ConsulGeneral Jernigan. writing from Shanghai. in April. 1895. says: "It is here that the subject of wages should receive careful attention and it should not be forgotten that while the law of supply and demand with regard to commodities Is international. it is only national and often provincial with regard to labor. A bale of cotton may have the same exchangeable value in New Orleans. Liverpool. or Bombay. but the price of a days labor in Bombay bears no relation to the price of a days labor in Liverpool or New Orleans. and no adjustment of the two opposing principles can be effected unless a cargo of coolies can be imported as easily as a cargo of cotton. "An intelligent understanding of the influential agency of the price of labor in regulating the profts of manufacturing enterprise may behad from this illustration: In 18TJ the mills of the Orient and Occident were competing on equal terms. and receiving equal returns. Now. in 1894. each mill employs the same amount of labor as it did in 187. but the owner of the mill in the United States pays for the labor in gold at the old rates. while the owner of the mill in Japan pays for labor in silver at the old rates also. The Japanese mill owner paid in 894. as he did in 1873. from 18 to 20 cents a day for men and from 8 to 10 cents a day for women.