(On February 5 at the Majestic Hotel, Messrs. Anderson, Clayton Ca. entertained a distinguished gathering of Chinese, Japanese and British millowners and cotton merchants, in honour of Mr. J. E. Wad-Gell, of the above firm, who later eft' for Bombay with the purpose fof opening an office there for Anderson, Clayton & Ca.
Mr. 'T. 0. Schmid, head of the firm here, welcomed the guests and T should like to raise just one point, which of course is familiar to Ail of you, but which can never be emphasized too often, i.e, the ly of an import duty on your raw material. Not even America for India, the largest cotton producing. fand.excorting countries, levy such fan impost; then why should China, fwhien. is forced to buy around 1300,000 bales of foreign cotton annually? Indirectly you pay this duty also on the 1,900,000 bales of native cotton which you consume in your mills, as its relative value is Adjusted to the delivered price of the foreign fibre, While the Government derives an income of only about Tls. 3,500,000 import your whole industry is penalized to the Extent of 3 to 4 per cent. (at present: prices and exchange rates) on its entire output, approximately or possibly running over Tls. 200,000,- four yarns and piece goods are handicapped to the extent of 3 to 4 per cent. in competing in foreign markets. Let us hope that the Government will give this pioneer wiestry of China the support it]
The occasion of this dinner is to give all of us opportunity to bid our Mr. Waddell an official goodbye Jalmost on the eve of his departure for Bombay. Mr. Clayton has contemplated for several years open-ting an office in India with the main purpose, of course, of selling Ameri-tean cotton there. However, with the: present wide parities existing between American and Indian cottons. Mr, Waddell will have ample time and opportunity to study the Indian feotton business from all angles, and he can evolve a'system similar to) the one which helped build our present organization, probely An-Gerson, Clayton & Ca. will-sooner or later also buy and sell Indian cotton.
Tam sure that you will all join' me in wishing Mr. Waddell success, and in congratulating him upon his promotion. Personally speaking, Tne he has' been for the past two years a valued business collaborator; End a good friend. T, and our office, fare very sorry to lose him.
PROVISIONAL COURT whether they mii ove veer] jeter, he answered "Of course: any~
Text read from the printed page and cleaned; old type leaves the occasional error.