In an allele recently published in the "Chinese Economic Journal" it stated that: cvethe, Chinese cotton Industry, though enjoying considerable prosperity been carrying
est fow years. Following for, existence ating Yenr of 1004 the industry wns faced. with even worse conditions In'10%5, for after the eettiement at the beginning of the Year, general. depression and" ancial ringebey was seen fu almost every fine Dusiness, ands considerable number "concerns went bankrupt, largely rug to the lehr, money market "This presents a brief but true summary of the general conditions faced during the period under review and the remarkable thing is not that number of cotton spinning and weave Ing. factories were forced out of Dusiness but that so many have been able to survive and are still carrying' on their functions.
'As mentioned by my predecessor' last. year, after the Spring Festival faced as we were with continued losses in our spinning and weaving departments, we were compelled to make a reduction in the workers' wages. Strikes at two of our mills {ollowed which lasted in the main from the end of February to the Deginning of April. When the work ers resumed it was decided not to re-open our Ewo No, 1 Mill and this has since remained closed.
"This decision was made with great reluctance but as we could se no prospects of profitable trading in bundle yarn, In the production of which the we No. 1 Mill Is solely engaged, we felt we had no alterna-live "and subsequent events fully fustifed our action, Generally speaking neither cotton spinning nor weaving have benefitted the mills during the last year and the report to which I referred indlates the serious obstacles in the way of making a manufacturing profit in yarn and cloth to-day.
Text read from the printed page and cleaned; old type leaves the occasional error.