factory just advertises eight per cent. semi-annual dividend; the Eagle and Phœnix, of Columbus, earned twenty-five per cent. last year; the Augusta factory for eleven years made an average of eighteen per cent. per annum. The net earnings of the Langley Mills was $480,000 for its first eight years on a capital of $400,000, or an average of fifteen per cent. a year. The earnings of sixty Southern mills, large and small, selected at random, for three years, averaged fourteen per cent. per annum. Indeed, an experience varied and extended enough to give it authority teaches that there is absolutely no reason why the South should not profitably quadruple its capacity for the manufacture of cotton every year in the next five years except the lack of capital. The lack of skilled labor has proved to be a chimerical fear, as the mills bring enough of skilled labor to any community in which they are established to speedily educate up a native force. It may be true that for the most delicate work the South will for a while lack the efficient labor of New England that has been trained for generations, but it is equally true that no factory in the South has ever been stopped a week for the lack of suitable labor. The operatives can live cheaper than at the North, and can be had for lower wages. As sensible a man as Mr. Edward Atkinson claimed lately that in the cotton country proper a person could not keep at continuous in-door labor during the summer. The answer to this is that during the present summer, the hottest ever known, not a Southern mill has stopped for one day or hour on account of the heat, and this, too, when scores of establishments through the Western and Northern cities were closed. One of the strongest points of advantage the South has is that for no extreme of climate, acting on the machinery, the operatives, or the water-supply, is any of her mills forced to suspend work at any season. Beyond this, Southern water-powers can be purchased low, and the land adjacent at a song; there are no commissions to pay on the purchase of cotton, no freight on its transportation, and it is submitted to the picker before it has undergone serious compression. Mr. W. H. Young, of Columbus, perhaps the best Southern authority, estimates that the Columbus mills have an advantage of nine-tenths of a cent per pound over their Northern competitors, and this in a mill of 1600 looms will amount to nine per cent. on the entire capital, or $120,099. The Southern mills, without exception, pulled through the years of depression that followed the panic of 1873, paying regular dividends of from six per cent. to fifteen, and, it may be said, have thoroughly won the confidence of investors North and South. The one thing that has retarded the growth of manufacturing in the Cotton States, the lack of capital, is being overcome with astonishing rapidity. Within the past two years considerably over $100,000,000 of Northern capital has been