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:
AA00013000:00014

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Full Text

J

UI ITED STATES DEPARTMENT OF AGRICULTURE
Bureau of Agricultural Economics
Washington

CS-31 May 27, 1959.

THE COTTON SITUATION


Summary

Further reductions in the relatively small stocks of "free" American cot-

ton, a continued high rate of domestic mill consumption, the smallest domestic

exports in more than 50 years, and an advance in domestic prices to the highest

point in nearly 2 years were important features of the cotton situation during

April and the first 3 weeks of May, according to the Bureau of Agricultural Eco-

nomics.

Domestic stocks of about 3,650,000 bales of "free" American cotton as of

May 1 were about two-fifths smaller than a year earlier, and foreign stocks of

American cotton were probably one-third less than the stocks on May 1 last year.

These relatively small, and declining, stocks together with a continued high

rate of domestic cotton mill activity and a fairly well maintained rate of mill

activity in foreign countries, contributed to the advance of 1 cent per pound in

domestic cotton prices from the second week of April to the third week of May.

Domestic cotton consumption adjusted for seasonal variation declined some-

what from March to April, but consumption of 547,000 bales in April was one-third

larger than in April last year. It was the third largest April consumption in

10 years. Trade reports indicate that in the first half of May the rate of con-

sumption was about equal to that for April.

Mill activity in foreign countries appears to have been about unchanged

in recent weeks. To an unusual extent, however, mill activity apparently has

been sustained by earlier orders or by Government contracts for military and





r -. l ', l r '








CS-31 2 -

defense types of goods. In Europe, orders other than those placed by Government

agencies apparently declined considerably in April, reflecting unsettled polit-

ical conditions and the unusual relation between prices of cotton for immediate

and nearby delivery and those for delivery after the new crop begins to move.

Exports of 178,000 bales of American cotton in April were only 47 percent

as large as a year earlier, and the smallest since 1885. The unusually narrow

spread between prices of American cotton in domestic and foreign markets prob-

ably was of considerable importance in restricting exports in April. At one

time during the month the spread between the price of American Middling 7/8 at

New Orleans and at Liverpool was only 0.60 cents per pound. For the entire

month the spread averaged only about 1 cent. At the present time a spread be-

tween New Orleans and Liverpool spot prices of nearly 1-3/4 cents is necessary

in order to make it profitable for a merchant to purchase cotton on an ex-

warehouse basis in New Orleans and deliver it in Liverpool.

PRICES

Domestic spot prices highest since August 1937

Further reduction in the stocks of "free" American cotton, proposals for
a cotton export subsidy, and the continued high level of domestic mill activity,
contributed to the substantial advance in cotton prices during the latter part
of April. Prices continued to advance in May, the average price of Middling 7/8"
cotton in the ten designated markets increasing from 8,74 cents on April 29 to
9.42 cents on May 24. On the latter date, cotton was more than 1 cent per pound
higher than on April 15, and the highest since late August 1937. The advance in-
May was apparently attributable to the still further reduction in stocks of "free~
American cotton and possibly to a slightly more favorable outlook as to economic
and political conditions in Europe.






cs-31


Liverpool price low relative to domestic; export
subsidy proposals an important factor

On Monday, April 24, following United States press reports of prospects
for a 2-cent cotton export subsidy, the spread between the spot price of Ameri-
can Middling 7/8" at New Orleans and the Liverpool price narrowed to 0.60 cents.
(See table 1). This-compares with an average spread of almost 1-3/4 cents dur-
ing the 5 years ended July 1938. Probably few times, if ever, since the cotton
exchanges in the United States and Liver pool first began'the frequent exchange
of price quotations by trans-Atlantic cable (75 years or more ago) has the
spread between spot prices in the United States and Liverpool markets been as
narrow as on April 24. Over a period of considerable length and under normal
conditions the spread between prices of an important quality, such as Middling
7/8" in domestic and foreign markets, would be expected to average about the
same as the expenses involved in purchasing spot cotton in the domestic market
on a gross weight basis and delivering it to the buyer in Liverpool on a net
weight basis. Over relatively short periods differences in the relative supply
and demand conditions as to spot cotton in two given markets at times may cause
the spread to be somewhat different from the existing expenses involved even
when there are no unusual factors in the situation such as a proposed export
subsidy.

Table 1.- Cotton, American Middling 7/8": Price per pound at
New Orleans and Liverpool, specified periods

: : : Spread
Period : Liverpool : New Orleans :(Liverpool over
:_ __ __ New Orleans)
Cents Cents Cents
5-year average
1933-34 to 1937-38.........: 13.03 11.32 1.71
3.-39. ...... :
Aug.-to Dec.....,...,..., 9,93 8.43 1.50
Jan.., ,........... 10.10 g,62 i,4g
Fe-..... ..............: 10.02 8.60 1.42
Mar.. .,,,, .........": 10.17 8,.9 1,4g
A .... .......,: 9.67 g,61 1,06
Aprc 1P .. .. .,. .....: 9.61 8,43 1,18
Apr. 2 .... .,-,.........! 9.73 g,62 1,11
ATS a : .......... .: 9.44 g,g4 0,60
A.-, 2- .., ,C ,.. .,.....: ",75 g,97 0 78
MYr -r..;... o. ........: 10,30 9,08 1,22
M-Y- 1'.. .. .. r, .......: 10.40 9,20 n 1.20
MY- -..,,. w,. 10.80 9 47 1,33
May ~ .. ... ,....... 10.92 9.41 1.51
May 2~ .,............. 10.67 9.52 1.15.

Compiled from reports of the lisw Orleans and Liverpool Cotton Associations
and cables to this Bureau from Liverpool.






CS-31 4 -

In late April and early May, as opposition developed to the proposed sub-
sidy, the spread between New Orleans and Liverpool widened and by May 15

the spread was back to 1.46 cents, On May 23 it was 1.51 cents
and on May 24 again declined to 1.15 cents. These recent spreads indicate that
the cotton trade is, to some extent, at least, still discounting the possibility
of an export subsidy. It is quite possible, however, that the competition for
the existing small export business this season (see Export section) may also be
a factor contributing to these unusually narrow spreads.

American cotton prices again increase relative to foreign growths

About the time that a tentative agreement upon a 2-cent export subsidy
was reported in the press, the Liverpool price of American cotton reached a
point lower in relation to 3 important types of Indian cotton than for several
months (see price relationships as of April 21 and April 28 in table 2.) In
recent weeks, however, with the widening of the spread between the price of
American cotton in New Orleans and Liverpool, prices of American cotton increased
relative to Indian and further increased in relation to Egyptian and Brazilian.
On May 12, the Liverpool price of Egyptian Uppers was lower relative to American
than for any monthly average ratio since September 1923. On May 19 Brazilian
Sao Paulo was lower relative to American than for any monthly average in nearly
9 years. On April 19 American was not back as high relative to Indian as the
average for March, but was about as high as or higher than the average for any
other month in more than 4 years.

In view of the marked changes in the relation between the prices of
American and foreign growths in Liverpool (and, no doubt, in most other important
foreign markets) during recent weeks and the influence of the proposals with re-
spect to export subsidies, it seems desirable to give some additional discussion
of certain types of effects produced by export subsidies such as those which have
been proposed.

If exporters were paid an export subsidy, competition between buyers and
sellers would cause the price of American cotton in foreign markets to be about
as much lower in relation to the price in domestic markets as the amount of the
subsidy. This change in the spread would normally be brought about by an in-
crease in the domestic price and a decrease in the foreign price.

A reduction in the foreign price of American cotton resulting from an
export subsidy would obviously cause the price of American cotton to decline in
relation to the price of foreign growths if the price of foreign growths re-
mained unchanged. It should be noted, however, that the inauguration of, or
even the prospects for, an export subsidy would cause prices of foreign cotton
to be somewhat lower than they would otherwise have been. This would be true
because of the shift or prospective shift from foreign cotton to American cotton
by foreign manufacturers, as a result of the change or prospective change in
the price relationships. The net change in the comparative prices resulting from
a subsidy, therefore, would not be in exact proportion to the amount of the sub-
sidy. Another reason is the fact that, as already indicated, the foreign price
of American cotton would not be reduced by the full amount of the subsidy be-
cause of the increase in the United States price. The more nearly that foreign
grown cotton approximates American cotton in quality, the smaller the effect of








CS-31


an export subsidy on the changes in the comparative prices of these cottons.
This accounts for the fact that the Liverpool price of Brazilian Sao Paulo cot-
ton is seldom more than 5 or 6 percent below the Liverpool price of American
Middling 7/8.


Table 2.- Cotton: Spot price per pound, specified growths at Liverpool,
specified periods

: American Indian : Egyptian : Brazilian
Season, : : Av. 3 types / :F, G. F. Uppers : Fair, Sao Paulo
month :Middling: Low : :As a 7 : : As a : : As a %
or day : 7/8 : Mid- :Actualsof Ameri-:Actual:of Ameri-:Actual:of Ameri-
inch : ling : : can : can : : can
: : : 2/ :Middling : :Middling


: Cents Cents Cents Percent Cents Percent Cents Percent
'10-yr. av. :
1927-28 to
1936-37 : 14.50 13.60 10.88 78.3 17.12 117.9 14.08 97.7

1936-37 : 14.62 13.16 11.07 79.8 17.40 119.0 14.12 96.6
1937-38 : 10.31 8.78 8.02 83.9 13,10 126.7 10.18 98.7
1938-39
Aug. : 9.76 8.44 7.38 81.0 12.30 126.0 9.46 96.9
Sept. :9.59 8.29 7.07 79.1 12.27 128.0 9.27 96.7
Oct. : 10.25 8.96 7.22 75.0 13.03 127.1 9.78 95.3
Nov. : 10.04 8.81 7.28 77.3 12.63 125.8 9.63 95.9
Dec. : 10.02 8.56 7.16 77.0 11.89 118.6 9.54 95.1
Jan. : 10.10 8.64 7.13 .75.9 11.50 113.9 9.61 95.2
Feb. : 10.02 8.55 7.02 75.6 11.56 115.4 9.53 95.1
Mar. : 10.17 8.71 6.94 73.3 11.58 113.8 9.68 95.2
Apr. : 9.67 8.21 6.98 78.2 10.90 112.7 9.19 95.0
Apr. 21 9.73 8.27 7.10 78.9 11.02 113,3 9.24 95.0
Apr. 28 :9.75 8.29 7.18 79.6 10.77 110.5 9.26 95.0
May 5 : 10.30 8.74 7.43 78.0 10.84 105.2 9.71 94.3
May 12 : 10.40 8.84 7.43 77.2 10.81 103.9 9.81 94.3
.May 19 : 10.80 9.24 7.59 75.7 11.37 105.3 10.02 92.8


Compiled from reports of the Liverpool Cotton Exchange except for the last three
weeks which are from cables to the Bureau of Agricultural Economics or from
reports of the New York Cotton Exchange. Prices were reported in pence per
pound and converted to cents per pound at current rates of exchange.

1/ Includes Fully Good Broach, Fine Oomra #1, and Fully Good Sind.
Y/ Average of American Middling and Low Middling.


- 5 -







CS-31


- 6 -


EXPORTS

Domestic exports still exceptionally low

The 178,000 running bales of American cotton exported in April were
only 47 percent as large as exports during April last year and were the
smallest for the month in more than half a century. The 2,964,000 bales
exported during the 9 months ended April were only 59 percent as large as
the unusually small exports during the first 9 months of last season, and
were the smallest for the period in 57 years. As compared with the corre-
sponding period during the 10 years 1923-24 to 1932-33, exports in April
and from August to April this season showed declines of 62 and 56 percent
respectively.

Exports during the first 3 weeks of May were less than half the
unusually small exports in the corresponding period last season. The total
for the season through the third week of May was only about 3,100,000 bales.
The total for the 12 months ended July 31 may be considerably less than
3,500,000 bales. Average annual exports during the 10 years ended July 1933,
totaled 7,880,000 running bales.

In addition to the several factors frequently mentioned in earlier
reports as contributing to the unusually small exports this season, the ex-
ceptionally narrow spread between prices of American cotton in the United
States and in foreign countries probably has been a factor during recent
weeks. With prices of American cotton in Liverpool, for example, only 0.60
to 1.51 cents per pound higher.than in New Orleans, the exporter or importer
who bought in New.Orleans and sold in Liverpool at the quoted prices would
not find such transactions profitable.

Exports from India, gypt and Brazil much larger than last year

Exports from Egypt in April were 48 percent larger than in April
last year, but for the 9 months ended April were slightly less than a year
earlier. Exports from India wero 23 percent larger this March than last
and exports from Brazil in February (the last month reported) were 148 per-
cent larger than in February 1938. For the first 8 months of the season,
exports from India were 54 percent larger than a year earlier. Exports from
Brazil during the first 7 months of the season were 25 percent larger than
in the corresponding period last season, and the largest for the period in
history. (See table 3.)





C0-31


: Aur.


Country of


:10-yr. av


origin and :1923-24
destination : to
:1932-33
: 1,000


:
U.S. to
Germany .....:
United Kingdom
Fr1aco ......:
Italy .......:
Spain ......:
Belgium .....:
Canada ......
Japan .......
China .......:
Other coun. .:
Total ......:
:


: Aug. to Arr.


S : : : 1939 :10-yr.av. : : :1938-39
: : : :as a :1923-24 :1936-:1937-:1938-:as a
: 1937: 1938: 1939:pct.of: to : 37 : 38 : 39 :pct.of
: : :1938 :1932-33 : : : :1937-38


1,000 1,000 1,000
run, run, run.
bales bales bales
7T- 2- 15
64 79 20
12 21 7
38 29 14
0 0
7 12
17 14 14
112 121 57
1 8 17
48 67 30
373 377 178


run.
bales
99
98
38
47
17
11
17
72
19
54
472
1,000


1,000 1,000 1,000 1,000


Per-
cent
57.7
25.3
33.3
48.3

33.3
100.0
47.1
212.5
44.8
47.2


run.
bales
1,585
1,557
743
565
238
159
169
1,101
236
443
6,796
1,000


run. run.
bales balcs
574 613
1,026 1,473
632 694
313 438
I/ 0
139 171
224 197
1,355 559
13 19
486 870
T4762 5,034:
1,000 1,000


run.
bales
271
371
326
243
16

166
777
77
637
2.964


1,000


Per-
cent
4.2
25.2
47.0
55.5

46.8
84.3
139.0
405.3
73.2
5S.9


aales bales bales bales Per-
-78 lb. 47 lbk478 lb478 Ib.cont
37 2 38 78 205.3
14 17 15 21 140.0
15 5 2 5 250.0
9 15 15 14 93.3
6 18 7 6 85.7
4 6 12 12 100.0
2 6 8 11 137.5
18 39 25 34 136.0
105 1:4 122 181 148.4
Mar.


196
32
45
21
24
24
22
25
389


218 89
36 10
1/ 11
53 13
28 13
86 41
24 12
41 31


486 220
Fob.
1 If
19 10
23 18
5 3
8
V/ 1
2 3
6 5
63 4o


Fgypt to : 4
United Kingdom
France ......:
United States:
Germany .....:
Italy .......:
Japan .......:
British India:
Other coun. .:
Total ......:
British India :
to
Japnn .......:
Italy .......:
China .......:
Belgium .....:
Germany .....:
United Kingdom
France ......:
Other coun. .:
Total ......:
Brazil to
Japan .......:
United Kingdom
Germany .....:
France ......:
Italy .......:
Netherlands .:
Belgium .....:
Other coun. .:
Total .....:


102
9
30
16
17
45
23
28
270


99


146.1
90.0
272.7
123.1
130.8
109.8
191.7
90.3
122.7


SOX
88.9
200.0
---
---
33.3
720.0
247.5


bales bales bal.s bales Per-
478 ib.478 6l4781b.1478 Ib.cent
469 545 471 463 98.3
154 176 196 150 76.5
142 56 31 27 87.1
86 120 165 159 96.4
78 91 93 90 96.8
55 200 67 120 179.1
20 76 109 71 65.1
188 325 296 296 100.0
1.192 1,589 1,428 1,376 96.4
: Aug. to Mar. 31


900 1,321 390 725 185-9
200 131 66 54 81.8
180 11 48 149 310.4
121 183 76 72 94.7
123 111 84 107 127.4
120 297 155 200 129.0
88 91 45 86 191.1
s4 171 142 155 109.2
1,S16 2,316 1.006 1,548 153.9


Aug. to Feb.
66 56
1S9 131
169 265
26 27
30 4
15 8
16 15
38 43
549 549


71


169
148
117
79
36
20
17
103
6'9q


301.8
113.0
44.2
292.6
900.0
250.0
113.3
239.5
125.5


-7-

Table 3.-Cotton: Exports from specified countries, average 1923-24
to 1932-33, and seasons 1936-37 to dato


1,000 1,000 1,000


:


5


Compiled from official sources. l/ Less than 500 bales. 2/ Not available by
countries.


634o


J


b


T


- --


J _


_-


LI


-- -~


_i __


-- --


_ J J


_





- 8 -


DEMAND AND CONSUMPTION

.UNITED STATES: Mill activity continues
high despite recent decline

Total cotton consumption of 547,000 bales by domestic mills in
April was nearly one-third larger than in April last year and slightly
larger than the preceding 10-year April average. Consumption was the
third largest for the month in 10 years. The daily rate of consumption
in April was slightly less than in March and the index of cotton con-
sumption adjusted for seasonal variations declined to 106 in April corn-
Dared with 114 in March. In April last year this index which is re-
leased by the Federal Reserve Board was 77. During thu 9 months ended
April, domestic mills consumed 5,150,000 bales, onti-sixth more than a
year earlitir and 10 percent more than the average for the preceding
10 years. With one exception (1936-37) this was the largest consump-
tion for the period since 1928-29.

Preliminary wc-.kly indexes of seasonally adjusted mill activities
compiled from trade sources indicate that domestic mill activity in the
first half of May was maintained at a rate fully equal to the April
level. On the other hand, it has bc..n reported in the press that ac-
tivity, particularly in the print cloth and fine goods mills, has more
recently declined considerably. The low manufacturing margin (the
ave.ragt for 17 constructions of grey cloth is now the lowest in 6 years)
is, no doubt, tending to retard domestic mill activity. The low manu-
facturing margins in turn are apparently due in part to th, rulativ;ly
high level of spot cotton prices in relation toprices of nuw crop
futures contracts. Such a situation tends to encourage the buyers
of cotton textiltes to postpone purchases or to restrict purchases to
a minimum with the hope of obtaining textiles at lower prices after the
new crop begins to nove. This probably is partly responsible for the
fact that the manufacturers sales of cotton textiles have apparently
bet.n below production in most of the past several w:rcks.

There have br.n a f.w periods of short duration since the first
of April, however, when salt.s were rirorted as considerably in excess
of production. Nevertheless a number of reports have appeared recent-
ly which indicate that manufacturers stocks of cotton textiles are
comparatively large in relation to unfilled orders. Despite a slight
strengthening in manufacturers prices of unfinished cloth, mill margins
continued narrow during the third we t.k of May as cotton prices advanced
to a new high for the season. The difference between the price of
cotton and its estimated cloth equivalent (based on 17 constructions
of unfinished cloth) averaged about 9.50 cents during the first half
of May compared with 10.01 cents in April and 11.12 cents in May last
year. During the 10 yi&ars ended with 1937, the average margin for
May was 12.10.

The 12,600 bales of American Egyptian cotton consumed from
August through Anril were nt.arly three times the exceptionally small
consumption (4,800 bale) during th6 first 9 months of last season.
The 42,700 bales of Egyptian cotton consumed to the end of April
this season compared with th; 39,250 bales consumed during the
corresponding period last season.


CS-31







-9-


EUROPE: Cotton mill activity
well maintained

Mill activity in Europe during April and early May appears for the
most part to have been well sustained by yarn and goods orders booked some-
time earlier, or by the placing of substantial contracts for military and
defense types of goods. In a few countries the rate of activity appears
to have increased somewhat. New textile business, however, except in the
form of government orders, appears to have fallen off measurably. Uneasi-
ness as to the stability of international political relations combined
with changes and probable changes in the raw cotton price level not only
tended to restrain buying initiative but in some instances to discourage
the acceptance of orders as well. To which of these conditions should be
ascribed the greater importance is not clear. It seems reasonable, how-
ever, to believe that to the ultimate cloth consumer considerations of the
international situation as affecting his security or income have excluded
most others. In continental countries a decrease of retail trade seems to
have been a corollary to the calling of reservists to active duty. At the
other end of the market chain the raw cotton importer also has unquestion-
ably found it difficult to carry on operations as a result .of these develop-
ments. Taking the market chain link by link from the raw cotton importer
to the spinner, manufacturer and other intermediaries finally to the con-
sumer, it appears that there is some tendency for considerations of the
price situation to diminish in importance. But in general it appears that
the weight of unsettled political conditions tends relatively to increase.
It seems also to be true that as one approaches geographically the frontiers
which might be affected by open hostilities an increase of trade caution is
to be noted.

The nearest approach to actual cessation of business in recent weeks,
however, appears, from such information as is available, to have been in
the import buying of American cotton. The disposition on the part of im-
porters to avoid the risks of unnecessary commitments seems to be general.
At the same time, with European prices partially discounting an export sub-
sidy, offers from the United States, when obtainable, have been said for
the most part to be so far out of line as to be impracticable.

European stocks of American cotton, are, however, clearly showing
the effect of the draft of mill requirements and the subnormal imports of
the current season. In a number of the more important consufJing countries
the matter of raw material supplies for the remainder of the season is al-
ready a subject of greater than ordinary interest. N1ot;.ithstcnding the ex-
tensive substitution of other growths, the apnrro'ching exhaustion of the
European stocks of American cotton seems rapidly to be creating a condition
in which once again imports may more nearly approximate current rates of
consumption than in the past few weeks.


CS-31






- 10 -


United Kingdom iJ

The British cotton textile industry accumulated a substantial back-
log of orders through February and early March, which has since been
supplemented by large-scale government orders for defense materials. This
has sustained mill activity in April at about 65 to 70 percent of normal
in weaving and 75 to 80 percent in spinning---the best levels of the year.
It has pushed the average rate of mill takings of raw cotton to 57,700 bales
a week, the highest monthly average in more than a year. At the same time,
political tension throughout April and confusion as to the significance
of price developments combined to keep fresh initiative dampened in the
more strictly commercial field. Buyers were disposed to suspend negotiations
or at least to restrict commitments, while in the export section sellers to
the Near or Far East tended also to move with caution. It is believed that
in April total sales (government contracts included) fell considerably be-
low production either of yarn or cloth. The judgment of reliable observers
seems to be, however, that textile demand is not now fundamentally bad and
that, with signs of a clearing of the chief elements of uncertainty, improve-
ment in business turnover should follow.

Except for the Dominions, export buying has not been of important
proportions. Although buyers for India have not been absent from the market,
conditions of trade with that country have been further obscured by the
rejection in the Legislative Assembly on April 17 of the bill to give effect
to the schedule of duties provided for in the Anglo-Indian Trade Agreem6nt
announced in March. Egyptian trade has apparently also been impeded by
continued delay in giving legislative effect to the government's reciprocal
quota arrangements announced in December of last year. Continental buying
is said to have been reduced sharply. Elsewhere trade has been at a halting
pace. Exports of 132.7 million square yards of piece goods in March were
markedly heavier than in any month of the preceding 11 and the best since
January 1938. Exports of 13.3 million pounds of yarn exceeded those of
any preceding month since August 1937 und were more than 50 percent above
the low levels to which exports had fallen in May and June of 1938. In
April, however, both ynrn and cloth exports declined materially and with one
exception were about as low as or lower then in any preceding month for many
decades.

April sales of cloth to the home market showed somewhat more activity
than export sales, though buying (except of government types) tended to
taper off toward the end of the month. An important feature of the month
was the purchase of cloth to meet government defense requirements necessi-
tated by the doubling of the territorial army, the decision to conscript
annually some 200,000 or more additional men for the militia and recruiting
for the auxiliary and other defense services. Recently government contracts
are said to aggregate some E 4,000,000 (roundly $19,000,000) in value, a
figure regarded as likely to be materially increased. Although it appears
that orders thus far have not been widely distributed, the fact that early
deliveries are wanted is expected to have an immediate influence upon mill
activity. March indices of retail trade showed a small gain over the same
1/ Based largely upon a report prepared by Agricultural Commissioner
Arthur W. Palmer, London,England, dated May 8, 1939.


cs-31






CS-31


month of 1938. With Easter trade mainly in March and with some possible
reserve in consumer buying under the conditions prevailing, April may not have
shown its usual seasonal increase. But conditions basic to retail trade
continued to be reasonably good.

A primary concern of the trade throughout April was the problem of
individual firms in adjusting uncompleted or projected operations to a
prospective American export subsidy, with its effects upon the complex
international structure of dependent and interdependent prices of raw cotton,
yarn and cloth. Considerable unsettlement resulted from confused and con-
flicting reports reaching the United Kingdom as to the probabilities, with
respect to the actual application of a.subsidy, its amount, and the methods
and time of application. Prices fluctuated somewhat erratically according
to the tenor of the news of the moment.

During April and the first half of May British prices of American
cotton were about 1/2 to 1 cent lower relative to prices in the United States
than prices considered to represent normal parity or spread. With this
situation, reports indicate a general disposition among conservative firms
to avoid new commitments except as a protection to existing market conditions;
consequently import buying of Americra cotton has been regarded as im-
practicable. The relatively small stock of American cotton at British ports
and afloat to the United Kingdom, however, means that import buying will not
be restricted as much as if such stocks were more nearly normal. Neverthe-
less, it is reported there is a scarcity of cotton of desirable grades in
lengths shorter than 1 inch. This is also retarding purchases.

The proportion of American in the total forwardings to British mills
of cotton of the more directly competitive growths continued its decline
in April. Though not down to the low points reached in the season of
1936-37, the ratio of American to other growth.was, with the exception of
3 months in that season and of 3 months in 1934-35, the lowest certainly
since 1925 ond probably since the early g60f's.

France 2/

The French cotton textile situation in April presents also a picture
of sustained or possibly accelerated mill activity in the face of unusually
small textile sales to non-Government buyers. The prolongation of this
period of dullness from mid-March, while a source of concern to makers of
some types of goods, appears as yet to have had no appreciable effect on
rates of operation. Government orders have afforded considerable support,
and manufacturers of government types are said now to be supplied with. coln
tracts which will ensure about the present rate of activity/ hrodE o.
book position of French spinners as a group is believed still to be strong,
with sufficient contracts in the aggregate to sustain spindle activity at
current rates well through the summer. Private consumer buying in the home

2/ Based largely upon a report proposed by Mr. Palmer front data supplied by
American Consulates at Havre, Lille and Strasbourg.


- 11 -





- 12 -


market was reported as comparatively small, a factor which has doubtless had
its influence on mercantile buying initiative. Market comment insists, never-
theless, that large goods requirements remain to be covered and instances are
reported of potential contracts arranged as to price and deliveries but held
in abeyance pending clarification of the international outlook. The seasonal
peak of export selling to the colonies is now well past, but the French in-
dustry, following the recent despatch of a special mission to the United
States, entertains hopes of gaining some trade with the United States in
goods of the types formerly supplied by Czechoslovakia.

In the raw cotton market a slight revival of spinner buying was re-
ported. Spinners, in general, however, especially on the Northern and Eastern
frontiers, are disposed to use up stocks in the mills and to make only the
most necessary purchases. It is expected that in the event of mobilization,
stocks of cotton in excess of 10 days' requirements will be requisitioned and
that mills working on government orders, or under government instruction as
to production will have their raw material provided by the government. Under
such circumstances the price to be fixed for cotton requisitioned is reputed
to be the average during the 2 weeks previous. Estimates at the end of April
of the quantity of cotton which spinners would normally have to purchase
to cover operations up to September on the basis of a 45-hour working week,
were raised to 100,000 bales. A slight increase was reported during the
month in the volume of sales of American cotton for delivery out of the new
crop, though spinners for the most part were deferring commitments
awaiting the outcome of pending American cotton legislation.

Prices in France fluctuated during April in keeping with the general
European pattern, with the parity or spread between prices in France and in
the United States having narrowed to a point where most of the few offers
received from American exporters were considered unsatisfactory. Brazilian
cotton, on the other hand, was said to have been offered freely during the
month, and at price spreads regarded as attractive. Import buying of the
two growths during the month is estimated at 1,500 bales of American and
12,000 bales of Brazilian.

Germany x/

Activity in the German textile industry was well maintained during
March and April, especially considering the limited raw material supplies and
labor available. The adjustment of the former Czechoslovakian textile in-
dustry to the economy of Greater Germany, however, has necessarily been slow
and continues to occupy much attention. German textile officials are now
viewing 1939 as another year which will be noted for drastic changes and
adaptations of the textile industry to government planning in the realms of
raw material supplies, production and marketing. The reduction of raw
material contingents which the authorities ordered, effective January 1, 1939,

3/ Information relating to Germany, Poland, Switzerland, the Netherlands,
Denmark, Norway and Finland supplied by the office of Loyd Va Steers,
Agricultural Attache, Berlin. -


cS-31







- 13 -


as the result of the incorporation of Sudetenland, became even more acutely
felt by mill owners not long after the establishment of the German protectorate
over Bohemia and Moravia. Every effort is being made, however, to supply
the very active demand for household textiles, the authorities having allowed
additional quantities of raw materials for the production of such goods.
Plans for increased production of synthetic fibers are also proceeding apace.

As a result of the shortage of labor, numerous mills report that the
utilization of their plants has often been only from 70 to 80 percent of
capacity. It is also pointed out that the working day in the textile in-
dustry has continually been extended far beyond the standard 48-hour week.
Despite the labor supply difficulties, turnover has increased slightly since
preference has been given the production of goods urgently needed and re-
quired by the population. At present, the Government is said to be en-
couraging another plan whereby every German textile concern will be able to
improve rapidly its technical facilities in order that the industry as a
whole may attain the maximum of mechanical and nanagerial efficiency in the
shortest possible time.

Imports of raw cotton into Germany proper during March were equivalent
to 89,300 bales of 478 pounds compared with 78,500 bales imported a year
ago. American, British Indian and Egyptian cotton accounted for an increased
proportion of the total imports of raw cotton during March. There were also
minor increases in cotton imports from Iran, the Belgian Congo, China and
Mexico. Imports of raw cotton from Brazil slumped from 27,700 bales in
February to 15,650 bales imported during March, 1939.

Both imports and exports of cotton yarn and cotton cloth rose
markedly during February and March, 1939, compared with the same months last
year. Nevertheless textile trade circles appear somewhat disappointed over
foreign business. Special attention is now being given the prcmotion of
export business so that more foreign exchange nay be available for raw
material purchases.

Reports from Bremen are that cotton importers there are facing a
decisive shift in policy as one result of the changing raw material situation.
Through the newly formed firm, Bremer Baunwell A. G. it is planned that a
united front will be organized to bring about joint action in combating_
the boycott movement and other developments which have disrupted the Bremen
trade in recent months.

Bohemia and Moravia

The recapturing of the lost export markets for Czech textile goods
is at present a problem of large importance to Greater Germany's textile
industry. This is largely because raw material reserves in the region are
negligible, in addition, the textile authorities are determined to have
raw material needs paid for out of foreign exchange derived from exports.


cs-31







Cs- 31


- 14 -


The textile and clothing industries of what is now the Protectorate of
Bohemia and Moravia have exported in the past an average of about 50 percent
of their total output. "The important problem to be faced now", according
to one writer in the Textil-Zeitung, "is whether exports from the Protectorate
should be considered as German goods, and receive correspondingly unfriendly
reception abroad, or whether it is not possible to secure a proper and distinct
status, through a special mark of quality, for the products of Bohemia and
Moravia in order to designate their origin." The description of.goods from
this region as "Czech" goods has been definitely rejected because it was felt
that such a designation might cause misunderstandings and errors. It is
believed in textile circles, however, that a special quality designation for
Protectorate goods will be a distinct aid in marketing such goods and thus
bring in not only sufficient dovisen for the financing of goods produced in
this region, but an "excess of foreign exchange to be used in the interest"
of other parts of Greater Germany.

Poland

Reports from Lodz indicate that textile exports have reached higher
levels in both volume and value in recent weeks. Best markets for.cotton
yarn have been in Norway and Holland, while the bulk of the exports of
cotton cloth have gone to the Union of South Africa, Palestine and Netherlands
Indies.

The Polish Institute for Economic Research recently stated that the
textile industry of Poland has shown a definite trend in the direction of
increased production. It was intimated that this trend should continue for
the next few months, unless international complications should.check it. It
was also reported that a nearly completed textile enterprise will soon begin
operations in the new "Central Industrial District" in Baranow.

The trade press of both Germany -nd Poland has been carrying short
news items recently to the effect that it is expected that Great Britain
may arrange in the near future for the formation of a company with a capital
of L 10,000,000 for the purpose of financing Anglo-Polish trade. To date
there appear to have been no official confirmation of this reported plan.

Switzerland

Although Swiss economic conditions improved in most fields of activity
during the first four months of 1939, there Jwas nn notable change in the
situation in the textile industry. Exports of certain classes of textiles
increased but the less favorable trade relations with Germany and the dis-
organization of the former Czechoslovak market have been discouraging
business factors. It has been reported that, due to the uneasiness result-
ing from international political developments, the Swiss Government and
certain trade groups are beginning to accumulate emergency stocks of certain
essential raw materials. Whether cotton is to be included has not yet been
indicated.






C s-31 15 -


A recent report by the German Chamber of Commerce in Switzerland
points out that the problems arising from the boycott movement and the
adverse balance of the clearing account 4/ will need to be solved if economic
relations between the two countries are to be maintained on the usual friendly
basis. More intensive tra.e promotion activities, coupled with neV trade
negotiations for the purpose of gaining further Swiss concessions, are sug-
gested as solutions of the present Gerran-Swiss trade difficulties.

The Netherlands

Activity in the textile industry of the Netherlands continued to lag
behind last year's levels and protection of the home market as well as
measures to stimulate the market in the Dutch East Indies have absorbed much
of the attention of textile trade circles.

Imports of raw cotton were lower in February than during the same
month a year ago, but in M-.rch raw cotton imports climbed to a level con-
siderably higher than in March 1938. Imports of raw cotton from August 1,
1938, to the end of March totaled 170,600 bales of 478 pounds net compared
with 183,700 bales a year earlier. Yarn imports were substantially larger
this March than last, but exports of cotton yarn fell from 884,000 pounds
in March 1938, to only 622,000 pounds in March this year. Imports and
exports of cotton cloth were at levels approximately the same as a year ago.

Denmark

Activity in the Danish textile.industry was well maintained through-
out March and appears to have continued high during April and early May,
according to latest available reports. The employment situation in the
industry is distinctly better than it was a year ago, and the industrial
production index (1935 = 100) stood at 110 in January and February this
year compared with 104 a year ago. The clothing industry indices have
also registered substantial gains in recent months. Demand for cotton
textiles in Denmark has been good, prices have remained reasonably.high
but at slightly lower levels than in 1937 and 1938, and'buying power has
been increased as a result of good harvests during the last season.

Norway

Activity in the Norwegian textile mills has been well maintained
although prices are lower than in 1937 and 1938. Raw cotton consumption
is reflected in imports which have risen appreciably compared with 1937-38.
Imports of raw cotton from August 1, 1938, to March 1, 1939 totaled 13,394
bales of 478 pounds net, compared with 10,850 bales during the same period
last season and with 9,200 bales in 1936-37. Inports of cotton yarn and
manufactured cotton textile goods were larger than during the same period
a year ago.


4 Germany's trade deficit in Swiss-German trade is approximately 50,000,000
Swiss francs, ($11,000,000) according to reports.






CS-31


- 16 -


Finland

Activity in the Finnish textile industry was fairly well maintained
in March, and apparently in.April. The industry also appeared to be well
supplied with orders that would aid in maintaining a level of activity about
equal to that of a year ago. The index of working hours in the industry
declined to 121.6 (1926 = 100) in March 1939, compared with 128.4 a year ago.

It is understood that the snythetic fiber factory at Enso, with a
capitalization of Fmk. 70,000,000 ($1,400,000) will soon be able to supply
the Finnish textile industry an increasing proportion of its synthetic
fiber requirements.

Imports of raw cotton, (which had. sagged earlier in the year), rose
in February and March, and from August 1 last to April 1, 1939 totaled
58,400 bales of 478 pounds net compared with 51,600 bales a year earlier.
Raw cotton was imported chiefly from the United States, Brazil, Egypt and
via Great Britain. Cotton yarn exports were well maintained and wore
destined chiefly for Norway, Turkey and Sweden while cotton fabrics exports
found their best markets in Sweden, Norway and Egypt.

I taly 5/

Little evidence of improvement in the Italian cotton trade was dis-
cernible in April. Most reports indicate that on the contrary, conditions
went from bad to worse during the month, particularly as to export trade,
much of which was reported halted temporarily by the hesitation of Italian
exporters in despatching shipments, and of foreign buyers in placing orders.
The domestic situation also deteriorated although it supplied the bulk of
the demand.

The international political situation again furnished the reason for
the unpromising developments in both the foreign and domestic market for
Italian goods. The tension was higher during April than at any time since
last September. Fear of losses of shipments and payments therefore prevented
both Italian manufacturers and foreign buyers from placing or executing many
foreign orders which otherwise would have been carried out. The mobilization
of some hundreds of thousands of men had a markedly depressing effect upon
the domestic trade. Sales of American cotton continued low as a result of
these conditions as well as of the limited offers of American cotton which
Milan brokers were able to obtain.

A further contraction of the Italian market for raw cotton appears
to have been caused in April by reactions to the tense, international poli-
tical situation, particularly by the restriction, or withdrawal, of bank
credits for Italian purchasers. Thus the limited orders which some consumers
might have.placed were further reduced by their inability to finance ship-
ments. Possible sales of American cotton were reduced by this development,
it is said. The outlook for this trade during the near future remains un-
certain and, on the whole, unencouraging.


5/ Information received from the American Consul General at Milan.






c0-31


- 17 -


Sales of Italian cotton goods abroad held up well during the first quar-
ter of the year 1939, considering the existing conditions, but there was a to-
tal decline of bout 9 percent as compared with a year earlier. In spite of the
decline in exports and imports of cotton goods, the balance of the country's
foreign trade in cotton and cotton goods showed a marked improvement as com-
pared with that of the preceding year. While exports have supplied enough for-
eign exchange to pay for imports of raw cotton, they have reached so liw a value
as to make it impossible, under present rules governing the use of foreign ex-
change for the purchase of raw cotton, to increase such purchases to any great
extent. A long time probably will be needed to put the trade back where it was
in this respect a few years ago.

The receipt of 66,000 bales of all descriptions of cotton at Italian
ports during April was exceptionally low for this season and compared with
78,000 bales which arrived in Italian ports during the preceding month and
with 81,000 received during April 1938. The arrivals included 30,000 bales of
American cotton as compared with 34,000 bales in the preceding month and with
49,000 bales in April 1938.

U.S.S.R. 6/

A noticeable improvement took place in the cotton textile industry of
the U.S.S.R. during the first quarter of 1939, when for the first time since
1936 output was fully up to the official plan; it was 12 percent below planned
expectations during the corresponding period of 1938. Compared with a year ago,
production in Janurtry-March, 1939, is reported to have shown an increase of
11.7 percent the increase amounting to 5.3 percent in January, 15.6 percent in
February and 14.4 percent in March. This improvement has been achieved despite
the fact that not all enterprises have as yet been successful in bringing about
the desired increase. One hundred twenty-two thousand new spindles were in-
stalled during the three months ending March 31, 1939, which is nore than pro-
vided for by the plan for this period. This, as well as improvements in the
organization of the process of production and higher productivity of labor are
indicated to have been the main factors contributing to the pick-up during this
period. In fact, labor productivity has been stated to have shown an increase
of fully 14.5 percent, which is no doubt largely due to the measures taken to
reduce the unsettled labor conditions and to increase working discipline,

Production of cotton fabrics by enterprises under the jurisdiction of
the Commissariat of the Textile Industry of the USSR 1/, which accounted for
about 75 percent of total production of fabrics during the past two years, was
711,850,000 yards or 100.4 percent of the plan for the first quarter of 1939.
Total output of the whole textile industry -'that is, including those factories
which are not under the textile commissariat of USSR apparently reached
971,120,000 yards during the first quarter of 1939, a figure recently reported
by the press. Plans for the second quarter of 1939 call for a 7 percent increase




jJ Information supplied by L. Orina, Belgrade Office.
/ Formerly p.rt of the Commissariat of the Light Industry.






CS-31


- 18 -


in output as compared with a year ago, and efforts are being made to avoid the
seasonal decline during the lato spring and summer months in recent years. Dur-
ing these months the unsettled state of labcr reached its peak and has been
greatly responsible for the unsatisfactory work of the industry. Shortage of
workers is evident in the cotton textile industry of the Soviet Union, the def-
icit totaling 40,000 persons, according to a recent statement by the Commissar
of the Textile Industry.

The quality of the fabrics produced is also reported to have improved,
with the share of first-grade goods increased. However, it is reported as
still far from satisfactory, and the assortment of goods does not answer stip-
ulated requirements.

ORIENT: Indian mill consunmtion continues
exceptionally high; Jananese and Chinese
much below normal

Cotton mills in India consumed about 240,000 bales of 400 pounds net
Indian cotton in April, or about the sane as in each of the 2 preceding months,
but 15 percent below the peak consumption reached in December, Except in 1938,
this was the largest A-ril consumption on record. The total of 2,330,000 bales
consumed during the 9 months ended April were slightly larger than in the like
period last season, which was the largest consumption for the period on record
up to that tine.

Cotton mills in China, including Manchuria, are estimated to have con-
sumed about 145,000 bales of cotton during April, according to radiogram from
0. L. Dawson, Agricultural Commissioner at Shanghai. This was about the same
as the estimated consumption in March, and much larger than in March last year,
but it was only about two-thirds as large as the rate of consumption in the
months immediately prior to the beginning of the conflict with Japan in the
summer of 1937. For the 9 months ended April, cotton consumption by mills in
China probably totaled about 1,250,000 bales. This is considerably larger than
the corresponding period a year earlier. It was, however, probably the small-
est for the period, with that exception in 10 years. The latest check of the
situation in Shanghai, according to Mr. Dawson, shows that more cotton has been
purchased for import than had been indicated previously. Such purchases for
the season to date are now calculated at about 750,000 bales of 500 pounds.
Total purchases for the season are expected to exceed 1 million bales in the
event there are no new important regulations affecting trade. Such purchases
are unusually large despite the comparatively low level of mill consumption in
China this season. This is accounted for by the reduced production of cotton
in China and the difficulties in getting cotton from interior points to mill
centers and the comparatively large exports of Chinese cotton to Japan. In this
connection, it is noted that recent press reports state that the North China CottQ
Association opened for business on April 1 with members composed of both Japan-
ese and Chinese merchants. The objects of the Association are siad to be: (1)
To hasten the increased production of high grade cotton in North China, (2)
to provide a smoother flow of supply of cotton in relation to demand and (3)
to stabilize cotton prices.







- 19 -


Preliminary yarn production astimates indicate that cotton con-
sumntion by JapanE.st mills in April declined slightly, as compared with
March and was probably one-fifth to one-sixth less than in April last
year which was already considerably less than in either of the 3 pre-
ceding years. Total consumption by mills of the Japanese Cotton Spin-
ners Association from August through April probably totaled about
1,875,000 bales of 478 pounds compared with 2,599,000 bales in the like
period last season and the record high consumption for the period of
2,753,000 bales established in 1936-37. Exports of cotton cloth from
Japan in March were the largest with the exception of December 1938
since the early part of 1938, reflecting encouraging sales made last
December and January, but in April declined materially. 'The falling
off of export sales during the past 2 or 3 months makes it seem quite
likely that exports during the remainder of the season will also show
a material decline as compared with March. The 1,684 million square
yards of cloth exported from Japan during the 9 months ended April
were about 14 percent less than export during the corresponding
period last season, This, together with the regulations requiring
the mixture of synthetic fiber with cotton in the production of goods
for salt: in Japan and other areas where Japaneseo currency is used,
larg,.ly account for the reduction in the quantity of cotton manu-
factured by Japanese mills during the owrr~nt season.

ACREAGE PRODUCTION STOCKS AND SUPPLIES

American Cotton: "Free" stocks snall despite
record high total

Domestic stocks of American cotton totaled approximately 15
million running bales on May 1. This was 1,800,000 bales large-r than
on May 1 last year when stocks were the largest for the period in
history un to that time. Total domestic stocks as of May 1 this year
were 85 percent above the average for the 10 years ended 1937. Of
the total stocks on May 1 this year about 11,370,000 bales were held
as collateral against Government loans, leaving only a little more
than 3,650,000 bales of so-called "free" American cotton. This re-
presented a decline of 42 percent below "free" stocks as of May 1
last year and 34 percent below the average of such stocks as of
May 1 during the preceding 10 years. Stocks of American cotton in
foreign countries on May 1 this year were probably about two-thirds
as l r. as a :i;ar i.arlit.r and only about half the May 1 average
for the past 10 years.

Most of the 1939 American crop has been planted but there will
be no official acreage estimate until July 8. Practically all of the
private estimates which have aop:cared in the press have placed the
acreage below the national acreage allotment of about 27T million
acres. The national acrEagi. allotment was approximately the same this
Earff.Liaslst.The latest official ostimatc of the area planted in 1938
was 25,018,000 acres. Weather conditions in the Cotton Belt during
the 2 wefks ended May 24 (exce-t for low tennmratures during a part
of the pc.riod were mostly favorable to the crop, according to re-
leases by the Weather Bureau.


OS-31







- 20 -


Foreign Cotto n: Early oorts. indicate reduced
113^ azgr rdlLo ia -tIn A zi l na

As indicated last month, it is expected that the 1939 cotton
acreage in Egypt will probably be somewhat smaller than that of last
year, according to information furnished by the American Consulate at
Oairo. This would follow a reduction of 10 percent in acreage plant-
ed in 1938 as compared with 1937. Yields per acre in Egypt in 1938
were 12 percent-below the average for the preceding 10 years. It
is guite possiTl.E-hawever, that ibigheryiad.sA may result this year
in.-a crop-tqal. to.or-msterLaU7y In excess of that of 1938, despite
a-reduction .in. acraage -

"Present indications point -to a somewhat smaller-Chinese crop
ti'n-j 19 -than in 1938 according to a recent radiogram froai AgriculturaL
Ccanrisi-one O,..-.L..Dawson at.Shanghai, This is based in part upon
indications that dry weather.has a eely afferted cotton planting
.inm .Morh. Ohi na..

No- materiaL change is o--pected.in tha-1939 co-tton.acrsage of
t-hbUS,.SE.., according to the most -recent information .recatved from-
that country. Th- planned-acreag.--f the collective farms which ao-
Scount for-practically all of the-cotton area of the Union is said to-.
b4 about 4,942,000 acres as compared with 4893,000 scres in 1938,


CS-31






Table 4.-Cotton: Exports from specified countries, specified seasons


Season :
ended :


Foreign countries producing 95 percent or more of the
total annual foreign production since 1920


July 31 : : :Anglo-:Argon-: : : : : : : :
or : United Str.to::. '.iaa : Egypt :Egyp- :tina :China :Brazil:Peru :Russia:Mexico:Turkey:Uganda:Iran
calendar: l/ / : / :tinl/: / : 2/ : 2/ : / : / : : / : :
year: : _Sudan : : :
: :1.C, .,lDO :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000
:1,COO bi'.loE blcs bales bales bales bales bales bales bales bales bales bales bales
:running of 500 of 478 of 478 of 478 of 478 of 478 of 478 of 478 of 478 of 478 of 478 of 478 of 478
:balcs pounds pounds pounds pounds pounds pounds pounds pounds pounds pounds pounds pounds pounds


8,635
6,206
7,788
10,719
8,746
9,142
8.323
5,896
5,300
4,288
5,592
6,545
5,745
6,184
4,823
5,656
8,005
8,052
10,927
7,542
8,044
6,690
6,760
8,708
,419
7,534


8,955
6,353
8,027
11,116
9,146
9,508
8,702
6,113
5.525
4,402
5,774
6,707
5,973
6,348
5,007
5,815
8,240
8,267
11,299
7,857
8,419
7,035
7,133
9,193
8,895
7,964


2,331
1,988
1,640
1,876
3,106
1,735
2,111
1,771
1,552
975
2,292
1,793
2,672
3,000
2,878
3,263
3,155
2,374
2,615
3,278
3,220
3,113
1,471
2,221
2,771


1,052
1,559
1,515
1,521
1,567
1,265
1,17)4
987
1,085
897
1,415
678
1,182
1,500
1,461
1,496
1,459
1,573
1,389
1,642
1,332
1,395
1,569
1,315
1,867


1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934


U
U
U



U
U~
S
S
S
U:
*
S


177
348
245
225
206
188
202
237
232
360
299
105
170 /1
235 1
272 1
301 1
223
245 1

310 1/
263 1
230 1
220 1/
185 V1
202 1/
97 1/


46
51
66
77
173
140
24
5
27
12
56
114
37
173
97
66
51
116
68
63
63
283
108
38
5
272


98
65
73
89
110
106
97
112
80
99
183
159
168
183
196
199
193
181
242
218
191
215
268
214
205
267


5
12







0
0
0
0
0
47
185
82
3
152


6
154
110
166
75
13
71
655
133
129
127
94
23
59
26
12
36


45
58
74
78
74
68
76
132

20
60


8
14
18
20
25
21
18
23
23
44
68
40
74
108
164
151
110
116
171
10o
158
173
247
239


5
G
33
65
59
84
85
75
92
68
47
135
68
122


Continued-


16
26
23
38
35
103
135
105
141
130
29
14)
124
124


7
19
25

41
97
go
45
124
125
107
127
118
94









Table 4.-Cotton: Exports from specified countries, specified seasons-Continued


Season : : Foreign countries producing 95 percent or more of the
ended : : total annual foreign production since 1920
July 31 : : : :Anglo-:Argen-: : : : : : :
or : United States : India : Egypt :Egyp- :tina :China :Brazil: Peru :Russia:Mexico:Turkey:Uganda:Iran
calendar: I/ : : _/ :tianl/: : : 2/ : 2/ : 2/ : 2/ : 2/ : 2/ : j : /
year : : :Sudan ::: : : : :
:1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000 :1,000
:1,000 bales bales bales bales bales bales bales bales bales bales bales bales bales
:running of 500 of 478 of 47g of 47g of 478 of 47g of 478 of 478 of 478 of 47g of 478 of 478 of 478
:bales pounds pounds pounds pounds pounds pounds pounds pounds pounds pounds pounds pounds poTunds

1935 : 4,798 5,037 2,623 1,655 176 145 145 V/ 746 I/ 301 28 141 69 212 122
1936 5,973 6,267 3,094 1,695 215 216 170 I 743 V/ 3Sl 0 270 101 269 67
1937 : 5,440 5,609 3,606 1,828 279 141 176 A08o l 250 177 43 52 2s3 93
1938 3 5,598 5,976 1,721 1,792 278 49 630 1/1,239 /j 300 271


I

Compiled from official sources.

If Year ended July 31.
2/ Calendar year.
Year ended March 31, 1911 to 1919. Calendar year 1920 to date.
Year ended March 20, 1921 to 1931; beginning 1932 year ended June 21.
SLess than 500 bales.
Not available.


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