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“...Notwithstanding this temporary check, however, the cotton
spinning industry in Osaka is on a very sound looting.
Owing partly to the winding-up of some of the weaker companies
that succumbed to the strain of competition, and partly to the
amalgamation of several of the smaller into larger, there are now
only 63 factories working, as against 76 in 1900. As the short-
time working necessitated by the North China disturbance was
continued during the earlier months of last year, the total output
of the mills was not much over that of the previous year, the
figures being 657,000 bales, or about 120,000 tons in "l891, as
against 642,000 bales, 115,000 tons, in 1900. The export of cotton
fabrics last year, like that of cotton yarns, was practically
stationary at a little over 500,000/.
Rico. The main item of the great increase of exports in 1901 is to
be found not in any manufactured article, as some of the ardent
partisans of the protective tariff have too hastily asserted, but in
the staple cerealrice...”
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“...the advantage of combination and
do nearly one-half of the business. The Japan Cotton Spinners
Association have an arrangement with the heavily subsidised
Nippon Yusen Kaisha (Japan Mail Steamship Company), whereby
a certain discount is allowed upon all cotton shipped in the
Company's steamers to the order of the Spinner's Association, on
the understanding that the latter's members ship no cotton by any
other line. This discount amounts to a considerable sum every
year, and is divided among the mills according to the amount of
cotton purchased by each. As might be expected the Chinese
merchants import only from China, the Hindoo firms only from
India, whilst the European and American firms, shut out by
Chinese competition from the Chinese market, compete with
Japanese companies for both the Indian and American staple.
The cotton spinning industry, apart from a short period of Japan
fluctuations in the early months, was steady throughout the year. C0.fct01.1 ^
A rapid fall in silver and consequent...”
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“...over the.preceding year, though as compared
with 1899 the increase was over 33 per cent., and it is significant
that the finer counts of yarn produced from this staple are all
used for local weaving. There is no fear, however, that the
Japanese spinning industry will affect that of' Bombay to anything
like the extent that the latter affected the industry of Lancashire.
For just as the rapid development of the Bombay mills was due
to the redundance of cotton, no longer required by Lancashire
after the close of the American Civil War, so the rapid develop-
ment of the Osaka mills, like Japan's commercial expansion in
general, was due mainly to the redundance of capital no longer
required in Europe and America after the anti-silver legislation of
the seventies." In Japan the cheap silver helped first to build
her railways, and then to promote cotton spinning. That advan-
tage is gone, now that Japan's currency is gold. The second great
advantage Japan has had, cheap labour, is also gradually...”
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