Mr. Wallace believes that there little hope of a world agreement as long as the United States government continues, in effect, to peg American cotton prices through loans above the price at which competing nations are willing to sell.
They will talk ce-operation, he believes, only when competition tom the United States forces them to do so. As long as they can undersell with cotton produced by cheap labour they will insist on retaining that advantage, he has said.
In recent years American cotton growers have lost half of their export market—declining from 6,500,000 bales to 3,300,000—while a record surplus of 14,500,000 bales has piled high in warehouses and on wharves, Certainly, Mr. Wallage said, other producing countries cannot expect our cotton growers, in effect, to subsidize them—to hold an umbrella over them with programmes of acreage adjustment, marketing quotas and loans.
Text read from the printed page and cleaned; old type leaves the occasional error.