The barometer of China trade is pices goods, if any one commodity can be said to offer the general pulse, so that a word or two on the textile conditions in this country will no doubt be opportune.
Warnings have been coming out recently. In the New England district curtailment of manufacture is recorded, and several of the prominent mills are closing down. The Everett mills, the Lawrencs duck plant, the Acadia works, the Davis Purber Company, the White Valley denim mills, "the York Manufacturing Mills, and other more or less important mills have either been closed altogether or are working" at~ half time, with little prospect of recovery' for a fair length of time. The public is blamed. The public is not buying. Cloths "are selling at the same price as they were last August, when cotton was six cents lower, President Coolidge and the Mellon Tax Plan.
At last the country has been given a definite expression Presidential opinion on the famous Mellon Tax Plan, Tt looks as. President Coolidge is "all for it. jin nutshell form, the President's "idea is that a reduction in. th taxes on the basis that the ingenious Mr. Mellon " proposes would usher in an, unprecedented era prosperity and business expansion. The matter was brought up a day ox two ago in the Cabinet, Presi-Aetit Coolidge calling attention. to reports which had reached him of the slowing down of business in certain lines, and he naturally turned to that veritable wizard of the Department of Commerce (Mr. Hoover) for information.
The latter, however, denied any ing down of production, and de-"preeated. the "belief that at any time during the present veir would The mills in the South are not in such a bad fix. They are coi ing production, but are more confident that they, be able to make money at' present raw and finished price levels, but all the manufacturers are warning the and jobbers that their must lead to higher prices, and that when public demand becomes urgent there will be difficulties of supply.
T.do not know what effect this may have in the Par Eastern market, but I should presume that American cottons will be quoted by cable at prices that may be competitive with Manchester and the Japanese cotton centres.
But it certainly does appear that hile cotton is in the doldrums, it is the only industry that is seriously affected.
Money everywhere is. plentiful, I have above indicated. Tne thought comes to me of the ease
Text read from the printed page and cleaned; old type leaves the occasional error.