The PRESIDENT. All citizens of Massachusetts have been greatly concerned in the illness of Governor GUILD, and before going on with the next address I would ask the Secretary to read a letter which was received from the Governor, possibly the last document which he signed before his illness became so

severe.

The following letter was read by the Secretary.

Mr. C. J. H. WOODBURY, Secretary,

The National Association of Cotton Manufacturers,

Boston, Mass.

My dear Mr. Woodbury-I regret extremely that my doctor forbids. me to accept any more invitations than those already contracted for during the months of March and April. The strain of legislative work is this year most unusual, as you doubtless appreciate, and I am dictating this letter from my bed. It being impossible for me to go away for even two or three days, I am obliged to take this kind of rest cure to recuperate from the wear and tear caused by the strain of evening addresses after ten hours' work at the State House.

In your case I know that my absence can be excused almost with satisfaction, as the Lieutenant Governor is so much better posted on cotton manufacturing than myself.

With many thanks for your courtesy and warm appreciation of past kindness, believe me,

Faithfully yours,

March 6, 1908.

CURTIS GUILD, Jr.,

Governor.

The SECRETARY. part of the Board of Government was given, it was expected that his Honor the Lieutenant Governor would grace the dinner this evening, leaving to His Excellency the Governor the attendance at this meeting this morning, but fate has compelled other arrangements by each of them.

At the time that this invitation on the

The PRESIDENT. It is fitting, as has already been said, that the Lieutenant Governor, acting Governor, should occupy the position of welcoming this Association to this Commonwealth.

He is a gentlemen well known in the cotton industry as a member of the great firm of the Draper Company, manufacturers of the best machinery of its kind in the world, a graceful speaker and a valued member of this Association. I have the pleasure of introducing to you his Honor, EBEN S. DRAPER. [Applause.]

WELCOME TO THE COMMONWEALTH.

His Honor, EBEN S. DRAPER, Lieutenant Governor, Acting Governor,

Hopedale, Mass.

I think part

Mr. President and Gentlemen of the Association of the introduction of the presiding officer was true. I admit that the Draper Company make the best machinery in the world. [Laughter]. I do not admit that the Lieutenant Governor is a graceful speaker. But he is certainly very glad to be here today in his official capacity to welcome to the Commonwealth of Massachusetts men representing this great industry with which he happens to be so familiar.

I was very much touched as this letter from Governor GUILD was read to you, because, as you were informed, it was dictated from his sick bed. He tried at that time, evidently, as he wrote this letter to give you the impression that he was taking a little. vacation. His "little vacation," as we are all sorry to notice, turned out a very severe illness, and I am sure there is not a man within the sound of my voice who is not devoutly thankful to have received the good news which we have had from the Governor's bedside the last two or three days. He has been a very ill man, but I can say to you that the last news that we have received from his home is very hopeful and I sincerely hope that he will soon be able to resume his duties at the State House. [Applause].

I confess to you, gentlemen, that I come here today without proper preparation to make any speech of welcome. Times have been rather strenuous for the last few days for anybody who is connected with the State administration, and I should have hardly known what to say if it had not been for the kind

ness of Mr. PRENDERGAST yesterday in sending me a circular. I presume some of you may have received it through the mail. It impressed me tremendously and I want to call your attention to some of the facts in this letter which he sent to me. It is headed:

SPINDLES AND LOOMS IN ENGLAND.

"From a statement just compiled in Manchester, Eng., we note that the increase in cotton spindles in England the last twelve months was 2,765,000, of which 541,000 were in Oldham alone. The total number of spindles in Lancashire is now 55,200,000 against 45,195,000 in 1904, an increase of 10,000,000 spindles in less than four years. In addition to the above there are twenty-five large mills in the process of erection. The increase in looms during the past twelve months has been 13,400. The total number of looms in England is 736,000 compared with 653,000 in 1904. The increase in spindles in the last twenty years has been nearly 15,000,000, and in looms nearly 200,000. In Oldham alone there are now nearly 15,000,000 spindles. Bolton has 7,000,000; Rochdale, 3,500,000; Stockport, 2,500,000 and Ashton under Lyne about 2,135,000."

MR. PRENDERGAST, as you know, is a very large broker and he gets in touch with the English news and sends these statements in regard to the English manufacturing out to various people at different times, and I have discovered that the information that he sends out is usually very authentic. And when I received this paper yesterday I made up my mind that I would speak for just a few moments about some of the remarkable statements that are made in this circular.

You will notice, in the first place, that the increase in looms does not compare with the increase in spindles. The increase in looms is normal — 12,000 or 13,000 in the year, but in the last five years there is an increase of 10,000,000 in the number of spindles.

You gentlemen are familiar with the cotton manufacturing industry in the United States. You know that there has been no increase to be mentioned in comparison with that in this

country, although business last year was tremendously successful. I think you will realize the reason why this great increase has taken place in England. There are many of our people that do not. It is because they can supply the nations of the East and of the continent of Europe with the products of their mills at a much less cost price than we can produce them.

Now, I do not propose to talk politics or tariff, but that statement is undoubtedly true, and you gentlemen can make up your minds where the lower cost comes in. They pay the same price for their cotton that you do and they get the cotton from the same market, but when we talk about expanding into the export trade of the East we do it on very coarse goods where the cotton is the great cost of the product. But when you come to the finest grades of goods you do not export many, and the reason for it is perfectly plain. I simply call attention to this fact so that you can see the enormous increase that has taken place in the cotton manufacturing industry in England. When I had the pleasure of speaking to you two years ago conditions in cotton manufacturing were not as they are today. I have been connected with this industry now for substantially thirty years, and I am sorry to say that I have never seen the conditions in the industry worse than they are today as far as business is concerned. Fortunately for all of us, last year was a splendid year in the business, and a great many of our mills took advantage of that situation to get into good financial condition. While I do not believe that we are going to have an immediate revival of business you have a presidential election. coming ahead of you; that usually does not stimulate business in my experience; and then after that you have the people of this country united substantially in a demand for tariff revision. That is all right, the people want it, but it will not help business while it is going on, and we want to realize that with those two great events before us business conditions must be unsettled for some time to come. I am not trying to make a pleasant speech, but I am trying to tell some truths, and I trust you gentlemen will excuse me for putting them so bluntly. I believe that you