficiency as the spindles in motion soon after they have been set going, while many workpeople have turned to the silk industry: as the result of its revival. So spinning, after the withdrawal of restraints, will be greatly handicapped by the deficiency of workers.
They also take the view that as it is not until a long period has Y d that the reduction of operations takes the desired effect, the increase of output due to the abrogation of the reduction will not affect the price in any serious way. Furthermore, from. the cent and frequent occurrence of labour disputes it is more than probable that a Labour Law will be enacted, after that on the lines of the Berne Convention, midnight work will be abolished (for women) from July 1, 1922. (The pessimists, moreover, consider that the future price of yarn is very gloomy, pointing out the numbers of spindles to be imported in November and December, the shortage of hands which can only be made up for by an increase of wages, the improvement of treatment. and so forth.
Text read from the printed page and cleaned; old type leaves the occasional error.