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World cotton prospects
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 Material Information
Title: World cotton prospects
Physical Description: v. : ; 27 cm.
Language: English
Creator: United States -- Bureau of Agricultural Economics. -- Division of Statistical and Historical Research
Publisher: Bureau of Agricultural Economics, Division of Statistical and Historical Research.
Place of Publication: Washington
Frequency: monthly
regular
 Subjects
Subjects / Keywords: Cotton trade -- Statistics -- Periodicals   ( lcsh )
Genre: federal government publication   ( marcgt )
statistics   ( marcgt )
periodical   ( marcgt )
 Notes
Dates or Sequential Designation: - C-133 (Oct. 1936).
General Note: Reproduced from typewritten copy.
General Note: Description based on: C-59 (June 1930).
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: aleph - 026660256
oclc - 30588060
Classification: lcc - HD9070.4 .Un311
System ID: AA00013009:00012
 Related Items
Succeeded by: Cotton situation
Related Items: Statistics on cotton and related data

Full Text



U..ITED STATES DEP-.RT!,RT 0:". AGRICULjTURE
Bureau of Agricultural Economics
'Jash i ~gton

0-71 July 25, 1931
0J0RLD COTTOI1 PROSPECTS

(Junie and July)

S -unmary

During the early part of June cotton prices declined to new low levels

for the season. Then, orn .-.e strength of weather conditions, the debt

moratorium proposal and the rising stock market, there advanced almost 2 cents

per pound by July 3. Half of this advance vas lost by July 17, however, due

in part at least to European financial difficulties. The world visible supply

of American cotton was 63 per cent lar-br than it was a year ago, but is

decreasing iuore rapidly now than it did then. The decrease in stocks in

public storage and at compresses during 1.:ay and June was also considerably

above the decrease during 1930. Exports in both 1.%y and June were above last

year bringing the tot-.l for the eleven i.ionths to only 13,000 bales belowr the

corresponding period last season.

Although cotton consiuJption in the United States during ;:' j :..djustcd

for seasonal declined about 5 per cent, s-.ljs of cotton cloth shovwcd a

substantial incre:.so. In Juno cottotL corsuj.ipton wsi 10,000 bclos blow l,.~.y

comp-.rod with a 5-year a.vcrr.o dccrea.sc fro!. i ly to Juno of 41,000 bnlos .-id

wi.s 50,000 balco above June 1930. Sn.l,.s of stzd.-.rd cotton ploth in Juno

ms.do a very marlkcd incronsc, being 78 per cent :oovc Iy r.nd 119 per cent

.bovo Jmun 1930 which resulted in :n incros.so of 33 por cent in unfilled orders

during the month,

In most foreign countries during th la.ttcr p-.rt of Junc the yzrn '.nd

cloth m-.rkcts'7orc f'.vorblc affcctod by the Av'.nce in the price of r'.V\ cotton

r.nd the postponement of the wr.r debt p .yimonts, but financial difficulties

in Europe and declining cotton prices in the first h~.lf of July h1-v.e boon






C-71 -2-

disturbing factors. Many countries, hjwevur, even during the last of June,

continued to corplr.in of restricted business and report that the spring

months showed luss than tht usanl seasonal revival in certain linus of trade..

In the Orient conditions &bout the middle of June were more favorable to the

consumption of AmericLn cutton with production of a lr.rger proportion jf high

count y-rne in Chin-. and further improvement in the parity of American cotton

in JCp!pp.

The acreage in cultivation on July 1 in the United St-.tcs wr.s

estimated to be 10 per cent bl )w last yuzr, fertilizer tag sales for the

scascn wer-e about 30 p;r cent below last season, and weather conditions up to

that time had not buen favorable on the wh-lu. Abcut the first -f July the

Egyptian Government rueprtud thWA thfe discharge of the Nile was the lowest in

twenty years and that only cl se c.joprat1Ln Uf the growers and the Government

would avert a. serious wc.ter shortage. In China spring rains have been

favorable to the pl.ntirg -f the new crvp in thu northern area and it is

expected that there will bcJ corsiderable acrotge increr.se, but stocks of old

cotton are l:,w. In Russia the c tt.n planting campaign was reported by the

Soviet Covernrent tr have .xcdcrl1 th, "pl.-i" and ..n June 20 plantings were

practically complete, about 5.8 million ..crjs having been planted which

represents an increase of abuut 50 per cent i.vcr the 1930-31 acre.ge.

Prices

Spots

On June 9 the averaeG price of spot crttn in the 10 mri-rkets declined
to 7.62 cents per pound, a new lLw for the season and thu lowest average for
these 10 n-.rkets since August 16, 1915 when the average price ,f these
mr.rkets wac, first compiled. Since Junu 9 cotton prices hr.ve strengthened
considerably c.nd on July 3 the ve-rago in the 10 :.-.-rkdts was 9.71 cents. The
aver.age- price in thu 10 markets for the vwoi cndtd July 4 wa.s 9.50 cents per
pound r 161 points above the average f the weeK ent.eC June 6. This
strengthening in cotton prices was influenced by s -newhat unfavorable weather












THE COTTON PROSPECT


CENTS
PER
POUND
20




15




10


AUG. SEPT. OCT. NOV. DEC. JAN.
I
AMERICAN COTTON:APPARENT SUPPLY
IN UNITED STATES


AUG. OCT. DEC. FEB. APR. JUNE AUG OCT. DEC. FEB. APR JUNE

* UNITED STATES MILL CONSUMPTION UNITED STATES EXPORTS
I ,IW9-29 I


PER
CENT

140

120

100




60


1919-20 '21-22
ULLDEPARTMENT OF AGRICULTURE


'23-24 '25-26 '27-28 '29-30 '31-32
NEC. I 22 BUREAU Or AGRICULTURAL ECONOMICS


CENTS
PER
POUND
20




15




10


32.5

25.0

17.5

10.0


AUG. OCT. DEC. FEB. APR. JUNE AUG. OCT. DEC. FEB. APR. JUNE

COTTON PRICE AND INDEX OF COTTON CONSUMPTION AND INDUSTRIAL
I A PRODUCTION IN U.S.J919-1931







C-71


conditions in the S.uth during g this pcri ..l, the ris- iin the stock ii..rlt, and
a i.ucr )ptinistic feeling an.mng speculators round uie -bers ..f the traf,. as to the
outlD.k for general business and international triad arising out of tne
President's .'ebt rcr-toriu.L pr.p.s.al. After the first three days in July a
reaction took place due, in part at least, to the financial difficulties
existing in iEurope and on July 16 cotton prices in the 10 markets averaged
8.71 cents per pound, or 1 cent below the average on July 3.

The average- price received by producers in the Unlitud States on
June 15 was 7.7 cents per pound, 1.1 cents per pound below May 15 and compares
with an average of 14.0 cents on Juno 15, 1930, and 17.9 counts on June 15, 1929.
This was the l.nv.ost price. r-ceiv,-d by producers in the United States on the
15th of the month since February, 1915. During the 1914-15 season prices
received by domestic producers averDede only 7.4 cents per pound for the whole
season.

In Liverpool prices of the most important growths of spot cotton made
net advances of 3 to 17 per cent from June 19 to July 17. The great._st per-
centage increase was made in Indian cotton, the avrca.3 ;-dv.nce of three types
being 14 per cent. Modium quality cotton such -s AmericL.n miiddlirt- 7/8 inch,
Brazilian, Ce:ara nnd Sco Paul: ..dv:.nc.d 9 pur c1nt while the avrc-.ge advance
for Peruvian Tanguis, Egyptian Uppers -nd Sa.kol w:.s 6 per cent. This greater
dva.ncc in Indi.n cotton ,s co:parud with A:.wrica. increases the cjmpu-titive-
ness if Ar.iuricr.n cJttun. About the riddle of Juno Indian cotton in Braeen
was selling at the highest prices rel-.tive to Aiceric-.r since 1927-28 and
following this dvelpri..ent it w-.s rep-rtod that buying -f Indian cotton ws
limited cs a result of th, high relative prices. This ,ric relationship in
rrcenen was even !:ioru f.vr-.ble fur thu SLle of Ar.iricnn cotton about the middle
of July if thu r ever:ints )f irer.eon pricu, have cjrrespond,.d to those' in
Livcrp..l.

Stocks and nr.-vu,.-r.ts

Aparnt supply ren-.ining in th UIi;it-;d t.-.tus

SiL:ce bJ'oih exports and cLr.sulptic:. duri:k. June were l..rLor th.4n in June
1930, the apparent supply ..f iLericr-- cLtt. r.L aiin. i, the United St;.tz;
decroascd .:re in June 1931 than i. JUIEL 1930. rhu ducr,.,su in June amounting
to 700,000 b::les cr.;:pared with 571,000 b .ls in JanU last 1'r. The 7.1
million b-.le supply r-ia.ining in this c-ur.try, h- .'ecvr, is .-,b.ut 2.1 million
b.-los Jr 42 per count -.bveu .1 y 'er e..rl -r a.nd 4.3 r.illin b..lis above the
appareLnt supply existing Jr th; first Af July 1929.

"'rld visible supply

The total visible supply .f .1l c,.tt.n .n Fridt..y, Jaly 10, ain.unted to
7,489,0u0 ru:nni.ng b .ls 3.:.)ared with 5,640,000 b'-i.s .,Ld 4,129,000 bales an
the c:rrespjndi.n d..tcs 'f 1930 ..nd 1929, ruspectivuly, :.cc-rding t. th
C.'..iercial and Fin .nui,.l Chr.nicl. T?. visibl- supply sh.'dd a decrease of
569,000 bloes during& the past fLur wu-ks. Th, aucre'.ses lurjin, the curres-
ponding four v.aeos last .:-r :nC. the year bef.-re were 532,000 -;nd 730,000
bales r-spuctiv'ly. while e tr .,;:tl visible supply -f .11 c.ttun .n July 10
was 1,849,00. bales .r 33 per ci.t ab.ve .. year earlier the supply af f -rign


-3-







C-71


cotton was 121,000 bales or 5 per cent belo# a year ago, but was 249,000
bales above the corresponding date in 1929. Stocks. of Indian cotton at
Bombay on July 10 were about 274,000 bales below and stocks of Egyptian
cotton at Alexandria about 145,000 bales above the corresponding date in 1930.
The visible supply of American cotton which on July 10 amounted to 5,117,000
bales was 63 per cent above one year ago and 155 per cent above the same date
in 1929. The visible supply of American cotton, however, decreased 490,000
bales during the four weeks ended July 10, 1931 compared with 372,000 bales
during the corresponding period last year.

Stocks in consuming establishments

Total stocks of raw cotton in domestic consuming, establishments at the
end of June amounted to 1,130,000 running b:i.es compared with 1,357,000 bales
. year earlier or a decre-:se of 17 per cent. This brings stocks in consuming
establishments to the lowest level since the end of September, 1930 and the
lowest for the corresponding date since 1925.

Stocks of foreign cotton in consuming establishments very often increase
at this time of year, but during, May and June this sear they decro:z.sed about
6,000 br.les ..nd on June 30 Pmiounted to 74,000 bales compared with 142,000
b-.les one year earlier.

Stocks in public stor-.G~. -nd ;.t conmprussus

On June 30, 1931, tot-. stocks of :.11 cotton in public stor.-.ge and at
compresses in the United StA-tus naounted to 4,971,000 bals, 1,865,000 b..les
or 60 per cent '.bovc June 30, 1930 and 261 per cunt .bovo the sama d.y in
1929, .-ccording to reports of the Burj:-u of the Cnsus. Thbse stocks records
are .vil'Able back to 1913 .and in no ti.rne previously have thy b'en above
4,300,0(.0 bS.los cat this ti,.:u of ./~or, this ncaving been the record for June 30,
1921. Thj docro .s, iii stocks in public stor..go nid at compresses during
June amounted to 523,000 b los con) .rod it :. decre:.se of 274,000 b..,ls in
June 1930 -.nd 469,0'0 b..ls in Jun. l1'J".'

Exports of dora:stic cotton

-Donstic exports of r..v cotton ii. Jun. tot-led about 250L,000 running
bales comnp.rjd witn 336,000 b:;l.s in rily, lb,0JO in June 1.-30 and 299,000
bales in Juno 1922, accordinC to r-ports of the .ureau of the Census. This
brings total exports for the .lven months unded June 30, 1931 to 6,501,000
br.les which is only 13,000 bd.lo,, or less th.-a 1 per count, blow the corres-
pondingr period last se.son. June exports were 80,000 bales below May whereas
during th, p-st five years exports in Junr h-.ve avrcabed 90,000 b..les below
May. Exports to the United Kinfdonl, It..ly, Germr.ny, L.nd Japa:. were higher
during JurCL this yar.r than in Jun'r 1930.

Exports uf cotton from Indim .nd &gypt

For thu four wicks ended July 9, 1931 total oexorts from Indi.. mountedtd
to 200,000 balc. cjiiip.retd with 196,000 b-.ls ..nd 223,000 br.lcs during thu
corresponding four we~ks porioas i:. 1930 :-nd. 1929, r.spctiv.ly, according to
the Cormmnrci:.l and Fin..rci -l Chronicle. Tot.l Jxporcs from Indi- from August
1 to July 9 which amounted to 3,212,000 ruining b..lcs were 4,000 bales, or


-4-







C-71 -5-

less than 1 pur cnLt, ,abov. A y-.:r -rl'..- but slightly bclow: the sa.c, period
in the 1928-29 seasonL. Exporus from India to Great Brit.ir. and also to J:.pan
and China so far this season, have boun abov.j tn' 1929-30 :.nd 1928-29 se-'.jsns
while exports to the Continent have beei. bulov: the two previous se-sons.

Exports from A11a::andri. for the lour w,'ks ended July 8, 1931 .mounted
to 66,000 ba.les according to thu Co.nmercial and FinL:rci:.l Chronicle. During
the corresponding weeks in 1950 and 1929 exports from Alex...-dria "vero 28,000
Sand 271,000 bales respectively. For the 1930-31 se.:son ul. to July 8 exports
from Alexandria. have totaled 833,000 bales, 15,000 b .ls, .r 2 pr c.n.t, below
the corresponding period last season :.nd 406,000 b.1,s or 33 ,per cent below
the 1928-29 season. Experts of Egypti.:-. cotton t. the ConLtinont and India
so far this season, hovvetr, h'av. bjan above both the 192j-3 a.nd 1928-29
season.

Continental spinners taKiingy i of Amnrican c.-tt n

STakings 'f Amorican cotton by spirners .f CointincLt.al Europe during
the four weeks ended ,ab.ut June 12 .amLuntod to 2941,003 bal.s ciparred to
245,00j b..lus during this p-ri,,d last .year. In the thr, .ears previous
takings ranged fr-m' 361,000 to 443,000 bales 'lurin- this flur weeks period.
Takings from August 1, 1930 tj Junu 12 this ynar were abcbat 6,4,000 bales,
or 17 per count, below last year and r.ioru than l,lu0,0,0 b -ls, ur 29 per
cent, bel-w th:; s-men period in 1-226-29.

Textile situation

United States

Domestic c.nsuinatin'l if r-. c;,tt-i', durir.g Iay, ar-I.ur.tin& to 466,000
running bales, was 43,000 bal-.s b.Al' A.-'ril a:nd 8,000 b..lus b J.l-'. Mi.ty 1930,
according to the Bureau. .f th, Cnsus. Luring th- 9 .st tli yearrs d-mostic
mill consumption fjr jHay has aver ., L:r'acticrlly the sai' ..s in April. The
index of cotton consu.ipti-.n, thur.f or,_ .djust-d f-,r s2::s.u.l variation,
declined fr''m 96 in ,,ril t. '9 iL, 2LLy. C-.isntiL. during June was
455,000 b-los, ll,603 b.ales bel.-7 .H:y, but 5l,.J3 biles -.b Ve June 193J.
During the past five years June cor'3su:.-.tiu:L h..s :.vora.,od 41,UJO bales below
bMy. The total consumpti.:- f.,r the so .sn a.t th; und if' Jui, -nounted to
4,820,030 bales, c.map.ro with 5,727,uj b ls during the s.cie period last
season and 6,544,0100 bal.ls in the 1928-29 so.:.s n, .r a ci:rc.su this
season compared with the tvoj previous seasons .f 16 ".nd 26 cor cent.

The production of standard cotton cloth during M..y :.vor:.gud 56.3
million yards per week compared with 56.5 milli-n yardss a wc-k during
April, according t- the rup.rt if thj ,.s ciatijn cf Cotton Textile
Merchants .f u;o\ Yor.K. This ducra..s- -f only 0.2 ,iilli-n ; .rds under. f-ril
comp-.res with an avorego decrj-se Af 4.5 million yards in thu three y-..rs
1928-1930. Sales -f c.-tt..n clith during May sh.:wv.d an incre..s. of 5.6
million -.rds per vwek over .April, the avorsge ;weu kly0 selC~ in I.-..y cmjounting
to 40. r million yjrds. BoLh prc.!uctifn .nd s-:l;s during '.*Ly this year
were ab.ve IIy 193 In vi..w .f thu fact that ?`uring thc 1-.:t thr.-, years
sales in iMvay hv-.vd r.ver.g.d 14.6 r.:illi.n yards .r 23., pr cLnt bel )w April,
the ionoh as a whole was fLirly 3..tibf.ctjry :.lth.ugh stocks incre-.sud 7.0





C-71


per cent aonl unillcd orders decreased. 1i,5 per cent during the month.
Shipments decline during iAy, the weekly average for the .month amounting
to 51.4 million yards compared withh 54.4 million in April.

During Juno production of stand-rd cotton cloth on a weekly basis
decreased 4.3 -illion yards or 7.7 per cent compared with 1May, averaged 2.4
million yards per week above June 1930, and was the lowest since last
Jc-nuary. The aver'ec decrease in production during June compared with May
was less than 0.1 million yards per week during the past three years. Sales
in Juno, however, during these three weeks averr.god 3.3 million yards
per week .abve i41y, but in June this year sales on a weekly basis were
31.2 million yards or 78 per ce.t above :'.y, 38.7 million yards or 119 per
cent above June 1930, 36.8 per cent above production and were the largest
'.ith the exception of February since Septelmber 1930.

S.iipnents in June were likewise above vay averaging 54.8 million
yards per weok, 6.6 per cent above May, 20.0 per cent above June 1930 and was
5.3 per cent above production. The increase in sales and shipments and the
decrease in production resulted in an increase of 33.0 per cent in unfilled
orders and a decrease of 4.5 per cent in stocks. Iot since Scpteciber 1928
has there been as large a percentage increase in unfilled orders in one
month as during June.

Great Britain

The British cotton textile inCustry showed no significant improvement
during M _y nc'. June although reports for the latter part of June state that
the yarn, cloth, and rawE cotton markets were all favorably affected by the
proposed postponement of the war debt payments and that there was a larger
demand for cloth an.l yarn both from the domestic market and the foreign
markets, but exports of piece goods were cven lower in June than in May.
Exports of piece goods from Great Britain during May totaled 141.5 million
square yards and were 5.3 million square yards, or 4.7 per cent, above April,
but 76.6 million square yards, or -42.7 per cent, below Miny, 1930. During
the past ten ycurs exports of piece goods Caring M-_y have averaged about
21 million square yards, or 7.1 per cent above April. In June exports of
cotton piece goods totaled 132.8 million square yards, a decrease of 8.7
million square yards under May. Total exports of piece goods for the season
August through June -orounted to 1,569.3 n;illion square yards, 1,300.7
million square Iyards, or 45 per cent, below the corresponding period last
season. This decrease in exports of piece goods from Great Britain was due
largely to the decline in exports to India. As has been pointed out before,
the great decline in exports to India is to be attributed to the Indian
boycott on foreign cloth, the increase in tariff rates, and poor business
conditions. Exports to practically all foreign countries have declined, but
since India takes about 40 per cent of tie total British exports whereas
the next largest consuming country td-es only about 5 per cent, factors
affecting exports to India arc by far the most important individually from
the standpoint of the British cotton textile industry. Exports to India
from Janu-'y through iny, 1931, totaled 175.6 million square y-rds compared
with 552.8 million square yards in the .sa ;e period last year, a decrease of
377.2 million square yards or 68 per cent. Exports to all countries during
the first five months this year totCaleC. 715.1 million square yards, 46.2
per cent or 614 million square yards blow the same period in 1950.


-6-






C-71


Early July reports state that demands from India for certain types of
cloth were better and that business with China, Africa, and South America
was fairly active. Latcr reports indicate that the yarn turnover is small
and cloth business is disorganized by the Gerrman situation.

Continental Europ_ 1/

The continental cotton situation was dominated during Mayr by a further
decline in raw cotton prices and by general pessimism in the cotton trade. The
drop in raw cotton prices to new low levels was rcflectcd in renewed reluctance
of continental spinners to make new commitments in rn.w material. Nevertheless,
the opinion in cotton mill and tr-de circles appccred to be quite general that
the recession in cotton prices during M-y ind early June was due chiefly to
the decline in the stock markets and to general economic pessimism because
of budgetary and other problems in several important countries, rather than to
cotton supply and demand factors. Many observers felt that crop prospects
were largely lost sight of in the market movements during this period. During
the latter part of June a more hopeful tone developed as a result of the
improvement in the raw cotton market and, in general, economic sentiment
incident to the Hoover debt moratorium proposal. There is little doubt, how-
ever, that the recent financial difficulties in Garr-any and some of the other
Europenn countries has had a depressing effect on economic sentiment and
was a contributing factor to the recent reaction in cotton prices.

The reluctance of continental spinners toward new purchases and price
fixing of raw cotton during May was most evident during the first half of the
month, when the fall in prices was largely attributed to stop-loss selling
rnd voluntary liquidation of longs. As the recession continued during the
second half of the month, spinners, especially in Central Europe, began to
regain confidence and to take advantage of the unexpectedly low level of raw
prices by placing larger fixing orders and making now purchases, of cotton for
the summer months and even into the fall. If it were not for the acute
depression existing and the limited financial resources of many firms, it
appears that investment buying of raw cotton, particularly by Central European
spinners, would have assumed n.-ch Lgreater proportions.



Spinner and weaver sales of cotton yarn and cotton cloth'on the Continent
continued rather unsatisfactory in May notwithstanding& some seasonal ir.prove-
ment in parts of Central Europe. Prices also remained unsatisfactory as a
result of the very keen competition existing. Business in France has also
become unfavorable, with the general strike in the FRubaix-Tourcoing textile
mills contributing to difficulties. Spininng and weaving; mill activity on
the whole increase during March and April, especially in Central Europc,
as indicated in our previous reports.

Spinner on.1 weaver sales as cal1l ..s spinning a-nd VweavinAi: mill activity
must be regarded as having contin-ued urnsatisfactory during June with orders
remaining small over most of the Co-ntiiecnt in spite of the psychological effects

!/ Based primarily on reports from Agricultural Attacne L. V. Steere at
Berlin.


-7-





C-71


of the debt moratoritun. There was some slight- improvement, however, in
bookings in parts of Central Europe, particularly Germany, and at. certain
points in Italy, in the latter country, however, only during the last few
days of the month. It is thought that the mill activity in Europe as a
whole during June was about unchanged compared with May which was perhaps
a little below April.

Germany

Conditions in the German cotton textile industry improved only
slightly in May as compared with the previous two months, and this
improvement was largely of seasonal character. Sales of both spinners and
weavers became somewhat more active, especially in Saxony. Spinning mill
activity rose to an important extent during March and April, but remained
materially below any of the past several years, except the extremely low
levels of 1926, when depression was also acute. Weaving mill activity has
fluctuated recently around more stable levels. In June the situation
remained unsatisfactory, although there was a significant improvement in
new business in the latter part of June. The July decline in raw cotton
prices and the recent financial difficulties have been disturbing factors.

The spinning and weaving mill activity in the German cotton textile
industry as reported by the Grman Institute for Economic Research is now
available through April. As stated in our last report the index of
spinning mill activity in January was 84 activityy from July 1924 to June
1926 100). In February the index advanced to 87, in March to 91 and in
April to 98. This was the highest rate of activity in the spinning mills of
Germany since May 1930, but was still 19 per cent below April 1930. Operations
in these mills so far this season have averaged 90 per cent of the 1924-1926
base period compared with an average of 105 per cent during the nine months
ended April 1930 -nd 102 in the corresponding months of the 1928-29 season.

In the weaving industry activity dropped from 65.6 per cent of a
nine hour single shift capacity in January to 63.5 per cent in February,
adva.-ced to 66.6 per cent in I-rch and in April was 65.5. In April 1930
weaving mill activity was 69.3 :und in Aprill 1929, 70.8. Thu average activity
in the weaving mills during the first nine months this season w:.s 64.9
compared with 72.2 and 79.4 during the corresponding periods in 1929-30
and 192e-29, respectively. The a.vcrage activity in both the spinning and
weaving mills advanced from 74.8 in Janua.ry, the lowest point since June 1930,
to 75.2 in February, 78.6 in March and 81.8 in April. This comp..rs with an
average of 93.2 in April 1930 and 87.9 in April .129. So f..:r this season
(August-April) activity has averaged about 10 per cent below last season and
13 per cent below the same part of the 1928-29 season.

Imports of cotton yarn into Germany during May amounted to about 3.9
million pounds compared with 3.8 million pounds in April, 3.7 million pounds
in March, 3.5 million in February, (the lowest in several yc-rs) 5.4 million
in April 1930, :.nd 6.3 million in ,pril 1929. Imports of woven m::teri7l made
an increase in April, amounting to 1.4 million pounds compared with less
than 1.2 million in M-.rch, was 337,000 pounds above the low Documbur imports,
and was only 46,000 pounds below the imports of April 1930, In June,
however, imports of woven materials showed a small decline. Total imports
of both yarn and woven materials amounted to 5.2 million pounds in April,

--*.'






C-71


0.3 million pounds or 6.3 per cant above lJr.rch, but 1.7 million pounds or
24.9 per cent below April 1930 .nd shorwd :.n r.dditional increase in June,
but were still below June 1930. Imports of both for the first ta.n months
this season totaled 53.4 million pounds, 17.5 million pounds or 25 p,"r cunt
below the corresponding period in 1929-30, and 40 per cent below the 192b-29
season.

During the latter p-:rt of Junu thu relation of raw cotton prices
and yarn prices h-s improved somewhat from the spinners point of view,
,but the yarn margin is still lower than during recent ;c:.rs gencr..lly.

The Gurman cotton spinners succeeded in setting up the stronger cartel
planned, and the cartel was to havu b.on in forcu for twelve months bugi.-iing
with June 8, 1931. Plans called for a production of 60 to 70 pur cent of
a nine hour shift capacity only (which is 70 to b0 2e-r cent of eight hour
shift capacity). As only about 60 pdr cent of all G.rma, cotton spindles
came undur the agreement, it was easily possible th-t, under improving
conditions, that 90 per cent of eight hour shift capacity for the German
cotton spinning industry as a whole could bu re-.ched. Furthermore, the
cartel agreement provided that the agreminnt might be alt.rad if economic
circumstances should demand it. .-pp-.:.rftly, therefore, the cartel r.greoemnnt
would not hc.ve prevented incr .sod raw cotton consumption if conditions
really improved. By June 13, however, the cartel h.ad been dissolved, but
those interested vicrc in hopes of reorg...nizing it.

Czechoslovakia and Austria

These two countries continue to complain of r.strictud business in
yarn and cloth, 2.nd of less than the usual seasonal revival in certain lines
of the trade. Hill activity in both countries rem'.ins on a rc.thr stable
but low lcval. The slight improvement in Austrian textiles during the first
sevr-il months Jf 1931 was only temporary -nd has given way to a rn:wed.
dullness. Sales Af spinning a:nd weaving mills t' domestic customers h.Ave
declined and the same is true if expert business. Phe recent difficulties
of the largest Austrian bank, which is cl.suly linked with several enter-
prises in the textile industry in b;th '.ustria and Czechoslovakia, have
intensified the we-rk position .f some mills, so that further curtailment of
operations may .ccur. The hopes maintained in ..ustriz. for a good improvement
in the position .f cotton sinning mills through th, setting up uf a customs
union with Ger-many are still far frum buing rv.-lized, in.snuch as the
carrying out of the whole plan is still very doubtful. In recent trA:de
negotiations with Hungary, ,ustri. is said to have acquired an i.ip-rtr.nt
cotton y:.rn export contingent which, if put in force, may bring some relief.

The Czechoslovakian textile industry is urging the formation of a
central European customs union en b.sis .f preferential .-ireements with
southeastern European agrarian countries. The efforts to attain an ur:. iized
restriction of cott-,n ya.rn production in Czcchuslcvakia, through the buyin,-
up of a certain percentage -f the spinning mills, h-ve not been successful,
as the banks have not given the necessary assistance :nd -s outsiders opp-sed
the plan. The mill situation ir Czechzsllv,.kia, h-wvver, is better than in
'Austria, particularly in the weaving br..ach; yet greAt uncertainty persists.
Spinning mill activity showed L. slight irnpr.verment froj April tu May, but
exports of b-th cottJn y.rn .nd fabrics d-clined i .nd ar~ still crnsid'rably
below any year since 1926.


-9-





-10-


France

In May France alsa reported a very weak situation in the cotton yarn
market though sales of cott.:n cloth held up rather satisf,.ctorily. Roubaix-
Tourcoing reported very small sales of cotton yarn at unsatisfactory prices,
even though the outbreak of a general textile strike around the middle of
May completely interrupted production. Elsewhere, spinning and weaving mill
activity remained about unchanged. Trading in Alsace, however, was also
somewhat dampened by the failure of an important textile concern. French
spinner buying of raw cotton and price fixing through May were ratner quiet.

During June some accumulation of yarn and cloth stocks took place in
France, especially in the North, but further accumulation was prevented and
is being prevented by curtailment of.production due to the strike. New
sales of both 'nrn and cloth were small during June and the demand for raw
cotton was quiet except during the latter part of the month. The annual report
of the French Spinners' association indic..tus that nuw orders during the first
qu'.rtur of 1931 were 32 per cent below the quarterly avtrar for 1929 in
the case of spinning mills :.nd 20 per cent below in the csue of weaving mills.

Belgiumr

Belgium was reported ,.s trying to arrange an jrgr-nized restriction of
production. At the samC ti ., there were reports indicating that business
t: the French district of Roubaix-Tourcoing increased considerably as a result
of the general textile strike there, so that some mills benefited from these
conditions -.nd seemed less inclined to join a production-restricting -.greemenrt.

Italy

It'.ly continued in deep depression during May and June with spinner
demand for raw cotton very low and yArn ..s well as cloth sales restricted,
but some temporary pickup w..s reported the last if June. Spinning and weaving
mill activity wer- running, a.but 20 per cent blow last year, spinners'
stocks of cotton yarn :ab:ve, and unfilled orderss bel.'w those of last year. A
slight pickup in cotton y:.rn s.-.ls w::s reported during the second half of
May which w-.s considered somewhat ab;vu tha low level of current production.
There is little dtubt but that tht disturbing effect of the recent financial
difficulties if s )me *f the Central European countries has decreased current
sales.

P c.l-.nd

The cotton situation in Poland continued unsatisfactory through Iay
and June. Business in yarn and cloth, a.s well as raw cotton was generally
restricted. The reorgan ized spinner c.,rtel h.d not become effective in May
and stjcKs of cctt'n yarn -t Lodz seeme-d unusually large. Finr.ncial diffi-
culties in P.'land, with the failure of an important West-Polish bank in the
foreground, added t, the bad situ:.tion jf thu industry during iLay, as floating
funds continued to be urguntly needed r.nd obta'inable only with difficulty,
and one jf the largest cotton mills at Lodz shut down nearly in the month. It
is expected thrt the spinners cartel will set up a s-les office and again
normalize prMrduction which continued t.n large during May, or.r.bout the same
level ..s in April. It is reported that Lhe Polish Government has exerted
some pressure upon outsiders tj join the cartel by a plan to introduce a
special duty on non-cartel c.tton.


C-71






C-71 -11-

Japan

Although both yarn and cotton prices declined during 1lay and the first
three weeks in June the declines were such as to make sai Uing operations
more profitable and further improve the parity of A:.ierican cotton. According
to Consul Donovan in a message received June 29. Prices of American spot
cotton dropped 9 per cent during this period while Indian Oo:iras for July
delivery dropped 4 per cent and spot yarn prices 5 p-r cent. Yarn futures
prices, however, wore unchanged. Imports of American cotton duri-.Ig May
amounted to about 161,000 runni.:g b-ils or about 3,000 b,.les below the April
imports of American, but were .-lnrst 60,000 bales above the imports of Indian
cotton whcroc.s during the o..st few months imports of Indian cotton have been
considerably l-rger than imports of A mric-r. Visible raw cotton stocks in
Japan at the end of Hay were consider.-bly '..bov,_ a ye r r.o~, the total
amounting tu 469,000 bales ccmp.red with 372,000 biles year earlier. Visible
stocks of American cotton at the -nd of May '.r.vunted to 269,000 bales,
87,000 bales or 47.8 per cent above a year e~lirer. Yarn production, however,
is now increasing :.nd is almost up to the lcv.l of ; year ago. Yarn production
during May amounted to 215,OuO b .lcs co, pzrod with 198,00 bales in February
198,000 in 1lc.rch and to 206,000 in April, and 228,000 ba,-les in May 1930.
This gain is due primarily to incre".sed production of yarn below twenty
counts. This incre.'.se in the production of lower count yarn is not so
encouraging from the standpoint of Anm.ric-.n cotton since the lower count y-.rns
contain a larger proportion .f Indian cotton thaz. do the medium count yarns.
Sales have not quite kept pace with the increased production as the visible
yarn stcks showed some increase in May vur '.pril.

Tr?.nsarctions in imported Chine-se yarn increased duriri, M.:y due to the
higher margin of profits for Jappanesu spirnitrs, but business in piece goods
h-s been dull and we-.vcr's profits snall. Cloth exports amounting to 111.9
million square yards wer, somewhat restricted, due in part to higher prices
asked by the Japanese weavers during~ March and Aprill and in part to the
general dullness of business in spite of the increase in yarn and cloth
production.

China

The cotton yarn markets in China on June 15 weru holding firm with an
increase in demand from Cantjn and the n.rth.;ri ports, but spinners were
reluctant to make cruriitnents very far ahead c ue to the uncertainty of the
political situation, according to a cable received from Agricultural
Commissioner Dawson at Shanghai. Yarn stocks on that d:.te were reported to
have been reduced, but were still quite l:rgo. Spinning mill activity during
the first part of June was about e-qul.l to th.-t of a year -go. but a larger
proportion of high count yarns are nov, being spun which is favorable for the
consumption of Amr:irican cott-n. Spinning mills on the whjle have been more
active than usual this spring and suw,..r :.r.d while st-cks Lf yarn re fairly
large, they are predominantly low c.unt yrarns due to the p1.r demand for
that class. nigh count yarns have been novii-i well. In early July the
Japanese mills in Chiina 'were sold out thr..ugh Novoebur. Chinese mills on the
other hand h.-ve made ,nly a small aiolunt If forward s.ales. Business in
piece giods has been guod due to the high price of imported .i-.t-ri,.ls, but
future cmraimitments are only moderate bocr.use if the unsettled political
conditions in the interior.






0-71


.s a result of the larger proportion of high count yarns being produced
this year than last, imports of American cotton in China have for most of
the current season been larger than last year. Total imports of American
cotton into Shanghai from January through March this year were 118,000 bales
of 478 pounds net and imports during April reached almost 31,000 bales,
but in May declined to 23,000 bales bringing total imports of American from
January to May to 172,000 bales. It is expected that reports for the quarter
ended June 30 this year will show imports of American cotton materially above
those of the corresponding period last year and it has been reported that
buying for the summer months has been good and it is expected that the demand
for raw cotton will continue good although stocks of Indian and American cotton
about the first of July were fairly large. Chinese imports of Indian cotton
for the first five months of 1931 amounted to 223,000 b7.lcs of 478 pounds
net, but declined from 50,000 bales in April to 24,000 in May. It is also
expected that the Chinese will continue to take a considEra.ble amount of
Indian cotton due to the deficiency of Chinuse cotton for the production of
low count y.rns. Stocks of native cotton are considerably below those of
last yt;-r in China as a whole, about the. sane :~s L'st j..-r in Tientsin, but
much lower in H-nkow and Shanghai.

Spring rains have been favorable for cotton planting in the northern
area and large acreage incro:.ses in this region have been reported with
moderate increases in the southern region, and the indicr.tions are that the
acrogac planted this year in the whole of China, will be the largest in
recent years. A report about the middle of July stated that there h?.d been
too much rain in the Yangtze Valley.


-12-





-1 3-
?roduction, acreage and crop condition rcoorts


United States

The following table shows the estimated cotton acrcage in cultivation
July 1, 1931 with comparisons, as rc-iorted by the Crop Rcorting Board:


Table 1.- Estiriate


of cotton acreage by States


State


Va.. ...........
N. C. ...........
S. C .........
-a . ............
Fla. ............

o .............
Tenn. ...........
Ala ............
:liss. ..........
La .............
Tex. ............

Okla. ...........
Ark. ............
New lex. ........
Ariz. 2/.........
Calif .........
All other .......


: 10-yzar avcra-c :_


abandornmnt
1921-1 .,)

: cr c rnt

S 2.0
: 1.6
S 2.3
: 3.6
: 4.5

: 4.5
S 2.1
: 1.6
S 2.3
S 2.4
: 3.8

: 6.2
2.3
: *:.9
1.4
1.7
/ 4-.1


: cr.'s

91,000
l: ,356,0'00
:2,1-J1,000
: 3,903,0C0
:122,000

: 3?7, 000
: 1,250,000
:3,789,0;00
: 4,29C,000
2,142,000
:17,528,000

: 4,099,000
: 3, 96,000
: 134,000
215,000
273,0 O
19,000


Area in cultivation


____air 1 j3s1


P.rccntagc
of 1930
2cr cent

75
82
8'

100

90
90
90
94
00
92

83
92
2?0
83
75
71


: Acr:aeo
SAcres

: 68,000
: 1,358,000
:1,950,000
: 3,437,000
: 122, 00

: , 000
: 1,125,0^0
: G,410, 00
: 4,033,000
: 1,928,0rn%
: 13,126,000

: 3,402,0 CO
: 3,676,000
: 121,000
: 178,000
: ?05,000
: 13,000,


U. S. Total......: 3.4 :4,O',8,0;0 : 90.0 : 41,491,000
Lower Calif.. : :
.(Old Hexico) c/..: 1.41 101000 68 : 69.000
N' Hine-ycar a-erago, 1922-1930..
/ Including : ima Egyptian long staple .cotton ctirnated at 32,000 acrcs this
year compared with 46,000 acres in cultivation July 1, 1930.
/ Not included in California fiCures, nor in Uited Statco total.


Conmcnts accomianying cotton report as of July;' 1, 1931


The acreage of cotton in cultivation in the United States on July 1
is cstimauGd by the Crop Reportirg Boari to be 41,491,000 acres, uhich is
10.0 per cent loss than the acreac on July 1, 1930, 11.8 per cent loss
than in 1929, and 14.9 per cent below the record ncreage of 48,730,0CO0
planted in 1925. The acre-. c as estimated this year is lover than the
planted acreao of any year since 1923.

All States, except Florida, show smaller acrcagcs than in 1930. The
acreage in Texas is estimated at 32 per cent of last year. North Carolina
and 0 :lahor.a ith 82 per cent and 83 per cent of 1930, respectively, show
the largest p-.rcentago decreases of any States in the Cotton Belt proper.
S A reduction of 10 per cent is estimated in Alabama, Tennessee, Louisiana and


C-71






0-71 -1~-

Missouri. In South Carolina the acreage is 2.ivon at 89 per cent of 1930;
Georgia 88 per cent; Mississi-,i 94 per cent; and Arkansas 92 per cent.

The acreage of Pima Egyp&tian long staple cotton in Arizona is
estimated at 32,000 acres cornoared with 46,000 acres in cultivation July
1, 1930.

No report on probable production is made by the Board until August.
At that time the production forecast will be based on the forecast yield
per harvested acre applied to the acreage in cultivation on Jul;: 1, loss
10-yonr average abandonment in each State after that date.

Fertilizer tag sales

Solos of fertilizer tags in the nine most important cotton producing
States in the 1930-31 season, December through May, totaled 3,011,000 short
tons, according to reports of the National Fertilizer Association. This is
30.2 ner cent below the 4,311,000 short tons sold during the corresponding
period in the 1922-30 season. Since a very largo part of the fertilizer
used on cotton is sold during this period, this should represent fairly well
the reduction in the fertilizer used on the 1931 cotton crop. In Mississ-
ippi, Arkansas, and Texas, fertilizer tag sales have been less than half
those of the 1929-30 season. Tag salos in North Carolina and South Carolina
have held up better than in any of the other important cotton producing
States with the exception of Oklahomn where little fertilizer is used. In
those two States tag sales have boon about 20 and 22 per cent respectively
below last season.

Weather conditions

Temperatures averaged considerably above normal during throe weeks
ended June 30 in the Cotton Bolt as a whole, according to the weekly
reports of the Tcather Euroara. Rainfall also avoragcd below normal and in
many sections cotton and other crops weor suffering from lack of rain on
Juno 30. Parts of Oklahoma, Teoxs, jr.-.nrsas, Alaboma, Tennessee, and
Gcorgia were in need of rain at that ti.e while conditions in the Carolinas
were reported as fairly favorable. Although the weather has not b.on good
for the crop it has li".ewiso been unfavorable for the boll weevil.

India

The final estimate of the 1930-31 Indima cotton acreage was placed
at 23,613,000 acres compared -with 25,922,000 acres for 1929-30 and
27,053,000 acres for 1928-29. This is a reduction of 9 per cent in the
1930-31 acreage as compared with l129-30. The 1930-31 production was
estimated at 4,033,000 bales of 478 pounds not, a decrease of 6 per cent
under the previous year and 17 per cent from the 1 28-29 production. This
decrease of 6 per cent in production %'as obtained by using the revised 1929-
30 production estimate. The size of the cornmorcial crop during the 1929-30
season seems to indicate that perhaps this revised production estimate of
4,289,000 bales is too small and for that reason the previous official
estimate of 4,402,000 bales has boon .sod in the accompanying table. Com-
pared with this figure the 1930-31 estimate shows a decrease of 8 per cent.







C-71 -15-

Egypt

Total ginrings in EQ'pt for the 1930-31 season to July 1 amounted to
about 1,637,000 bales of 478 pounds net. This includes about 37,000 bales
of low grade cotton, according to a cable received from the International
Institute of Agriculture at Rome. About 400,000 bales or 24 per cent of
this total was of the Sakellaridis variety. In previous years these reports
of innings have been made'only to the first of April and showed Lomething
over 90 per cent of the official estimate for the total crop. In some of
the previous issues it has been noted that receipts and innings were running
considerably behind those of the last two years and that this suggested that
perhaps the official estimate for the total crop was considerably too high.
It now appears that there was a change in the program of ginning for the
1930-31 crop which accounts for a large part of the change in relationship
between early innings and the final estimate. The final estimated of pro-
duction for 1930-31 placed the crop at 1,661,000 bales of 478 pounds. This
was 36,000 bales below the December estimate and 107,000 bales or 6 per
cent below the final estimate of the 1929-30 crop.

The 1931-32 Egyptian cotton crop made unusual progress during the
last two weeks of '.ay except in the northern end of the Nile delta, which
section is reported somewhat late, according to the Cotton Growing Report
by the Egyptian Minister of Agriculture forwarded by Cotton Specialist P.K.
Norris at Cairo. This lower delta area is the region in which most of the
Sakellaridis variety is grown and in which the Government restricted cotton
plantings to 40 per cent of the area in cultivation. Weather conditions
during the second half of May were considered favorable, the water supply was
adequate up to that time and in no place did the crop suffer as a result of
inadequacy of water. While-the report states the supply was sufficient
it admits that water was low in both upper end lower Egypt and that consider-
able difficulties were encountered in conveying water to canal tails. Since
the greatest water requirements come during the months of June, July and
August, and in view of the difficulties alr ead encountered, it seemed
likely that crops at the extreme ends of the c-nals would suffer as the
surmner requircmjnts become heavy. A more recent cable from Mr. ITorris reports
that according to the EgyptiaL Govern.i~nt the discharge of the Nile is now
the lowest in twenty ycars ad that only cooperation of growers and the
Government will avert a real water shortage. The Govcrnment is taJing
action to conserve the water as much as possible for the peak period of aater
requirement is oxpectcd about the middle of August.

China

The 1930-31 crop was bettor than in the previous year'*in Chihili, biut
much poorer in the H. kow :nd Snanghai regions, according to a cabled report
from Agricultural Commissioner Dawson at Shanghai. An unofficial estimate
places the 1930-31 crop at 2,457,000 bales of 478 pounds net compared with a
production of 2,116,000 bales during 1929-30. The reports from which the
1930-31 crop was made covered a slightly larger area than was true for the
1929-30 crop. Inforimation obtained from other sources does not indicate such
a large increase in the 1930-31 crop as the above estimate, for that reason
the estimates have not beer included,in the, accompanying table sh wing
production in specified countries. Spring rains have been favorable to the






0-71 -16-

planting of the 1931-32 crop in the northern; areas where rather large acre-
age increases have taken place. Reports fr'm various sources agree that
a materially larger cotton acre.ge was being planted in Chir.a with an in-
crease )f 10 per cent in the i; portent districts of Tunchow.' Some acreage
increase wvas reported in Tientsin and in Hankow, but it seems doubtful
tnat there would be any increase in the Kiangshu region. The condition of
the crop about the end of June was generally good.

Russia 1/

Rccent press reports and trade communications "avc devoted considerable
'attention to the question of raw cotton suDplies fro;:i Russia and the success
of the Soviet GovernmCnt in building up cotton production during the past
few years. The question has been raised whetherr or not Russia will, in the
near future, become on important competitor in world cotton markets, and
eventually to an extent that will endanger the position of the traditional
cottons used by the spinners of the Old World.

7o have repeatedly pointed out in our reports that Russia appeared
likely to cease to be an important consumer of American cotton and would
probably supply moderate quantities of its own cotton to the world market.
The sales of Russian cotton at Liverpool in recent months indicate that
'Russia is no.w apparently in a position to export cotton produced in Middle
Asia or Transcaucasus of qualities said to be satisfactory to Zuropean
spinners both as to character end staple. Urgent need for foreign exchange
mr. have been a factor'in some of these cotton exports, end certainly appeared
an influence in the low prices accepted, but continued and increased competi-
tion from Russian cotton seems in prospect.- As far as total world reqaire-
ments _rrc concerned, Russian supplies will probably not plcy a decisive role
for a considerable time to come, however, even though there appear to be
possibilities even yet for great expansion of raw cotton production in Russia
during the course of the next few years;. On the other hand, the Soviet
Government is airing at a large increo.so in the manufacture of cotton cloth
within the country rtd the raising of the level of cotton goods consumption,
which is now extremely low. In fzct t his increase in the manufacture of
cotton goods is already under w; ? as the plans for 1931 calls for an increase
of 20 per cent over the 1930 production. The 1930 production, however, was
lower thlan had been pl;lued due to a shortage of r,.w materials, imports having
been re.'aced 44.2 per cent during the Russian economic year ended October 1930.
Under more nearly normal conditions the cotton produced within Russia will
probably be largely needed within the country to enable carrying out the plan
to bring the standard of cotton goods consumption within Russia to levels
existinC in otner countries.

The Russian cotton pltIting campaign was practically finished by May
25 in all parts of the cotton growing regions, with the Government plans fully
executed and even exceeded. Total plantings to y.- 25 are reported to have
been 5,817,000 acres or 102.3 per cent of the plan, as compared with
3,642,000 acres planted to the snna d:'.te a year ago and somewhat over the

1/ Based largely on report dated June 5, 1931 from Agricultural Attache
L. V. Steere at Berlin.




















tlle I r MIPIIreall of linM In selriesd sutlrles. swrawg 1909-13. uamal 1921-22 to 1930-41
I twemn a I i : I 193051
Ie--ts. *. 1909-13 1921.-2 19,22-. 1923.-14 1924-5 1925-26 1926-27 19274-B 1928.49 1 8.9-50 Pre ntBl2
I Is I ,* Lan A s/ IbA I V bIIsl, a-i i/ s~. / L elasi / i r. .
ItIdl Sfi. ....................... 133.033,000o1 .*H.000 9.75s.nOo 10.140.00, 13.626.000, 16 .I1.O00, T.l977.000, 12.955.00 14,47.0000, 14.2e.0000 13,m9.2,000
l s .............................. I.o1.000. 17.Oe. 01.5407. I7.110. ~s196. 202.21. 359 .4i. 179.3A. 27I,460. 4a.019.I _D,-- .o0
atl ,. irlMrses f trel- i i ,
a m im-as111 t Isn 2 0 ....... .. .101.030. 9.96.540. 10.315.360. 3 .013 4.332. 16.306.147. 18336.3. 13.134.238. 14.766.460. 18.07.019.
e ll................... ......I I i i 49,280. 32,000, 32.000, 32.000, 32.000, 32.2851
l........................... I *1/ 11.300 / 11.00, 12.456, 15.912, 24.9061 11,.07, 9,501, 10.000, 10.000
a s....................... 110, 1.. 16.109, 196.875, 212.140. 211.522, 204.306, 266,166, 245,611 210,000, 5.994.
IWa ................ ......./ 2, l360 4.312, 11.079, 11.500, 6.100, 6.360. 5.00ji' 6.09711/ 6,70.
IIS .............. ........ 37,.000, 504.0001 3.0001 5976,000, 605 13. 601.520 512,395.1 407.0641 25.53, 550,000 400.000
M ..... ......................*l/ 9 2.616| 5.641 16.2661 12.222, 1 11481 8,45 1,1000, 80,000
AglmtiN......................... 2,S3MI U.162 25.994I M.M46 70,711, 1U, M4, 60.424, 101.467, 132368, 150.000
UL ... .............. . 9.300, 31.533, .B ,o 16M M 1.630. 23,035, 22.604. 20.419, 21.929, l
pt MI ....................... / 1.319* 931 1,044, 1,0201 2.900, 1.891, 1,373, 960, 1.335,
ll lmb MW d .................... 3i. .555. 5.32 4. 9. 6.395. 4.281. 4.245. 4.000. 4.000. 4.000
Ital SMIutkid catal idrtA a I I i i I I I
irel i d e ant Rlal rs par t-i i I a I I I I I Is
isi tfr IUSL-1rI to 192-50 ....... .9. 7IT.T6. 63.394. B.44 910,167. 029.600 664.160. 876.699. 936.710.
3017t...........................I B.6Ali 4,400. 5,0001 4.5201, I 3.281,
Sombl6......................... -/ 2i, 9s 259, 203 35., 50, 386, 190, a
I imes............................- / F 1 l l4 6.36, 377s, 11.13 14,2201 14,609 17.759. 12.671, 14,761, 12.000, e9000
ifla.........................*..**.. 1.1I, 964 1.50, 1.24T 2,06, 2.309, 3.457, 3,216, 4.000, 4.000
0Mat2...............................I 4@, W, 161, 100, 460, 6M6I 44, 24, M43 317T|/ 246
Ia .............................33. am4.. at. i.4. 1.10o. 4.3, .M,. 3.189 3.000o. 9.000
Total Miiia m elt nl rNrtn-
U re r19W1-2 o a19391........ .. 6.M, 9,02. 12.m. 15.7. 17.3M., 2. 16.515. 16.642. 16.317.
alieIrU ........................... 1.. 7 I 0o, 6s30, 79 ,939, s, 3.1 5. a8, ,0000, 6,300
a 1 s................................... I i i I, 415. 69, 351, 59,
nlrm .at irlea...................iI 5 . '
I f .............. ......... / 6 1.24/ 1.44,/ 1,413 3.943, 6.549, 4,718, 3,920, 6.1025
Sorru eest /................ 2121, 326 914, 1,211 35727, 6,S314, 6,730, 3,713, 7,145,
mlsa rulml ,.................... 16i7,/ IT7i 3S4: 1S, 404, 2,237, 2,315, 2,306, 1.1045 i
.J p.................. .....- a 1.660, 2.075, 1.19,9 1,8451 1.60,5 2,629, 2,306, 4,243, 313,
i ll 11 im ................ .... ai Sli .535, 7,462, 6.065S 5,256, 12.222, 12.822, 12.l22,
Opp volt ...................... i i 321. 4,612, 10.9721 12,6i6, 2,906, 3.874, 2,1,as 2,676,
Fn hr TW....................... 3.130. 3.536, 4.596, 7,36, 5.677, 7.661, 7,084, 9.431,
S IMr tri. ...................... I 2.740, 2,767, 2,767; 6. 60, 1,291, 1.384,
Lip... ............................ 1,43,000 90,000 l 1,391,000, 1,353,000, 1,.07,000: 1,650,000: 1,5 6,000, 1,261,000, 1,672,000, 1.76.0000, 1.661,000
Al*g-he ptl "I Sml ............... 14.40 10.14, 23,6.L 7 38,151, 40.65, 106,460, 131,009, 110,575, 141.747, 139.000s 101.767
m ll S 1illli ..................... / 10iI. 9i 1.196, 1.760 2.305, 2.537 2,767. 3.88, 7.034,M .088
s lu.......................... / 9 i i/8 179 692, 1.31 2,767, 1, 5, 2.767, 1,814: 1,061, 1,11 ,
Ui 0eIt........................ 104 131/ TT, 37, 1,250, 94, 14M,/ 196,
9AMlmg ew................... .. 4.812i 6,964i 16.853 13 6 16.142 22.53, 27,557, 44,390,
IP .................................*I i2 I 4640 1,0064 1,674,3/ 1.86 I s3,3/ I / / 1,0591 l1.060 1,056, 1,0 06, 1000
imu b11 ............................. 6*02,,i U12,633, 14,00 21.366u / 3,7l50,jD 40,091,ai/ 2,96201 / I17,49~ / 2e6,r176.l/ 36.492,
tliJf ..............................l 3 l I 3,061 7 2,7561 377 2,012, 1.992,
IU e.............*......... ....*... i I3 3 40.410, 73.610, 1T07.619 M1.04DL 151.314, 110.231, 11B 16, 170.757, 100,000, 150.000
0t10~01i...........................// I 6,158, 6,0046 9.56, 15,126, 18,179: 20,318, 13.360s 27,576, 23.22l, 18,400
a 6........................................ 4.600 354 4. .8 638 6.459, 4.166, 3.361 3.140, 5.098
SIM 8lMl......................... ., 1, 1.1T. 4.010. 5.160, 461, 72, 213, 1.506,
I S Mi.6 a........................ 30T aI a T. 397, 409, 414, 0 44,: SI
1 ..hiq.........................B/ m 1 1.0411 1,041, ,95, 2,496, 2,230, 119, 1,956 12.50./ ,192,
aUm r 6. L rfl ................... I A. .6o0. 7.200. 14.172. 17.0B. I.71. 9.26. 6.79. 13.46. s.I
Wutgl ttm einles rrlkr .. .
ar iM -1114M UIS4........... .7 m.98 0.79. 1. .3B. B3.0 1.793.0 .00.100. 1.1..9 6.M4.097. 2.0 iT167. 2.10.113
.i. e............................... 1,956 .918, 1,25, 1i.Mi 2,351 2,556, 3,598, 1.766, 1.196, 2,966,
I:nghip lbsalUl....................l 102,11651/ M,0000/ 30,0001/ 67,000, 78,400, 105,172 97,000, 179.412,
I"" aidt Ua ....................... ..... ,700, ,300, 9,686 13,421, .117, 9,582, 4312, 14,000,
an' f (ALlathli.................... 490 .900 43.1000 M.SD0 196.4001 463.211, 781,7571, 30.000, 1,090.00 1.00 1.0.0, 1,310.000/1.650,000
li.....................**...........I I B0 251 7, 2 .092 2,125, 2,929, 1,500 4,2817 35,51, 3,500
-pllB1............................../ I136,000 I, l/ 69,1T71 j/ 63.632,1/ 5.610, 75,007, 91,735,.
wi M .............................. ..3M6,000, 3.161,000, 4.M55.000, 4,10,000, 5,095,000. 5,201.000, 4,205,000 4990,000, 4000 4 a/4,402.000, 4,053,000
:l m am t..............**....... 6 *4 600, 1.614.000, 2,318,000. 1.993.000. 2,171,000, 2.102,000, 1.742.000. 1.875,000, 1.84,000, 1.960.000,
I .I............................... 4,04, 3e4471 28 M 2,3161 2.7851 1.5661 1.123 1,100, 943, a
sam aI- 1 ......................l 20,3., 8.1, 105.410, 11142, 122.662, 123::214, 143.694, 133,000, 150,000, 139.000, 152.m00
l hsk sle 1Ot6.................../ 3,800S 814,311/ .OM / 906,1/ .74i1/ 5,667 ,/ 3.2853,/ 4,534,61 5,576,/ 4,658
aIIt 1L ile I/................ 1UM 6, 7,05,l 6.961, 7.321s 6,4211 5,669, 4,38, 5.500, 4 4,4261 4.061,
SlII ...............................1/ 3.li5. 3.184. 5.005. 3.062 4336 4.64. 2.747. 2.886. 2.716.
96t1l lath wati s retetr tu 1 1 1 1 1
for SIM to 192940 ............. I5. .062. 6.93.299. 6.639.8.6. 7.16.689. 8.123.758. 6.93.894. 6.101.510. 8.12.921. 7.826.922.
IaltaL....... ...............I.. T7, .79Is ,9, 10,041 12,277, 5,6s2, 4.431, 7,714, 5.26, 11,000,
Use IMAIG............ ......... T. :.:. 1.6- 21.3/ 3 .81. 2.88. 1. .
OI Oulee nelrtCl for t e n I f i
1911-48 t 1929.................... l6. ---- 6.M 10.00. 12.277. 5.692. 4.431. A.M1. s.s26.
ffWat all omatrit mleri l tr I I I
19.411 61929.0................ 1I.2M6.674, 1,0a0,24 19,34.44i 24.417.241, 27,508,326, 28.037.607, 23,657,2, 85.6662.757, 2.972,Ta75
atesw erd tow .UU, Imtte 1 1 I I I1
SI ............................ ....... 1 .0M-. 1.300.000. 19.700.000. 24.8M00.0. 27.900.000. 18. 00.000. ,.000.000: 8:.100.000: 5.300.000: ,.500 .0o
ar of igrsIdtarnl e sm. Ofrilal sama s and InsumtImal lailtae mps as oh lse staNd. Daa aAn for mpas barvsalt betaMs Asuat I1 al Jaly 81 or thA
fIlllmg "Mr. r the DU ta Satelm prtr to 1914 the figars apply to t lar beghallag l ap ber 3. In od r r to ollde figures fr the seller samtria,, mat imber of

li @Is 4TS Pc a ns S.
l om a t If4 lSal meaws
"Orta.
npalm ftr seem 1916.U.
nple rn r me .r gu .
MWstMs maiss m. use omme"Iss.
Ppl S I195-13 w1g.
aWe apar Messagea




I sam fr l 910r emry.


.W o r ) h-ern la ow.
RNM...I 1is. .t ma low.e
m (k O -ital *I= lZan.







C-71


3,870,000 acres reported finally planted in 1930. 1/ By June 5 plantings
were reported to have reached 6,128,000 acres or 107.8 per cent of the area
planned, and on June 20, 6,207,000 acres or 109.2 per cent of the plan. A
more recent report states that the planted acreage has been revised down-
ward and is now placed at 5,824,000 acres.

In spite of the quantitative success of this yer'ss cotton planting
campaign an increase of about 50 per cent having. been trained as compared
with the 1930 revised acreage estimate the Government plans with respect
to the time of seeding operations were not realiz-d. Thu campaign was
supposed to be completed by M.ay 10 in tne important cotton producing regions
of the Union, while tih actual execution of the plan was only 72.2 per cent
on that darte for the Union as a whole. rhus, al.:ost 30 per cent of the total
acreage under cotton this year wa3 plan.tea l,.ter t-czn planned and after the
optimum dates had passed. Despite th-i3 del.; as competed with the plans,
this year's campaign rmay be regarded as having been completed under more
favorable circumstances than that of 1930, plantings having amounted to only
1,799,000 acres or .-:.bout 50 per cent of the respective plan on May 10, 1930.

The situation is considerably l-ess favorable .with .r.espcct to the qual-
itative side of this year's plan, which .provides for .a .30 .per cent increase
in yield as compared with last year. .l-unerous recent reportss indicate that a
considerable share of the cotton fields was .poarly ploughed, and that cultiva-
tion is likely to be poor because of .a prospective shortage in farm labor.
The larger number of collectives and the better organization of work on those
forms mi-y tend to improve the situation to a certain extent, but it is
extremely doubtful that the pl-raned increase of yield will actually take place.

The rather unsatisfactory conditions witn respect to irrigation is.
another f-.ctor supporting this view. W'atcring prior to seeding operationss was
rendered difficult by the prolonged cold weather ,ind delayed melting of snow
on the mountains, which supply the irri.-ation system with water. At the same
time, the building of new channels has not bcen completed in time, and the
conditions of those constructed or rz-prired is J-ls' reported very poor.

A signific-nt change has occurred in the distribution of the Russian
cotton ncrcage. In former year- ctton was grnwn.uC tirely in Turkeston or
Central Asia :and Transcaucasia where its cultivation nad a long tradition
behind it. The acreage in other regions s .was.insignifict and cotton cul-
tivation there was for the most part cf :r. .cpeimL. cetal nature. Of the
1931 plantings, however, it appears froi.i a detailed official report of Russian
cotton swings by regions on June 20, published in "Socialist Agriculture"
of June 25 tnat nearly 18 per cent of the acreage is in the new cotton regions
of North Caucasus, Dagestan, Ukraine and Crimea compared with 8.4 per cent
in 1930-31 whereas, in 1929-30 only about 1 per cent of the country's cotton
was in these regions according to the Control Figures of lNational co.o-0yA
U.SS.S.R Although it is impossible to dra-w conclusions as to the yield that
may be obtained in these newly developed regions, it must be recognized that
there is always an clement of risk in such developments. It may also be seen
in the accompanying table that in these new regions the acreage planted to

1/ The preliminary figure indicated total plantings of 4i366,000 acres.


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C-71


June 20 this year was almost 204 per cent above plantings to that date. last
year. The increase in these new regions represents 40 per cent of the total
increase in the acreage of U.S.S.R. this year. In Central Asia and -
Trpmscaucasia the increase above last year was 26 and 37 per cent respective-
ly. This shows an increase of 42.'2 per cent for the whole of Russia, but
as pointed out above the total acreage has been revised both for this year
and last, while revised acreages by regions have not been received as yet.

Table 2.- Russia: Distribution of cotton acreage planted to June
20, 1931 with comparisons


Central Asia and Kazakstan
Uzbekistan .................... .....
Turlknenistan .......................
Tadjikistca ........................
Kara Kalpak ....... ..... .. .......
Kirghizia ..........................
*Kazakstan ......... .................
Total Central Asia and Kazakstan..
Percentage of Grand Total ........
Transcaucasia
Azerbaidjan ...................... ..
Georgia ............................
Armenia ..... ..... ......... ......
Total Transcaucasia ..............
Percentage of Grand Total ........
Iecw Regions of Cotton Cultivation
North Caucasus .....................
Dagestan ..................... ......
Ukraine ... ............. .. ...
Crimea ................................
Lower Volga .... ...............
Total New Regions ..............
Percentage of Grand Total ........
Grand Total (unrevised) ..........


S 1,000
: acres


2,296
382
313
!/
188
'7 C1n


1,000
acres

2,839
529
314
178
259
3731


-: 51 .L J
S 3,530 : 4,453
: 80.8 : 71.7


:Percentage change
:from 1930-31 to
: 1931-32

: Per cent

+ 23.6
+ 38,5
+ 1.0

+ 37.8
4.8
+ 26.1


: 394 : 524 : + 33.0
46 : 54 : + 17.4
:31 :67 : + 116.1
: 471 645 : + 36.7
: 10.8 : 10.4

: 232 : 556 :+ 139.7
:59 :67 : + 13.6
:47 : 400 : + 751.1
:18 :84 + 366.7
: 9 : 2 77.8
: 365 : 1,109 : + 203.8
: 8.4 : 17.9
: 4,366 : 6,207 : + 42.2


Compiled from "Socialist Agriculture" June 25,


1930 and 1931.


1/ No information given for 1930-31 may have been included with Kazakstan.


Miscellaneous news


The International Cotton Congress


A Paris, France, dispatch on June 23 stated that at a meeting of the
American section of the International Cotton Congress, the delegates were


Regions 1930-31 1931-32
Regions : 1930-31 : 1931-32
S
S


'-18-


I







0-71


practically unanimously in favor of a resolution adopted, which urged the
United States Government to take neccssary action to fix definite humidity
standards. One speaker declared that moisture is ,omctimes deliberately
added. The Egyptian section unanimously approved the agreement fixing the
degree of humidity in Egyptian cotton at 8.5 per cent regain, with
tolerance of. 0.4 per c.ent either way.

First bale of the 1931. crop

The first bale of the 1921 cotton crop harvested wvas grown. by W. M.
Thorni, of La Sara, 'illacy Cou.ty., Texas and on June 29 Ias bought at auction
in Corpus Christi by the Texas Cotton Cooperative Association for $350, accord-
ing to the press. The bale will be sent to the Ar.ncrica.n Cotton Cooperative
Association at New Orleans.

Socking new uses for Egyptian cotton

A recent dispatch from Cairo stated that the Egyptian Cabinet had de-
cided to appropriate $250,000 for publicity to create new markets for
Egyptian cotton.

Cotton bagging strongly endorsed

Plans arc now being worked out by the Association for the Increased
Use of Cotton for a vigorous campaign in every important cotton producing
State to have this year's crop of cotton wrapped in cotton bagging. This
movement has received encouragement from the announcement of nearly all cotton
mills in the South that they will allow seven pounds extra weight to be
added to cotton bl-es wrapped in standard 100 per cent cotton bagging. This
announcement was issued from the general headquarters of the Association
for the Increased Use of Cotton in Colunbia, South Carolina. The Associa-
tion has also trken up with the HTw Eng~land manufactures the matter of
making allovance for the use of cotton bagoin1:.


-19-








C-71


UNIVERSITY OF FLORIDA

l 3ll 1262lll08llll 863ll2I2IlTlIIITIIIIllll .
3 1262 08863 1212


CONTENTS




Su1 .ia ry . . . . . . . .
Figure The Cotton Prospect . .
Prices. . .. . . . . .
Stocks and movements. ....... .
Textile situation . . . .
Continental Europe. . .. ..
J,-.pan ... . . . . .....
China . . . . . . . .
Chi ana ........a.......
Cop-incnts accompanying cotton report as
Miscellaneous news. . . .


* .


1931.
* 6
. .
. .
. .






. .


TABLES


1 Zstinato of cotton acroage by States. . . . . . . 13
Cotton: Pro auction of lint in specified countries, average
1909-13, annual 1921-22 to 1930-31. .. . . . aci:ag 16 .,
2 Russia: Distribution of cotton acreage planted to June 20, 1931
vrith conTparisons . . . . .. . . a 1






*I; ...... I.



U.S. DEPOSITORY
'-- --" -....--r-..4

: > ..;1

...


......
* 6 .S
* S S 0 S
* 6 0 S
a a S U S







of July 1,
* S S .


1-
2 -
3-
4 -
5-
6-
7 -
8-
9 -
10 -


Facing






* a B 6


* a S a
a a 0 6
. . .
. . .


.1 -


* 2 -
. 3 -,e

.7 -
. 11


.13 -
.18 -
"- ..


r