nds of cotton
that they needed might rise. When the spinner has informed the dealer
exactly what quality of cotton he needs, the dealer quotes so many
"points on or off" the "future" quotations prevailing in Liverpool at
the time of the purchase, which refer to Upland cotton of "middling
grade," of "no staple" and of the worst growth. Then, according as the
spinner wants immediate delivery or delivery in some future month, he
pays the price of current "futures," or of "futures" of the month in
which he requires delivery, plus or minus the "points on or off"
previously fixed.

The considerations which determine the "points on or off" charged to the
spinner may be taken roughly as three:--

1. The grade, i.e. the colour, cleanliness, &c., of the cotton. These
are of importance to the spinner owing to the necessity of his cleaning
machinery being adapted to the condition of the cotton. The lower the
grade the more elaborate and expensive is the machinery required to
clean it, and consequently a spinner is willing to pay a certain amount
extra for high grade cotton in order to save expenditure on preparatory
machinery.

2. The length of the staple. This determines to a large extent the
fineness of the yarn which can be spun. Only the very lowest counts can
be spun from cotton with "no staple," that is, with a fibre of about
three-quarters of an inch. The longer the staple above the minimum the
higher the counts that can be spun.

3. The growth. The best American cotton (Sea Island and Florida cotton
are always considered quite apart) is grown in the Mississippi valley,
the next best in Texas, and the poorest on the Uplands (i.e. in Georgia
and Alabama). Considerations of growth determine to a great extent the
hardness or softness, and strength or weakness, of the fibre, and thus,
indirectly, whether the cotton is suitable for warp or weft.

Some spinners cover their yarn contracts merely by buying "futures," but
the cover thus provided is frequently most inadequate owing to
variations in the "points on or off" for the particular cotton that they
want. For example, after the size of 1904-1905 crops became known, and
the Americans attempted to hold back cotton, the "points on" for many
qualities rose considerably owing to artificial scarcity, though the
price of cotton, as indicated by "spot," remained low. There is a
tendency for cautious spinners in England to run no risks and fix the
prices of their yarn in accordanc