The Cotton situation

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Title:
The Cotton situation
Physical Description:
v. : ; 27 cm.
Language:
English
Creator:
United States -- Dept. of Agriculture. -- Economic Research Service
United States -- Agricultural Marketing Service
United States -- Bureau of Agricultural Economics
Publisher:
Economic Research Service, U. S. Dept. of Agriculture.
Place of Publication:
Washington, D.C.
Frequency:
five no. a year
bimonthly[ former may 1961-]
irregular[ former 1945/46-mar. 1961]
monthly[ former 1936-1944]
quarterly
completely irregular

Subjects

Subjects / Keywords:
Cotton trade -- Statistics -- Periodicals   ( lcsh )
Cotton trade -- Periodicals   ( lcsh )
Genre:
federal government publication   ( marcgt )
statistics   ( marcgt )
periodical   ( marcgt )

Notes

Dates or Sequential Designation:
CS-1 (Nov. 1936) -
Dates or Sequential Designation:
Nov. 1936-Apr. 1975.
Dates or Sequential Designation:
Ceased publication in Apr. 1975.
Issuing Body:
Issued by: U.S. Bureau of Agricultural Economics, 1936-Oct. 1953; by: Agricultural Marketing Service, Nov. 1953-Mar. 1961; by: Dept. of Agriculture, Economic Research Service, May 1961-Apr. 1975.
Issuing Body:
Issues for 1936-Oct. 1953 published by the U. S. Bureau of Agricultural Economics; Nov. 1953-Mar. 1961 by the Agricultural Marketing Service; May 1961-Apr. 1975 by the Dept. of Agriculture, Economic Research Service.

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 020142316
oclc - 01768374
lccn - 63045282
Classification:
lcc - HD9070.1 .C78
System ID:
AA00013000:00007

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UNITED STATES DEFARTIrET CF AGRICULTURE i
Bureau of Agricultural Economics '-- -
Washington C- -p

CS-15 January P7, 1938.

THE CC TT r.' S I UAT I N


Sulmmrary

Indications are that the world ccnsumntion of raw cotton has declined

considerably during the past 6 weeks, the Pureau of Agricultural Ecrnemics re-

ports. In the United States there was a significant decline although consider-

ably less severe than the drop which occurred during the first 4 months (August

through November) of the current season. As a result of the decline in mill

activity and some improvement in sales of cotton goods by mills, the relation

of sales to output in the United States apparently has been more favorable than

for some time.

Cotton mill activity in most foreign countries has been maintained at a

considerably higher rate in relation to last season than has been true in the

United States. In China, however, cotton mill activity has continued at a very

low level since the early part of the season. In Japan mill activity apparently

has been fairly well maintained but the quantity of cotton c-nsumed was scheduled

to he reduced beginning January 1, with staple fiber to be used in larger pro-

portions. In many European countries, operations were reduced materially during

the last few weeks of 1937. Reports from European cotton textile centers indi-

cate that in these countries, as in the United States, manufacturers' sales of

cotton textiles during recent waeks were, on the ivcranLe, below the restricted

output.

The decrease in the prospective foreign production, the substantinil move-'

mont of raw cotton out of trade channels into Govriunmtnt-loar. stocks, und the

possibility of still further withdrawals have contributLd ti the strengthening







CS-15 2 -

of domestic cotton prices during the past 6 weeks even though the cotton-

textile situation continued unfavorable. The more favorable trend in commodity

and security prices during recent weeks was also of some importance in tnis con-

nection. Despite the improvement in domestic cotton prices during the last few

weeks, they are still about 4-1/4 cents per pound lower than a year earlier and

are the lowest, with the exception of the past 3-1/2 months, since May 1933.

Since early December, reports with respect to crop developments in foreign

countries have resulted in a reduction of approximately a million bales in the

estimated 1937-38 foreign production of commercial cotton. This reduction in the

indicated supply of foreign cotton, together with the increased quantity of

cotton moving into Gov-rnmr.t-lran storks, has considerably reduced the indicated

supply of "free cotton" for th. currnt season. Ahile the 1937-38 total supply

of commercial cotton is new estimated t) be about 6,300,.OO bales, or 14 percent

larger than in the previous season, the world supply of rctton, exclusive of

stocks held by the United States Government on January 21, is estimated to be

only 1-1/2 million bales or 4 percent greater than last season. Furthermore,

stocks of Governmcnt-finaned cotton are expected to increase still further

before the ord cf the season.


Note to Extension Workers: Tables 1 ti 5 near

the end of this report revise and bring up to date

various tables in the 1936 Cotton Cutlook Chart Book.

Tables in subsequent issues cf The Cotton Situation

should be carefully noted for fortncte references

calling attention to new cr revised data for use in

the Chart Book.






CS-15


PRICES

Domestic cotton prices strengthened somewhat during December and
the first part of January. On January 11 prices of 7/8 inch ?-otton at
the 10 designated mrnrkets averaged 8.67 cents per po-u-d which was 3/4
cent per *pnund higher than in the cerly part -f recebrer and 1 cent
above the low point made in the first rart of Ncvember. Betwe-n January
6 and January 24 spct prices of Mi dlir. 7/8 inch in these markets ranged
between 8 and 6-2/3 cents, the highest level since the latter rart of
September.

Factors which appear to have been cf some importance in strengthen-
ing prices during recent weeks include the reduction in estimates of
cotton production in foreign countries, the continued large movement of
raw cotton out of trade channels into Government-loan stocks, and a
somewhat more favorable trend in commodity and security prices.

Despite the improvement during recent weeks, current domestic
cotton prices are still about 4t cents per pound lower than a year earlier.
With the exception of the past 3i months, recent quotations are the lowest
since May 1933 when the gold value of the dollar was about one-third higher
than at present. The marked lower prices in relation to last seascnt reflect
important changes in the situation both :.ith respect to supply ar.d demand.
At the present time the world supplyy of commercial cotton for the current
season (August 1, 1937 to July 31, 193d) is estimated to be about 6,300,000
bales or 14 percent larger than last s-ason's supply. At the same time, the
world mill consumption of this cotton apparently has been declining for
several months and is running considerably below current production.

Furthermore, in many countries, sales of cotton goods by mills have
been running below production for some time. during much of the 1936-37
season mill sales of cotton goods were about equal to or in excesss of mill
output, and raw cotton consumption was running at a rate slightly higher
than th, estimated 1936-37 world production. The marked recession in
general business conditions in tht United States and the accompanying
decline in domestic cotton mill activity, together with the vwry low level
of mill consumption in China resulting from the conflict with Japan, have
no doubt resulted in a lower rate of mill consumption during rt-cent we-ks
than existed in 1936-37.

DPEAND AND CONSUMPTIOI

World cor.sumption of raw cotton apparently has declined considorahly
during the past b weeks. In the United States the indexes of cotton ,cn-
sumption or cotton manufacturing for the week ended January, 15 ".ere from
10 to 12 points lower than those for the :wek ended Pccemb'r 4. In Japan
and China comparatively little change in cotton ill activity took place
during Defember and early January, but beginning January 1 mills in Japan
were scheduled to reduce their consumption of raw c(c--n c...sicdrably.
Reports from European Potton textile cent,.rs indicate th!it .iurii~g D'A.coimber
and the first half of January both sales and outputp dclinfl. illn at C!ton
ma-nufacturing countries.


- ? -






CS-15


United States: Low level of cons umption in December

Domestic cotton consumpticn, adjusted for seasonal variations, declined
materially during December -nd thp first half of January. Trade reports indi-
cate that sales of cotton c'oth by domestic mills improved somewhat relative
to the previous months which:, together with the reduced production, resulted
in a considerable impr-overrnnt relative to output. Total consumption by domestic
mills during December amounted to 433,000 bales. This represented a decline
of 38 percent from the high level of consumption in December 1936. For the 5
months from August through December, total domestic consumption amounted to
2,651,C00 bales co: pared with 3,177,000 bales during the corresponding period
a year earlier, a decline- of l percent. On the basis of trade reports with
respect to activity in the first 3 weeks of January, it would appear that
domestic consu-nption during the month will le very materially below January
1937 but not as mui-ch below a year earlier as was consumption during December.

Europe 1 Outlook dependent uncn economic conditions

Developments in the European cotten textile industry continued unsatis-
factory during December and the first half of January, with declines in sales
and mill occupation reported frcm the United Kingdom, and for western and
central Europe. The raw material situation in Germany was somewhat improved,
as a result of larger imporrts, but the potential consumption still could not
be supplied. in general, it appeared that European spinners or merchants were
of the opinion that there was no incentive to cover raw material requirements
beyond immediate needs. The burp.-.r world supplies of raw cotton as well as
the uncertain consumer-demand outlck incident to the business recession in
Europe and in the United States is reported by observers to have figured
heavily in the attitude of European raw cotton interests.

American cotton continued to enjoy a relative preference in European
takings, over completing growths, as a result of favorable price-relationships,
which remained almost unchanged during December. Higher takings of American
cotton, both relatively ani absolutely, were shown for all important European
countries, at the expense of comnp-etitive, notably sundries, growths.

The Eurrpean cotten textile outlook for the next several months will
largely depend on general economic developments in Europe and the United
States. The lower raw cotton prices should, however, teni to maintain raw
cotton rcornsumption on present levels, even though several factors point to the
probability of curtailment.



21 Based largely on a report dated January 4, prepared by Lloyd V. Steere,
Agricultural Attache at Berlin. Observations with respect to developments in
January based largely on report.n of New York Cntton Exchange Service.


- 4 -







cs-15


- 5 -


United Kingdom.- Corditions.in the y7r and clot.'trade -airing the
6 weeks ending in mid-nJanui:.ry contir.und unsatifactory, and, as. a result
of further declines in +he d;-n'nd for yarn, spinr-ing mil' activity is
reported to have been curtailed. There w.s a tendency, however, among
weavers to avoid stoppage of looms as far as possible, though the usual
holiday idleness is reported to have buen extended.

In the second half of Dezember more ypjn sales were reported, arnd
the demrnd for rinufac ur.-s frc.n India is indicated to have supported the
otherwise unsatisfactory business situation. Buying of cloth by domestic
consumers remained restricted. In -he first 2 weeksk s of Januaruy, inquiries
for cotton -loth were reported as having increased although sales continued
slow to mce rate.

Gr._nany.- While the raw material problem continued to be thc outstand-
ing considuratrion in the Geruarn tortile industry, notably in the face of a
much increased retail dL-and, the supply situation in the cotton spinning
industry has doubtless shovr. a certain improvement in recent -r'oeks, as a
result of continmid larger imports of raw cotton, cotton waste and regenerated
cotton. Frou August through Novumber net imports by GermrnI- of all these
cotton spinning :.atcrials were considerably above last year and also above
the esane purioJ in the past several years. Since 1933-34, however, the
percentage of raw cotton in the total imports has shown a decided decline.
During each of the 2 s,-asons, 1936-37 and 1937-30, raw cotton represented
74 percent of the Augst-to-!iovehber imports of all cotton spinning material,
and "cotton ':aste nnd r-g.cn. .t.jd "otton" reprosontcd 26 percent. Luring
the samu p.-riod in 1933-374 raw cotton rwprs,,.nted 92 percent of th. total.

Imports of raw cotton fron August through November this season showed
a 25 p-rcernt irncrEasr in co.o:.-iTrison with a y.,ar earlier but remainLd belcw
the sa'me period of 1935 ar.d 1933, and of :,ost, if not all, o-.hr" y ears sin.e
the World "':ar. Lost of the increase over lant s.anon -.'as in American cotton,
with Prazilima and Egyptian l.so showing signiftc.ant gains. Tho 3cviet Union
also suppiF:'d G-rCrany :.'ith a cnnid.-rable cu-r.t-ity of cotton during the first
4 months o:' thia r.-.ason cop.pared :.ith none in the past 2 sea.~ons.

';hi'.i 5h :.: has be.on considerable i.-prov'O -.nt in he :-rL. mCnR.ri.il
situation .re ilsn h.-.L bL't-n on increase il. retail ard whole ,'l ,."'L i.d
for textil. goods in gon-ral and o+ton ?-,.Sn in particular. As n r,-ault,
a relative s~i,.rtity of raw mn+c.rial cuppliL s hio continued nnt cr.nl in
respect to quality but also with regardi to total quantity. The latest fi'rures
available on tu-il.o rP.pil st.l,-s -for Oc+ober indic.nte a cnsid rable
incri.aFo o,'-.r thj Irrg3, n'i:ier of +r-.nse3.ction in ct'b:- r 19i, r. !.!cre
sperificallj, th. inr!r.jfse in n..1.s .f t "til,.s for perc.)nal .-'ear wa. 1.;
purcm,.nt, a..- for bed-lin-:n 9.4 p.rct..r.t, rolmparatively recent .-M'asurets b
the ,s.r-narl. Covernmrnt rz-e in.rTT.rrt d by -he Tubrli as indiciting "he tension
in thy supply situation; for *.h-1Jc, th. prohibition of inventory onles
for onrir.ary txotile go.dX, r4 .,t c,:rir\ain fa.r:, arti-l-n., rind a ,--C:eral
ir.atrctA']r. ins3i'd to si.irt-cilkrrs to f,+ th, 1,-'ngth of shirts for c:"r..








WS-15


Czechoslo-tkit.- .The ecclire previously reported in cotton mill occu-
pation and oi.les continued during Decenber, and domestic as well as foreign
demand appeared very unsatisfactory. I.Yw orders decreased in both spinning
and weaving sections, and this decline cannot simply be explained by the un-
certainties in the raw cotton market. The general set-back in economic con-
ditions in Europe and the United States has adversely influenced the export
situation upon ;,which the Czr;choslcvakian .cttcn textile industry so largely
depends. It is also said t.-.t th.: n:..grtiation cf a tr?.de tre,.ty with the
United States has l Id to E. tomprcr-rry standstill in Czechcsl.vakian exports
to America, and reports further indicate thist a revision of the comr'uted tex-
tile turnover tax, effective J1'.nu-. rv 1, has lud to Dccember liquidation of
mrtnuf -ctured stocks.

Austr.i..- Business and mill rntivity alsn declined in Austria during
DecCcnLsr as a result of both d Lc,.tic arnd export develrpments. Italian pre-
frential ir..prrt contingents fcr .om: Austrian textile goods were to have been
abolishcd, effective Janu&ry 1.

Frir'eo.- A rcathcr gCn.eral curt:,.ilm-r-nt of spinning and we-aving mill
activity took pl'r*o in Frl.nce during Decembrer, though the extent cf the re-
striotions apparently did nrt assume extensive prcpcrticn,. Sales cf ccttcn
yarn as well as cottrc clct}. remained sl vo, but sho'.,;ed a certain pick-up in
the second half of the mcrt}.. In the first 2 weeks cf Januarv sales of
cotton gods by French Tril's :.'Yerp repcrted as less than the restricted output.

Bel'a.-- Unfovcre.,l. d'-.-clopner.ts :i the Bel"ian rtton textile
industry, cortiilued during iDe--:r t-r, ani shcrLt-time ;'rcrk became rather general.
No indications cf any imprr-'.emcnt in ths situation during the first half of
Jnunuary have been received.

Italy 2/- Report- var.,y v to ccnditi-ns in the Italian cotton tex-
tile irndecr1. In ;ener.l ocujraticn and inevw business seem to have con-
tinued -E..tifav tory during the- .Irt i we-.':~ despite reports of less favor-
able export tb.. in.ss develc .- rt .. it rcr.airn tru,-, however, that Italy's
textile cxpF'',r, r'-r :. n.e to ircr :.s, as a rccult .f dev' -l:pmnc-rt.' in the Far
East, sinre r--e business i.~s tranrar-ted wit-h ccuntric-s that at resentnc are
not buying Ja.y rinse goods. Bc-au..e of c 1art.r b rcs ei-it!' in f'vor of
Yugoslavia ai.d Rumania, it also .-eems that t.. re is gocd opporti.:nity fir
Italian exports to be maint..Ained cr even ir.cr.;.aed in settlemen- cf theee
balances. It is understocd th5.t the Itr.lian .-overnmnnt is now making a point
of encouraging the Yxpc.rt-ltion of' finished textiles rather than yarns.

The relrtivel-: high acti-vity cf th- Italian ccttcn industry is now
based considerably upon rs-:. m'tl.rt.al other th-.r raw cotton. The share of
substitute raw materials increErsod :Jrll intro. 1957, as the foll.7':ing table
shows.


2 Ifcrmaticn partly s'.u Ili.d by the Akmerican Consulatc General at Milan.







- 7 -


Italy: Raw material consumed by ccttn spinning mills, monthly
average 1934-56 and specified mTnths, 1937


Year and
month


: Rav cotton :
u: : it Percert cf :
anti t ttl
: : t,-tal :


ubrtitute mrte--ia] s 1/:
S .t : Percent f: Total
Lupnt-tty tA
: t l :


:1,000 lb. Percent 1,0C lb. Percent 1,r0C lb.

1934(mo.av.) : 33,883.4 91.5 3,143.1 8.5 37,0??.5
1935(mo.av.) : 31,191.3 85.8 5,165.8 14.2 36,357.1
1936(mo.av.) : 21,375.1 75.0 7,287.3 25. 29,162.4
1937
Jan. ...... 24,480.3 70.4 10,285.1 2.6 3-4,765.4
Mar. ......: 27,3 5.8 67.9 12,941.0 .2.1 40,326.8
July ....... 29,721.5 68.1 13,926.9 21.9 43,648.4
Sept. ..... 29,100.7 68.9 13,145.1 31.1 42,245.8

Textile-Zeitung, berlin, De -2mber 28, 1937.
I/ Staple fibre, "cctcnizcd" hemp, et-.


During recent m-r.ths !.r.it.d 2tatez crttn seems t have repla-ei S-uth
American and :-ven Indian on the tliant mhrk-t beaus':- f the ori,-e advantage.
The Brazilian clearing is ended and it is said in the tradc trht Brazilian
ccttcn is not selling well :cr".E.-c it d'cs n:t ccrr= in standard j qlitie5.
In spite of tne complaints cf spinners rt-arding thL rvrw vnsttri--! urrFly,
it is believed that Int.rn:.l steaks cf ~:tt-n er.e gradually heing rebuilt.

Yugo.liav-ia.- Preent infc'rrm.ticn indi-trtjz that there .- be-n r. de-
cline in pottn mill activity iane businincs n Yugcslavia during the p..t few
weeks. In mid-Decerber mill sales cf -trrn t-xtile-s wter,- rcp"rt.;i '3 r.r.nning
prnsidera.bly u'nd-.r the rcdupd output.

Russia.- Th', 1937 ecttcn textile plr.n arppe:rs t- have b-- n -iffe-t*i'
by a lar, in a-tivity. During the first P months .f 19.7 the, crtt -n t.-xtile
industry rupcrtf.d 3.2 percent z-r.plcticn -f the pl--.n for thnt prri-d in the
luse of egtten fabric, and P3.9 p'r-cnt f.r yarn. F:-i.- the ,'. p ri-d,
the tctal "debt-" of th, plants pr during fir: ..'.d :'.bri. is rep-.nrtc. t, have
amironted tr 4, 9.; million yards. In additi .n t.o tL... ..':-r7 .tl1, r tr : 'tion
developments, there was appr rrnrtly a considrbl" r l t-. ri -r:.ti.r. f q. lity
anl F hig inrr, a e in the- pFcr,.nt.g cf def.. -t i v.- :. 4.-:. It i :- p Ttit thnt
in .J'ly uinc t on'-r- birth '-'f I11 f.:bri.-s [r-'ie -I 'i .i -:.- d r- t :. i
s n -ond--'lI s rd -.- rrr: .f.r-e wit 15 p..-r, .-' .t in .:.:.;.'. -. .' :t
15 per---nt f.- r th .. '~ 'e f 1i;,. A strady in-''.';.-: in :'. :i :l-t ( 'f
pocr quality ', ,d .ring 13 ,'Arn w,:S rtp-rt1 .

Orient: Littl,. l. .n-g in rr.ll :-'i .ivity

Chinr /.- Th' ct. -n t. til i u 'r. r '. :. r i .t i!,I
of Janiu ry -ontinuurd ibout. thu :3m, r, : 'n.th '-'.rl : r. x ".i 'L t !i-iv
3/ Based lnrf-u.ly n ri'd icLc rm.*ui fr r. A, ri ,,.1 tur l 'r.mi:.;i .:" 1. .1 :'' n '
okari.pji, i -nd,-r dut.es f Jf u.'iu- ry i.-', ind 14.


WS-15








CS-15


for the country as a whole was probably only 15 to 25 percent as high as dur-
ing most f the 1936-37 season. In Shanghai where most of the cotton spindles
are located, activity is apparently slightly less than 20 percent cf capacity,
although activity in the Japanese mills in Shanghai was expected in mid-January
to increase so:n to about 25 percent of capacity. In the so-called Chinese
section of the industry in Shanghai it was estimated that approximately 400,000
spindles or about 15 percent of the total in the Chinese owned mills were in
cperati Dn in the early part cf January.

At Tientsin, '.here about 40 percent cf the spindles were reported in
operation in early December, there we-s apparently some increase by the early
part of January. I.?ccriing to a C.ns-ulcr report of December 22, cotton mill
activity in Hanko.w .-::s n-tr full capoaity although previous reports had indi-
cated activity only .b:uut 'E percent cf capacity. A recent report indicates
that by mid-Jaruary .tinity in hankrw had probably declined somewhat. At
Tsingtau and Tsinan it is believed that all :f the cotton spindles continued
inactive.

The -utl::k with resc-ct to the sale -f yarn by the Chinese section of
the cotton textile industry in Shanghai is c-nsidertd quite uncertain. Since
the taking cver of the Crn-nsliiated Tax Fureau on December 31 by the new govern-
ment of Shang'r.ai, new ta.x re-..ints have. b:.en issued pending the settlement of
the Sino-Japancs-; crnsolidated t-x question. This has stimulated the sales of
yarn on whi-h a tax has been paid. The yarn being produced by the Chinese
mills in January, hoe.cver, was reo: rted as go.in; mostly into stocks until the
tax question is settled.

Small quantities of yarn were rpcrted to be moving South but interior-
shipments -rere mostly shut cff. As a result of the low level of cotton con-
s'unption and .mple supplies of raw: cotton in relation to current mill activity,-
price.s of Chinese cotton at Shanghai have declined considerably and arrivals
cf raw .-tton have been small.

RE.w -otton imports into and experts from China have been quite small
during rccernt months. Forward pur-hases of foreign cctton continued negligible
in the first half cf Januajry. It is reported, h-wever, that import permits for
shipping North-Chinr. c-tton to Japan have been granted fCr 70,000 bales of 478
pounds cash, to the -nd rof Februnrry. Additional permits will be granted later
depending on .conditions, but trtal exports from China ti Japan for the current
season are not expected to exceed a maximum of abcut 420,000 bales, even
though later developments in the currency situation n in N rth China with respect
tr the use cf the yen may facilitate -suh experts.

Japan.- The o',ttn textile situation in Japan has become considerably
less favorable during the past fC-.v wcks, although trade reports have been indi-
cating ccmperativully little dc-line in -otton mill activity. A radiogram re-
ceived from Shanghai on Jr:nu'-ry v4 reports pure cotton yarn production for
December to have been 18 percent below November pr-ductic'n which was about
equal to t-.e rLveragc f-r the first 4 m-nths of the season. Hlrwcrer, the pro-
ductinn of mixed yarn cotton rnd staple fiber is estimated to have increased
sufficiently to about maintain mill activity. The reported production of un-
mixed cotton yarn for Drem.ber wv s about the same as the level of production


- 8 -








which had previously been reported .es .scihed'led to begin in January. The
difficulty in obtaining funds with which tn purchase raw cotton apparently
accounts for the earlier rdeline in this kind of yarn production than had
previously been planned. It is estimated that at the end cf Decer.ber practi-
cally all unfilled orders for cloth had bee,: filled and that during the month
sales were equivalent to only abcu- one- 'curth of rDe-en.ber production. In
the first half of January sales .of piece gords apparently ccn+inued at a rate
only about one-fourth of current production. Despite the reduced sales, how-
ever, exports of cotton cloth frcm Japan were maintained at cori:paratively
high levels through December. In fact, -loth exports in December were re-
ported as totaling 251,000,000 square yards which has only be-n exceeded in
3 previous months, Total cloth experts frcm August through December were
slightly in excess of the kigh level of the past 3 seas-ns and 62 percent
higher than the average for the like pcricd during the 5 years ended 1932,
They are, however, expected to show a ccr.siderable decline in the first quarter
of 1938,

In December it was reporter that beginning January 1 g-.-ds made for con-
sumption in Japan ".:-re t.o be subject to a 30 percent mixture cf staple fiber,
Recent reports, hcw-ev-r, state that this compulsory staple fiber mixture has
been deferred until Februory 1.

Although cotton ccnsumptirn declined considerably during. December, the
total fc.r the 5 months from August thr.-ugh Dc.cember was slightly larger than
during any like period in the history cf Japanese mill consumption. Total
consumption by mills of tht Japanesu Ccttcn Spinners' Asscciaticn totaled
1,580,000 bales of 478 pounds. This was cruivalent to 107 percent of the
quantity consumed during the corresponding period last season and 44 percent
larger than the average for this period during the 5 years ended 1932-Z3.


Consumption of all -otton by mills cf the Japanese Cotton
Spinners' Association I/

: Average : : : : 1937-3
Period : 5 years : 1934-: 1935-: 1936-: 1937- : As a pr-entage cf
:1928-29 to: 35 : 36 : 37 : 3 __ :
: 1932-33 : : : : : Avr rar 13tt- :-
S 1,000 bales of 478 pounds : Fcrc-rt : Fer-nt


Nov. ... .....: ? 5 29 237 310 ?1 : 141. :I12 6.
De-. ........: 29 310 287 319 2/ 765 : 315.7 3.
Aug. 1 to : :
De.. 31 ....: 1,095 1,47R 1,413 1,493 /1,5 : 144.3 : 1C.5


I/ These mills ordinarily crnsumrr. abrut 95 t c r p rci nt i. the .-ttin :.n-
sumed in Japan.
2/ December consumption estimated frcm yarn prcd.ict ii.


CS-15


- 9 -







CS-15


- 10 -


C oth -expP1 frcgBr\Thpfl


SAvcrge : :
Sye.-rs : 1937-39
Period : 19P28-2 te : 13 -3;: 1935-36: 193-37: 1937-38: as a percent of
____2-3 :_ _. Av.rge 1936-37

: millions of square yardss : Percent Percent

Nov. ........: 136 233 221 215 215 : 158.1 : 100.0
Dec. ......: 137 47 20 7 251 183.2 94.0
Aug. 1 to
Dec. 31 ..,: 71 1,098 1,105 1,47 1,0 : 161.6 01.1




SUFFLY

World supply smaller than previously Expected

According to present estimates of 'orld production, the indicated
world supply of commercial 4/ co+ton for the 1937-3" season is now
approximately 50,660,000 bales. 5/ In November it was expected to be
51,h400,000 bales Hnd the increase in the De-umber estimate of the domestic
crop indicated an even larger world supply. Since early December, however,
the estimate of foreign production has bfen reduced considerably.

Despite the decline in the prospecTive foreign crop, the indicated
total world supply of commercial cotton is still 6,300.000 bales or 14
percent larger than that of last season and ever larger relative to the
years prior to 1936-37. The supply is still 11,970,000 bales or 31 percent
larger than the average for the 5 years ended 1332-33; this increased
supply is largely due to the increase in American cotton although the
indicated supply of foreign represents an increase of 1,150,000 bales or
5 percr-nt. In comparison .-ith the average for the above 5-year poricd,
however, American cotton is only 2,300,0j0O bales or 10 percent larger,
whereas the supply of foreign cotton shows an increase of 9,700,000 bales
or 59 percent.

4/ Cojxuercial cotton includes only raw cotton produced for factory consumption
and does not include large quantities grown in India, China, and to some
extent in other countries for consuL-ption on hand spindles or for use in.
other ways without entering coi.,ercial channels.
5/ In the estimates of the supply of com.k rcial cotton as well as the
estimates of carry-over,production, and Lill consumption, American
cotton is given in running bales counting round as half bales and foreign
cotton is given in bales of approximately 47Z pounds net weight. American
cotton is given in running bales instead of bales of uniform weight because
the data pertaining to carry-over ard consumption are available only in
runnirng bales.








- 11 -


Cotton, commercial 1/: W.orld supply of American and f.-reign

Kind :Av.5 years: : : : 1937-38
of :1928-29 to:1934-35 :1935-36 :1936-37 :1937-36 :As a percent of
cotton : 1932-33 : : : : : Averege : 1936-37
1: Coo i 1, 00o 1l,00 1CO ,CO : :
:bales 2/ bales 2/ bales 2/ bales 2/ bales 2/: Percent : Percent

American ...: 22,226 20,277 19,536 19,373 24,535 : 11..39 : 126.65-
Foreign ...: 16,470 20,313 21,856 24,976 25,12P : 15F.64 : 104.61
All kinds ..: 38,636 40,590 41,392 44,349 SC,,3 : 1530.93 : 114.24

1 For description and details see tables on pages 15, 16, and 17.
2/ American in runi.ng bales, counting r-und as half beles, an- foreign in
bales nf approximately 478 pounds.

Although the total world supply of commercial cotton for the 1937-3S
season is new estim-.ted to le 6,3CO,000 bales larger than th-.t of 1936-37,
when the cotton ncv, financed by the United States Government is deducted the
remaining supply frequently called "free cotton" is estimated to be only
l1 million bales or 4 percent lar'cer than last season. .ut of a 1936-37 world
supply of commercial ccttcn cf 44,350,000 bales, strcks of Government-financed
cotton at the end of the season totaled 1,r65,C0O bales, leaving about
42,700,000 bales of "free ccttcn" available fcr consumption -r carry-over. Cn
January 20, howcvetr, new crop loans disbursed lcy thl Ccrrr.cdity Credit Ccrpora-
tion and held by lending agur.cies totaled 4,744,0170 balis. This cotton plus
the stocks of Aid cotton gtvc a total :f 6,4'03,000 btles in Goverrnmr.nt stocks
on that date. Even if there is no nc.t increavr in there sticks betwe.:n n.'w
and July'31, the season's supply cf "frte cttcn" would be r-du-ed to 44,250,300
bales. However, during the 4 weeks cnd-d January 21 and the 2 ww,--ks ended d
January 20, these- stocks incrc-as-.d 6,0,000 and 300,OCO bal.s, r _r.tcctivcly,
indicating that the.r- may be a substantial furthLr d.icrnas, in the supply cf
"free cotton".

Production Cf commercial cotton

The present estimr.Lito (of the Low Yrrl.: Cr-ttcn Fx.ci!;-ngFc S.Krvice I off the
1937-38 world production of conrlT' rci l cctitn is 77,5.- ',?."' b:.1. s T.is is
considerably l1 ss th in c-. rlie r (stimLt-s b--c:-'.i; o r -',...ti.n-" ir. e.tirnt.-s
of foreiLn prr-du,-tion. Thu cstimr.tLd prc.du.ctLirn, how;,v r, is Ftill ,5',,fl
bales or 22 ,.recnt lI.rg(.r th ln for th.. r .vicus senu:: n tuni 11 ,- L,.'KJ bVules
cr 7 percent lDrge'r tl.an thli 5-ye:.r 1928-29 to 1'J.2-73 .v-.r",;-. i.. gin;;ings
of Am'.:ricin cotton dLrinn tL .i y'o.r ended July 1:, I., p.i', r :i n :.11 ow~.i for
city crop, r,; now t-'tim,-.t. d ;.t 18,3 0,,,1'00 runrin b: 1,. :; w .i.ct. iz" :J. in.:r't-as1'
of 5,925,00C I ,o .-r 4F p-rcont v r the 193f,-37 rrc :' }r :it pro-
ducticn stimr tu -f f oruignr, comme.rci .l c tt t e is l',, L,i ( l i-', v.i.) i
1 million balos lowl',r ttL.n ..rt inr te cf' c .rly r,..oi,'r. ';i 'il i s tthi .tit.t,
is only 725,0'j,., biles lArgt-r th in th.. -.t i t for tl.- .-r vi.:.. -~.- L it iS
8,170,LJU hi 1 *s r 78 pfL1itIrTt r g. r t].rni t !e.- f-ya.r iivtr .


CS-15







cs-15


- 12 -


Acreage and production of all cotton b

On the basis of information thus far received with respect to crop
prospects in for.-ign cJunrri.s the 1937-3' '"agricultural crop" is estimated
at 19,344,000 bales of I47 pounds nct -'eight. This r-presents a reduction
of approximately 900,000 b;.lr:s front this Eureau's earlier estimate of total
foreign production. It is still 600,000 bales larger than the American
crop, and larger than the record foreign crop of 1936-37.

The current estimate of foreign production plus the Crop Reporting
Board's December estima-e cf do:.e!s:ic production (.S,746,000 bales) gives
an indicated world production of 35,090,000 bales of all cotton. Since
both the estimates of the' dorcstic is well as the foreign crop are larger
than any previous crops in history, the world crop is nuch larger than that
of any previous season.

On the basis of current estimates of cotton acreage in the principal
foreign producing countries, the total 1337-3; for-ign acreage is estimated
at 58,260,000 acres. This represents an increase of 5 percent over that
of the previous season and is 15 million acres larger than the average area
harvested in the 5 years *3nded 1332-33. This estimate together with the
indicated area for harvest in the Unit.d StaT.s gives an estimatedd total
world acr-age of 92,190,000 conparcd with 'Z5,700,000 aFcrrs in 1936-37. The
current estimate of world acr-age is 6,500,000 acres larger than the 5 year
average. According to thuse estimates acreage outside the United States
represents 63.2 percent of world total this :ear, i.hereas in the 5 years
ended 1932-33 the area in foreign countries represented only 51.5 percent
of the total.

The available 1937-30 estimates together with comparable estimates
for earlier years for a number of the individual countries are given in
table 1.




6/ There is a great demand for esti.iates of cotton acreage, production, and
yield, for individual country .s and for foreign and world totals. For such
estimates it is necessary that "he data on production be given in units of a
constant and known weight such as bales of 47_ pounds net instead of running
bales of varying weights. This, together with the fact that the only avail-
able estimates of acreage include areas on which both the noncommercial as
well as the commercial cotton is produced, should largely account for the
differences in the estimat+.s of world production of commercial cotton and
the estimates of the world "agricultural crop". Ho'.ever, since the only
available estimates of the "agricultural crop" in India are apparently
considered too small (see Statistical Pulletins 4 and 6 released by the
Indian Central Cotton Co:.i.ittee), the world estimates of the so-called agri-
cult-ra.l crop are not as large relative to the estimates of commercial pro-
duction as they re-ally should be.






cs-15 13 -

Table 1.-Cotton: Estimates of a&reage and production, sPecified countries,
1734-35 to 1937-3A


Arag Produs'lion
1______34-3 5: _9 T..__ .._..tPrjZ 7d337-3
Country :1934-35:i935Tbii9 ilL l3Y/.3 1i-5.t1z3_'s7:a9-7-3 '
1,000 1, 000 1 ,CCC 1.000
:1,000 1,000 1,000 1,000 bales bales bales bal=n
:acres acres acres a-res 47g Ibs. Jj lbs.L -s.47 lbs.
United States : o,?c6 27,640 30,02- 33,930 9,636 10,63 12,399 18,T46
India : 23,972 25.99 25,9 22,0019 4,065 4,9 5,2;7 5,100
China 2/: ,07- b,250 ?,407 9,300 3,243 2,r 7 3,870 3,60o
Russia : ,7-27 4,E27 5,023 5,163 1,73j 2,250 3,2D0 3,452
Egypt : 1,79 1,733 l,51 2,053 1,566 1,76 1,7 2,21S
Brazil :4,0067 5,1 9 6,425 1,359 1,765 1,71 1,936
Pru 36s 400 4L5 315 393 374
Mexico : I 4 rf) 1 A 855 223 21 3
Argentina : 707 73 713 1,035 295 373 1L
Uganda : 1,16 1.3 6 1,47 212 272 23 305
Anglo Egyptian
Sudan : 355 92 475 461 227 210 2t
Chosen 474 514 150 545 136 139 119 216
Iran 237 128 12- 157
Turkey : 437 .21 2. 12 1' 1
Algeria 0 3/ 1 1. O A / L/ 1
Bulgaria : 7 79 7 113 18 3? 29 41
Greec :- 111 il 1;1 36 4" rq 76
Italy : 7 10 27 r 4 4 4 20
Keya : 7 13 17
Nyasaland 42 P 4 16 10 S
Estimated total
in foreign
sourntries : 491,74 51,930 55,672 5;,2'0O 14, 204 16,052 1,5C'1 19.34
Estimated world
total : 75,0Go 7 ,570 85,700 92,190 23,40 24,0 0,C'00 3.,090

Compiled from official sources, aFnd reports of "he In-ernational InsT.+iut!' of
Agri..ulturn, or estimated by the Bureau nf Agricultural -cr.onomic?.
I7/ Prrlimiinar.?
/ Itlu, ;'-:n L~at.churia.
/ Less *.h.an 5 O acr.s.
/ Less -haorn 'jO hal's.

( his tablh may bO used to bring up to dasP the Uni3'd S'a'e.
atr:age ar.d produrtior. figur-rs on pc'e 4 of 1th, 1''3 ''utlcok Chart
Book for Cotton; th- fi'gwis on Undit'Jd Sta*-s produce -icrr, r. :'c-r ig
produc.tior., inclr,,,lij rCii.a, nn. pV' 5; MJd prr'lucticr. in spP ifi'ed
cour.trion nn pace 1.)








CS-15


- 14 -


India.- Pn the basis of the Indian Government's estimate of the
area planted to ccttcn up tc December 1, it-is ertinated that the trtal
acreage of the 19l7-38 crop in Ird.a will approximate 26,000,000 acres.
This estimate is larger tnan that cf any year since 1928-29 and 16 per-
cent larger than the coi.parqtively small acreage in 1932-33. On the basis
cf the first official estimate of Indian production from the area planted
up to December 1, t-gether with trade reports pertaining to the Indian
crop, it is believed that an estimate of approximately 5,100,000 bales
cf 478 pounds is a reasonably coTrparative figure to be used in comparison
with the official estimates of the Indian Government for earlier years.
This figure is approximately 200,000 bales less than the 1936-37 crop
but the largest with that exception since 1925-26.

The U. S. S. R.- Reports fr:m Russia continue to indicate that
both thu acreuge ,nd prcducticn cf the 1937-38 crop apparently have been
fully equal to the plan. In the case of production, the plan called for
a crop of 3,480,0CO bales cf 478 pcundz. This is probably the same as
the reported crop of the previous season but somewhat larger than the esti-
mate being used fcr the 1936-37 crop, since reports indicate that sub-
stantial quantities of that crcp werc ruined because of wAt weather at
harvest time and that scmc cf the reported prccurings include the weight
of a substantial amount cf moisture (see Foreign Crops and Markets for
February 3, 1936).




Table 2.- Cotten, commercial 1/: World supply of specified growths and percentage each growth
is of all kinds, 1920-21 to date

: Foreign American
Season : Egyptian : Indian : Sundries Total :
beginning: : As a : As : As a As a : As a :
Aug. 1 : :ercert-: :Fer.t-: :percent-: :percent-: :percent-: All
SActual : age cf Actual : ge of : tu : ae cf Actual : age of : Actual age of kinds
: all all all : all :all
: : kinds : : kids : : kinds:: kinds : kinds
: 1,000 1,J3 1,000 1,000 1,000 1,000
:b'le: 2/ F.rcent bales / Percent bales ?/ Percert bales / Percert bales 2/ Percent bales 2/

1920-21 : 1-,97 3.1 6,327 21.1 3,554 110. 12,378 38.2 2),002 61.8 32,380
1921-?2 2,224 7.3 6,649 21.9 3,510 11,6 1?2,:'7 40.8 17,959 59.2 30,342
122-23 2,242 7.7 6,775 23.4 4,124 14.3 13,141 45.4 15,804 51.6 28,945
1925-24 2,121 8.0 6,555 24.6 4,327 16.2 13,013 48.8 13,648 51.? 26,661
1924-25 : 2,?05 .5 6,80l 22.2 5,185 16.9 13,991 45.6 16,717 54.4 30,708
1:25-26 : 2 ,29 6.6 6,.42 19.7 5,9X9 17.3 15,1.30 43.6 19,561 56.4 U4,691
12C-::7 : 2,5,39 67 6,132 16.1 5,979 15.6 11,740 38.4 23,663 61.6 38,4)3
1 -7-23 : 2,304 t.4 6,465 18.0 6,426 17,8 15,195 1?.2 ?0,80S2 7.8 35 907
1C9-?9 : 2,502 6.9 7,392 20.3 6,682 18.4 16,576 '5.6 lu,761 5 .4 06,337
192:-: : 2,7?9 7.; 7,-55 21.6 6,875 18.7 17,559 47.7 19,233 5:5.3 365792
.: 2, 8.3 7,224 19.6 6,930 18.6 17,?08 46.2 20,060 57.8 37,263
15.--2 : 2,'-5 7.3 5,77) 14.0 6,6C9 16.1 15,434 37.4 25,853 62.6 41,287
:0-3 2,45 6.0 5,9'.4 14.3 7,094 17.3 15,573 27.3 26, 24 62.7 41,797
19--:' : 2,.? 6.5 7, 17.1 8,464 19.6 18,61 .2 24,521 56.8 43;12
I -G5 : 2,G; 6.4 7,5:- 13.6 10,163 25.0 20,31 5o0.0 20,277 50.0 -iO,590
i -- : 2,5 6.2 7,Y17 18.9 11,453 27.7 21,856 52.8 19,536 47.2 41,3192
!3--7 : 2,3 6.3 8,475 19.1 13,833 31.2 24,976 56.3 19,373 43.7 14,319
137-5 :_/ 2,y.: 5.3 8,555 16.9 14, 322 28.9 26,129 51.6 24,535 48,4 50,S63

V .rn. i,- ;. .y r,'i ccttcn ,-.. e. for fact'.ry ccrzption. Lees not include large quantities grown in
r'di, "r.ir.'i, !r -:.'r c;r..ries for '.:n-lurption on --.d spnindlFs cr for use in other ways witliout etrring
c-:r..cr.il' -h-r-r.-1 :. C/ -.i rli an in running; Lle s (ccuntir.g rourn braes as half bales), fcirtign in bales
rf bpf.rxi(, 1Jy" 4"7 -.'.J:; net. 3/ Preliminary.
-.pit~.l- fr-"i r:.rt." -f th~ .e N=w York Cctt.t-n Exch-ange.,
(Tr.hi tabil rvise= : th.e 1'ta frcm 1530-31 to date in the table on page 1 of the 1938 (_'utlo) Chart Book).
f!







Table 3,-Cotton, commercial: 1/ World carry-over of specified growths, and percentage each
growth is of all kinds, beginning of season, 1920-21 to date


: For eign : Ameri can
: Egyptian : Indian : Sundries :_ Ttal : : :
: : As a : : As a : a : : As a : s: As a
: :peLcent-: :percent-: :percent-: :percent-: :percent-:


All


: Actual : age of : Actual : age of : Actual : age of : Actual : age of : Actual : are of : kinds
: : all all ll all : : all :


: 1,000
:bales 2/


799
1,172
1,099
025
541
556
920
1,067
847
988
1,285
1,670
1,446
1,088
1,079
827
805
701


: kinds : : kinds : : kinds : : kinds : : kinds :kins
1,000 1,oo0 1,000 1,0o00 .- ,o
Percent bales 2/ ercnt bales le 2/ Percent bales 2/ Percent bales 2/ Percent bales 2/


6.8
7.7
10.5
10.9
3.2
7.0
8.8
8.4
8.0
9.4
10.3
11.3
7.9
6.4
6.2
5.5
5.9
5.3


3,577
2,981
2,535
2,2753
2,065
2,264
2,190
1,976
2,673
2,978
2,704
2,428
1, 283
2,534
3,348
2,494
2, 14
3,055


30.5
19.7
24.2
30.0
31.2
28.5
20.9
15.6
25.4
23.2
82.2.8
16.4
10.3
14.8
19.1
16.5
20.6
22.9


.1,038
.1,342
1,180
1,155
1,297
1,748
1,862
1,766
1,809
2,058
1,716
. 1,734
1,744
1,685
2,412
2,710
3,032
3,322


8.8
3.8
11.2
15.3
19.6
22.0
17.8
14.0
17.2
19.5
14.4
11.7
9.5
9.8
13.7
18.0
22.2
25.0


5,414
5,495
4,814
4,253
3,903
4,568
4,972
4,809
5,329
6,024
5,705
5,832
5,073
5,307
6,839
0,031
6,651
7,078


46.1
36.2
45.9
56.2
59.0
57.5
47.5
38.0
50.6
57.1




39.0
40.0
48.7
53.2


6,338
9,674
5,680
3,318
2,711
3,380
5,501,
7,845
5,206
4,517
6,187
8,976
13,263
11,809
10,701
9,041
6,998
6,235


53.9
6338
54.1
43.8
41.0
42.5
52.5
62.0
49.4
42.9
52.0
60.6
72.3
69.0
61.0
60.0
51.3
46.8


11,752
15,169
10 ,494
7,571
6,614
7,948
10,473
12,654
10,535
.10,541
11,892
14,808
19,336
17,116
17,540
15,072
13,649
13,313


include lar


Season
begin-
ning
Aug. 1


21
22
23
24
25
26
27
28
29
30 :
31
32
3 :
34
356
36 :
r r7




Table 4.- Cotton, oAmmercial I/: World production of specified growths and percentage each
growth is of all kinds, 1920-21 to date

: Foreign : American
: Egyptian r:Indian Sundries : Total : :_
Season : As a As a : : As a : As a : : As a
beginning : :percent-: :perc nt-: :percent-: :percent-: :p.rcent-: All
August 1: Actual -: ae of : Actual : age of Actual : age cf :Actual : age of :Actual : age of : kinds
: all : all : all : all : all :
: : kinds : kinds kinds : : kinds kinds
,1,0. 1,00 1,000 1,000 1,OU0 1,000
:bales ?/ percentt hales 2/ Percent bales 2/ Percent bales 2/ Percent bales 2/ Percent bales 2/

1920-21 : 1,198 5.8 3,250 15.8 2,516 32.2 6,9C4 33.8 13,664 66.2 23,628
1921-22 : 1,052 6.9 3,668 24.2 2,168 34.3 6, 88 45.4 8,?85 54.6 15,173
1922-23 : 1,143 6.2 4,240 23.0 2,944 15.9 d,327 45.1 10,124 54.9 18,451
1923-24 : 1,306 6.9 4,282 22.4 3,172 16.6 8,760 45.9 10,330 54.1 19,090
1924-25 : 1,464 6.1 4,736 19.7 3,888 16.1 10,088 41.9 14.006 58.1 24,094
1925-26 : 1,733 6.5 4,578 17.1 4,251 15.9 10,562 39.5 16,181 60.5 26,743
1926-27 : 1,649 5.9 4,002 14.3 4,117 11^.8 9,768 35.0 18,162 65.0 27,930
1927-29 : 1,237 5.3 4,489 19.2 4,660 ?0.0 10,386 44.5 12,957 55.5 23,343
1923-29 : 1,655 6.4 4,719 18.3 4,873 18.9 11,217 43.6 11,555 56. U 25,C02
1929-31 : 1,740 6.6 4,975 19.0 4,817 18.3 11,535 43.9 14,716 56.1 26,251
1930-31 : 1,699 C.7 4,59J 18.1 5,215 20.5 11,503 45.3 12,873 51.7 25,376
1931-32 : 1,309 5. 3,312 12.6 4,951 18,7 9,602 36.3 16,877 63.7 286479
1932-35 1: ,33 4.4 4,110 17.5 5,352 22.3 10,500 44.7 12;961 55.3 23,461
19337-:4 : 1,739 6.7 4,83" 18.5 6,781 26.0 13,354 51.2 12,712 43.8 26,066
1934--5 : 1,523 6.6 4,193 18.2 7,753 33.6 13,474 58.4 9,576 41.6 23,050
19.5-36 : 1,753 6.7 5,323 20.2 8,744 33.2 15,825 60.1 10,495 39.9 26,320
1jG-37 : 1,863 6.1 5,661 18.4 10,801* 35.2 18,325 59.7 12,375 40.3 30,700
1i37-38 /: 2 ,2E) '.9 5,500 14.7 11,300 30.3 19,)50 51.0 18,300 49.0 37,35)

I/ Ir:luis nr.ly raw ctt-cn produced for fa'tcry crnsiumption. Does not include large quantities grown in
india, C'hia, and other canitries for scnsuimption on hand spirdles or in other ways in the hones without
entering er-ercial chnr.h.ls. / A~erican in running bales (counting round bales as hF.lf bales);
f-r'ign in bales cf approximately 478 pounds net, 3/ Preliminary.
.omjr.iiA frrm reports of the New York Cotton Exch-nge.c
(ihis table revises the data from 1930-31 to date in the table on page 3 of the 1938 Outlook Chart
Pe-., t
I- d k








Table 5.- Cotton: World mill consumption of specified growths and percentage each growth
is of all kinds, 1920-21 to date

: Foreign : A merican
S Egytian : Iidian : Slund ri es T: ta
Season : As a : Asa : Asa :: As a As a :
beginning : :percert-: :pe rent-: :percent-: :percent-: :percent-: All
August 1 : Actual ; age of : Actual : age. cf : Actual : age cf : Actual : age f : Actual : ago cf : kinds
: all : all :: all : all : all
: : kinds : : kinds : ki r.s :: !:iun s : kinds
1 000 11 lUOO,
: ,000 1,000 00 1, 1, 0 1,000
:bales 1/ Percent bales I/ Percent bales 1/ Percent bales 1/ Percent bales I/ Percert bales 1/

1920-21 : 824 4.3 3,847 22.4 2,212 12.9 6,883 40.1 10,268 59.9 17,151
1921-22 : 1,125 5.7 4,114 20.3 2,330 11.8 7,569 38.3 12,209 61.7 19,778
1922-23 : 1,417 6.7 4,502 21.1 2,963 13.9 8,838 41.7 12,449 58.3 21,337
1923-24 : 1,593 8.0 4,493 22.4 3,030 15.1 9,110 45.5 10,917 51.5 2),027
1924-25 : 1,449 6.4 :,537 19.9 3,437 15.1 9,423 41.4 13,311 58.6 ?2,734
1925-26 : 1,369 5.7 4,652 19.2 4,137 17.1 10,153 42.0 14,010 58.0 2/,168
1926-27 : 1,502 5.9 4,216 16.4 4,213 16.4 9,931 38.7 15,746 61.3 25,679
1927-28 : 1,457 5.7 3,792 14.9 4,617 18.2 9,866 38.8 15,576 61.2 25,442
1928-29 : 1,514 5.9 4,414 17.1 4,624 17.9 10,552 4).9 1-5,226 59.1 25,778
1929-30 1,444 5.8 5,252 21.1 5,158 20.8 11,854 47.7 13,021 52.3 '24,875
1930-31 1,313 *5.8 4,866 21.7 5,197 23.2 11,376 50.7 1.1,056 19.5 22,432
1931-32 : 1,532 6.7 3,887 17.0 4,942 21.6 10,361 45.3 12,528 54.7 22,889
1932-33 : 1,396 5.7 3,459 14.0 5,411 21.9 10,266 41.6 1K!,385 58.4 24,651
1933-34 : 1,743 6.3 4,020 15.7 6,054 23.7 11,822 46.2 13,780 53.3 25,602
1934-35 : 1,775 7.3 5,053 19.8 7,454 29.2 14,282 56.0 11,206 44.0 25,488
1935-36 : 1,780 6.4 5,002 18.1 8, 23 30.4 15,205 54.9 12,503 45.1 27,738
1936-37 2/: 1,967 6.4 5,423 17.5 10,511 33.9 17,898 57.8 13,)93 42.2 30,991

j/American in running bales counting round as half bales); foreign in bales of approximately 473 pcurds
net. 2/ Preliminary.
Compiled from reports of--the Now York Cotton Exchange Service.
(This table revises the data from 1930-31 to date in the table on page 8 of the 1938 Outlook Chart
Book).


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