COTTON INDUSTRY
CLOSING OF SUPERFLUOUS WORKS.
(United Press Assn.—By Telegraph—Copyright.)
London, December 10
A meeting of cotton magnates in Manchester decided to ask the Government to legislate giving a board of trustees full power to carry through a scheme for the compulsory closing of superfluous works and scrapping idle machinery. The scheme may involve the sacrifice of 10,000,000 spindles and 100,000 looms. This would thus revive prosperity in the industry, employing 4000 workers.
Meanwhile, Berlin announces that the Saxon textile mills, employing 18,000, have closed. This is a direct result of the British import duties, which entail a loss to Saxon mills of £3,500,000 annually at the current rate of exchange.
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Bibliographic details
Southland Times, Issue 21576, 14 December 1931, Page 7
Word Count
111COTTON INDUSTRY Southland Times, Issue 21576, 14 December 1931, Page 7
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