prices of home-made goods of the same quality. On account of this circumstance in connection with certain trades, an inconstant circumstance, a remedy is proposed which would apply to all our trades alike and be constant. It is easier to argue on generalities than, as Mr. Macara has done with regard to the cotton industries, to go to the roots and foundations of a question.
Cotton Spinners' Association.
The following passage of his report of the joint conference of the "Cotton Employers' Parliamentary Association" and the principal officials of the "United Textile Factory Workers' Association," held in Manchester, on July 21st, 1903, points the way in which such questions require to be handled for any useful and effective purpose:—
"Protective tariffs," he said, "are only one form of legislation. The legal hours for running machinery in one country differ very widely from those of another country, and this plays an important part in our international competition. The rate of wages paid, cost of living, climatic conditions, etc., are also important factors that have to be reckoned with. Broadly, however, it may, I think, be taken that intelligent and fostering legislation, harmonious relationship between capital and labour, enterprise to secure a plentiful supply of raw material, energy, ability, and skill on the part of both employers and work-people, and economy in the cost of production, are the main factors that will enable us to continue to secure a fair share of the world's trade in cotton goods. I venture to express the opinion, at all events, that these conditions form the most secure basis any great industry could rest upon, which is dependent upon for foreign trade for 80 per cent. of its employment. The moderate return on the capital invested in the British cotton industry presents
