ABSTRACT
The American real cost of production and money cost of production of certain classes of goods are very low, owing largely to the specialising of factories and the extended application of machinery, the price of which is much higher in the United States. An example of American industrial policy is to be found in the ready introduction of automatic looms. The most significant feature of American development is the growth of the industry in the Southern States. The rapid growth of America’s trade with the East has attracted some notice. The successful competition of India in the East is traceable largely to geographical conditions. The boom in the erection of cotton mills occurred on the return to their native country of some graduates of the Imperial College of Engineering, who had been to England to study the construction and working of cotton machinery.
