LANCASHIRE COTTON INDUSTRY

Dominion, Volume 34, Issue 110, 3 February 1941, Page 7

LANCASHIRE COTTON INDUSTRY

Preparing For Post-War Period (British Official Wireless.) (Received February 2, 7.5 p.m.i RUGBY. February 1. Post-war conditions in the Lancashire cotton industry and methods for dealing with them were forecast in a speech to textile works managers by the chairman of the Cotton Board, Mr. Raymond ,S treat. In spite of enemy attacks, said Mr. Streat, the Cotton Board was thinking and planning for the .post-war period. He considered that at the end of the war there would be a great need of cotton goods in the starved home market, but this market alone would be an inadequate basis for a prosperous cotton industry, which demanded a substantial export trade in addition. Mr. Streat said he thought all Governments would have to organize and control exchange for a long time after the war. Lancashire’s great assets, he said, were her efficiency, trading connections and experience, and though she could not hope to compete with the rest of the world by wage competition, he was convinced it was feasible that by efficiency, economy and selective price the cotton industry could pay good wages and achieve a ■satisfactory volume of exports. The Cotton Board’s plan for the future, he continued, was based on Government assistance by way of trade pacts, export credit, insurance and foreign exchange arrangements and price control, which he thought would be necessary to prevent excessive prices during a shortage and selling at a loss when the market was weak. In return for managed prices, he said the producers would have to sacrifice some of their former liberties. Mr. Streat said the greatest attention would have to be paid to technical progress and invenion must not be neglected through a conservative outlook or the opposition of vested interests.