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 applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 026660256
oclc - 30588060
Classification:
lcc - HD9070.4 .Un311
System ID:
AA00013009:00021

Related Items

Succeeded by:
Cotton situation
Related Items:
Statistics on cotton and related data


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Full Text

S AUiIT-D STA::.S ECPA.-,-. OF AGC-RCTJL JRE
3.ir:.-. of Agricultu-ral Ecor_o.;idr
,V ..1 ,.:.,ton

C-73 October l0, 1931
WORLD COTTOIT PROS PCTS



C:.., .ecli.'.*-i t-rro-'Lhout. September and into October. On

Oct'ob-r G inrillin, s-,jot cotto.- at the 10 desl.::r.'-.ted markets aver...-e 4.89

cents per -.o'-..i.. r--- ter.der.c-. for the difference in prices of Ai-..c-ican over

I-..lia.. cCttoCi.. to nj.."ov .?. r cently b'.~': 7 vxc- pronounced. At Bemen

this price .erlt:.y ..c b.co-..c as extrermc as it was in. 1926 when mills shift-

ed from; i..1a. t3 K'i.ric,-. co tton. In China and Jr ..-.::, A;1Arica: cotton is

alto bco-c.i:: :..=-.p *.cl:i.ti-o to Ildir cotton n-ri this probably expl:-> in

part the rclc:tiv :l.- lar". c forua.rd purc.aeses of Armerican cotton.

Stoc.::: .- Alcric'.l ott.., ant specified locations at the end of July

in:icatld tLha ti: v. r 1 c .ri -c-.-:r of Ainerican this .:-.".r was about 37 per

co:'t (about 2.4 millionn c.i l 3) above last year .':llV the carry-over of

I: ia2c. cotton L3s i ro-bl.:', 1-. smallest since 1927. The world c.-r-:-over of

E;.ptian w.:,, aCbout 1.7 p' er- cer.t above the large carry-over of last year.

Thile ,tc.c..:cr. of; 3-r.iri-,s cotL;: w
vwCre mn.ll ..' than in 12'3 --d 122. In the nine countries wi':.re Cobut 86

per cent of t.i.. toti. w.orlj. :.iil concsu.'ption occurp, mill stoch:s of raw

cotton 'v:ci 3.'.11..-r or. A-.' t I this year t.:3.n a :;:ar earlier c::ccpt for

three count;i-s, 'r.-ncc, I:idi:., cnd. ussia. 1Mill stock.: of A .rican w're

smaller in c.11 of t:'.he co ::t;ril 3 cr-cc-t Fr:'.--io, China, and. IVnd, ;:mile ill

stock : of I.i--.n ,ot:;on w.re :.,.allor in all but Fre~ice. :.:st c:cu.tries re-

ported l.rSgr toc.:s of :;'- ti-.n, the :os.': te ccre es iL United States

and Russi.:-. w., stfi.cic..t to ::'-.ic'. th~ total -bo.ut 19,000 bal -s. The only

important incr:-..; i..: toc :'3 o: sundries cotton- at rnillz was in "'ssia.





'-* 7 -2-

Whil: exports of Am~l..rica, cotton during Aut7-,st end September have been

below li.3st ;:-. r, the amount oin ; to th Oricet continues to run abov- a

e '.r r.;o. Donstic con'unption during Augast was cornsidCrabl above August

19.".0; 1...r-coru,, di-.,appoarancc from the Unit.d; St.tcas was almost .equl to

last ;'c:.r.

In Fr. jc c .nd central Eu.rope spinning nid v:w'aving mill activity is

tao.-o.,u-t to ;.,;nv decli.ed du.ri;i-g. A.wut wvhilc in Gr,'-it Brit:'in late re-orts

inl.ica.tu soT. in, r:.vj -;r.i t i: s;.les :i "oo.s d r.ir.s with some mills now

oprati--, vwLich l- "bc(.n clos-ed. for irr .h. a c I. .iI. In the Orienit, condi-

tiors c inued to improve. AuL-st y;arn production in Jarpon was 20 per cent

above .. t. ..c:.r a.: '. the hi,iest since MIy 1920 and exports of piece goods

i-.cr:::..zeod o.er July .':nd were almost 10 ncr co-.t above Au_ist, 150. Chinese

mill act.iviit, uo.ri; to, su'm.iinr rha beo'n iaci-.Laii.cd at a .jooLd rate, s'3o

improv;mien',t in low. coiu.it ;.'lans las recer.tliy been reported, and movCement into

the. in.trior a. ,.s b, i: air v.olmn e.

Tn,. cc.--dit.io,. of the ...-.-u.tic 'croo oil 3tober 1 indicated a production

cf 1S,284,00' or.i :. .,.i".: t".:, .,in.im r. report, indicate that

harv'e-tio -1. lo'w. .fd.r ti' '. for.-.n produ.ction- is .-till nf acr. In

Rusi.st, ..here tc cott;o. .r:..-. is s.iaL to have bc,.n increased 50 per cent,

rncrt ,iow' f-r.c-t :. .r. i:cr'..sC i i production. As- discussed later,

tn'. lorc-st.o r to be e.ntrcly too largo. E.-Bpt has an acrcag. decrease

of 19 p.; ccn-.t r-,.i ti-. first forecast of production; places the crop 20 per

ce-nt belong lest yarr. T'he 1531-32 crop in Iliit. is expected by. the Bombay

cotton trerdo to b.- close to t-, 11O0-21 production., while in Brazil a rough

cstir.::.t'; rl-.c':s t:; .ew crop cnns!der,'bl;,y ,bove tie short crop of last year

and zlig:tly ~-bov the 1929-30 crop.













THE COTTON PROSPECT


CENTS
PER
POUND
20




15




10




5


S PRICE:WEEKLY AVERAGE OF AMERICAN MIDDLING 7/ INCH IN 10 MARKETS



929-30




/9.9-30 \


/N-J


49.3-.3


AUG. SEPT. OCT. NOV. DEC. JAN. FEB. MAR APR. MAY JUNE JULY

S* AMERICI OTTOND VIIE
| 4AMERICAN COTTON. I FOREIGN COTTON:WORLD VISIBLE SUPPLY


AUG. OCT. DEC.
BALES
IS UNITED STATES M
700 -

650 -

600 /

550 t

500

450 -1931'2

400

350
AUG. OCT. DEC.
PER
CENT COTTON PRII

140 -
1923-1925=100 P

120 -

100-

80

60



1919-20 '21-22
SS. DEPARTMENT OF AGRICULTURE


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


'23-24 '25-26 '27-28


CENTS
PER
POUND
20







15


10


BALES
'ES EXPORTS Tawrnos
1600
1,400

30 200
-1,000
800

600

400

200
0
-EB. APR. JUNE
CENTS
INDUSTRIAL PER
POUND
40.0
impran

32.5

25.0

S- 17.5


10.0
;rnd


'29-30 '31-32
E.-2 216 BUREAU OF ACRIKULTURAL ECOflC


IILL CONSUMPTION
, 1928a-9


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


' '


I i I


i i. .i .I... r...l







C-73


Prices

The rver.2,e sFpt pri-e i:. tir- 10 iosi 7.ted -.-:._.ts declined during
the period fro. Au .st 2,3 t, 3. 3.tc'.' 33 .- -1 a ,cAnt por por~ 5, the quota-
tion o;-. S.rptn-mbr ;26 avera'.t:.g .42 cr. ts aid :: :.,: -rcs oxnt S, O cents on
September 27, 1930. Th spot -price t J' Ycrk on e tc l r 2 ',-. C.10l
cents per pound for .niddlin; 7 ,'~ i,.ch ..ad wr.s the o1:0.st pr'ic rcorcId, in
that -n-.r'ct since Jurie, lI9C. e.. t.. r ]:rice rec )ivd 'o ro':cers
in the Un.ited St..t.., on Scpt...,b, r 5 '..s 5.9 cents pcr ,.*::d, co.Apared with
6.3 cents on, AA-.st 15 nLL 7.9C cer7-r o-n September 15, 1930.

At Liverpool, cotte-: rize 1't-.tions in tennrs of peaee .*-v'ed I:l.-K':"
advances bctwc -n A-u,--i3t J; :-.d Sotcitn;er L. due to the d eine in the
excha.ngc r-.te of sterling, At 'ri..en, Ir.dia cotton during k4au,3t ,:,.s
extremely high-priced in co'ipcrison with Am.ricn, accordingly to r'-:orts
from Agriculturall Attacnrc L. V. StcrI.. at Berlin. T.- ccmperative price of
Indian was arboaslr s i, ,;. i> 1.26 v:.-on a poor.Lv.cod. shift frc.i Indian to
Am3nrico-i cottc.- cccuirr'ed ini Eir: pea: Iil cor.unptiion. In Japan, spot
pricc j:f A.ci ic :an v:crc rlportc.. to h-.ve declined 7 per cent from At.'.y. t 22
to Septe..iber 21 ",;Jcr-is Ii.i.man Go-urae declined only 5 per cent which further
improved the parity of A-:rica? cotton there. The price parity of ArCerican
cotton in J-c.n as rc1_-.td. to Ir.dia.n Las continually improved for several
months. A simr.ilar c r.tion is reported. in China with forward purc.:es
of Ar..'ric.n cc.tton rjIati'vly larger Ln.in usual.

Stocks ii Movements

Stocks of cotton on J;.1,y 31 (carr;.--o r)

In recent ycars tnos intr cd ntrtcini the cotton situation have given
considerable attention to tuh am:.o.unt of cotton on hand at the end of the
season (July 31). T., use stock:, f'iu:c.-s have becoimei quite c-.enrally known
as the "carry-over." Literall,,' this -Iruns the amount of cotton carried over
from the pr.viDuc season i'to trt;. rvo season richh .;nien added to the produc-
tion jives the total supply for tn-c reason. Thle "carry-over of cotton
in the United Statrs" is vcr-y '-.arly t.tht the phrase im.li.s, for the Bureau
of the Census inf,:CO a rather coiplet't s-trvcy of the l mount of cotton hold
in the United St:tes. In tnc enas o0- t-_e "world ca.:r;,-over" the figures
do not include all cotton such as t'..at on frnas and at interior towns in
foreign producing countries uniLS ..-eld by cotton mills. Theso figures,
however, a.r, more or less comp:.r:rable from year to year ;:id show in a general
way the cr.n!,. es in tli world c-.r-'-over. In Tables 1 to 6 the stoc;:s of
America.:, Indian, Ey'rti:.n, an. Su-'.dries cottons at specified locations at
the end of Jul' arLe siown for t.e cleveno years ended in 1931.





C073


In Table 1 stoc':u of all ..i:. o 'jotto ,:. .-i t o'.;ci fi,-l lc.Tions
at the end of July are showir and cs rm.- be seen the total this .eor amount-
ed to 13,339,000 running bales compared with 11,242,000 bjaes last year
or an increase of 18.7 Ter cent. "ihile stockiu this :,yar .iere larger than
in 1927 they were not as large cs in 1iIl by about 51?,000 bales. Stocks
at mills we-,; i lo'.e-.st since 1325 (rle .disc-iJincf on rill stocl:' yn';c9 ),
but port stoc'- (3;-:cE.pt in 2o4nbcy) .r1 :stock's of Ajnrrir.ia ii the Unit'ed States
were considerably larger tha; last .car.

Total stock-s of American cotton at the specified locations showii in
T-Ale 2 amountcd to 8,72';,000 r:r.ni:;;J bal thi3; y,.-:r co.mpre. ro.it
6,377,000 bales and 4,564,000 bales one a.i tLwo cars oarli.er or an increase
of 37.5 and C3.1 per cent respectively. In i92 Aj. i:rican cotton at these
locations totalcl 7,773,030 bal but the -grctcst amount was held in 1921
when the total amounted to 9,4 9,j00 bdles.

While stcc:s of al cotton -ad stock:. of Ainra'tno at tihe end of July
this yar wero the larce.t since 1921, stoc': of Indian (See table 3 ,.1so
table 6) were the smallest since, 1927 ,i'our. ti.g to 2,4g1,C00 bales compared
with 2,910,000 b.les last -cear, 2,'80,000 b.'2.Ls in 12:9, and 3,069,000 bales
in 128. Stocks of Eg,-pti>n cotton, on the otnr-r h"uid, (Tables 4 ai.l 6)
were 110,000 bales lar-r thia in 1930 wi"iich was itself the largest of the
last docadc. Altho.;.,h stoc.:3 of mu:dries cott.-: were sli htly largc'r thla,
last year they iwcre smiiller thal in -19 and 19' by- C2,00C0 ndi 51,000 bales
ir? s c:' 'tively.


-4-






C-73 -5-




Tanl) 1.- Cstto. all ki: s: Sto: 3 -t s c :if ,i. l cticA.s at the
c::. of JLL;.



Loc-.ti : 17%1 : 1" 1 1r 2: 19.. 7 1.... 1 .. 5: I ".:. : 1-. ., .?"i 1980 : 1 531
L 1. :2 t":1 1 '1 -.^:: : 1 :" :1 j ;-: 1 : -: : 1*: 1 0
1, I, ""i, .:. 1 2:i,1 ,::i, .' l, .'.: i .1 9 : "| .3:. .' 1 ,. : 1,02,:1, 20


: r :- .r.. :r .:- :r ..1- .-"--.- :r :
: ** .i 'I :: .i : .1'n :::in :" i :
: ''l1-.1~ :c: : s:r ,nls.i1 s:Lel : .l '


.- :. -- : "--- :
S LC: ; : ].. : : :I_


P .o 1 .
.ill st C':: : -7 :5,132:; ,
Port stoc- : :


Gr.at
Brit,.i_-..

t-oriA,',t.... :



Canti%--c
Alor x- t :
'- IL:. 2)



AflK.U.1 2-/
For -runt
3rit-in.. :
For C:n- :
ti .cnt. ..

Hrbor.. .:
Stocks of :
.Aric ric.-c i;':
United
St.tc 4/ :/
In p'-oliic

El -cw7cr:.
Focrt stoc.:s:
ar-r1. piflo.t

C ir.n i..:


055:24570:i-


186:



12C








2 :,9:
':,

:


-- I;






122:
-:
* .
*l.
*

:*
*2 :
:i *








*


,2 7:,4. :
*,6 : .2 t


i:

518:
: C

.. .






1--2:
S*
121

:, .


(N.



rz z.



2 flZi







--9


, '. :- :


I:
342:



Ow-}





I.:

1*-,1 S


C,6C2:1, 1C: 83:. 3:1: 4.?:1, 82: 1,30S
1, i 1 5: ..80 160: 2.0: E 5




c -, -* r-


7 :
, I--S



2I *D.




J0n q


1fi


1


2:1 ,lb3:
5: .. 5:'


: :
: 3 :


4,. :L




93:
: CD








119:

-T:

12:







27:
2:8r.
9*11*~9:


r'n- : ri-
n:in, ::i-'-.:
1 2.1::':.les

4,498: 4,522



821: 951
5.3: 790
958: 719

476: EC-.1

$0: --



2: : 102

253: 170

8: --
8:







2,70K: 4,491
470: 850
:':


2 :
: :
2 5 0: 30: 850


T2ot 1 L ...:1 .,SL :_ .2.. ;32 :_e..l ;7 2.7; c : 1; 2 .. ;11. :13, ?
. Int r:. ..ti:! l .t. r .: ,t: r Cot an .;i:.-i.r :: .:...--L. ..ct'.'..-r rs'
s..SG ci..:tic:' .;. '.. ... f .c -"...
"/ -: Liver.,:.-.7 Cjttou: .'.s.-ci.ti::. "..c.:1.- Cir..l .r ::.:cot _.or s <:2?'-s in 3c:-o-r7
'." ic:: -.r:: fr "_ Co..::Crci:-.l ,... F r-.-..ci-l "T.i .-r i 1,_ .

3/ E"-. ti?.1. co tt.-: i L _Lc:--"...ri .... ":.- '"' -": St' tes.
-/ :'? rn.n : t:.: Co:::-'..; .'.o n .t i -::lj-tt .ri:,l r-f*. .:c: .
-/ rro-',1 3o:.0.. .rci:1 "nt '. -ti.:-.'ci l C..-r.::i 'lc.
J Lo UL


1,171:
L> :
1,1 i?:
2;: 5



I2S0


150:




2:


851

fl7 *:










1215.
15:
..,,. _
.--.0





-7 r -6-

Table 2.- Cotton, k.erican: Stocks at specified locations -t the
end of July

L-ocation :192L :,1922 :1'92'3 :1924 :1'25 :1026 :1927 :19'8 :1929 :1930 :1931
L: j0: i, : 3 3;:, 00:1, 0 1 03: J '3~3 : :1i, .3 i, o :, o000
:run- : r- r-.'I- : rn- : ruli- : rr- : ru- : ra ra- : runn- :run-
: -i'1, :.::1% ing :.iing :nin.g :.ing :Iiig: rvills nirne :ni t, :ning
:1oales :.al.-.s :Iales :t les :baes: b'la s :bales :bles :btes :b?.les:bales
niill stocks:. : : : : : : : :
In U.1ito:':
States / :;,'.l 1,218:1,100: 6 73: 737:1,011: 1,25: 935 932:1,048: 921
OiftsieUnt:: : : : : :
e: Sta ts 2/ 1,144:1,251: 716: 689:1,046. 95R:1,73.1 1, 77: ], 197 937 954
rTotal : 11. : : : : : : : : : : :
stcc : ..:2 ,255:2,46 :1, .L :1,327: 1, 33&:1,6Q: ,52,1.2:2, 129-:1,963:1,875
Stock-s in pub' ic: : :


storage in
U-:ited St:.tes
1/:
Stocks elsewhere e
4in Ul.ited
States _' :
Port stoc'.s: 3 -
Great Lrita,.n:
Continent
Afl oat: /
For &rerat
3rita.in
For Con-tinent:
Port stocks andL:
afloat:
J:-pan and
Chin:a j :


: ,


: 6:
, 7'0 125:

750: 505:
4 8: 442:
: 6

90: 55:
307: 1 ..



250: 300:


338: 641.: 437:1,83:1,803:1,156: 925320,804:

: : ; : : : : :
2,i: 160: 230: 510: 551: '5 : 275: 470:

131: 230: Z81: 557: 954: 486: 419: 294:
112: 194: 24: 272: 790: 616: 411: 407:
: : : : : : :

9: 2 19: 22 26: 26:. 17: 15:
108: 116: 124: 134:' 234: 2003 140: 102;


: : : : : : : :
: : : : : : : :
250: 200: 300: 250: 3735: 325: 250: 300:


4,491


850

426
691


10
75


350


Total :9,489:5,-127:.3,604:2,86 :3,623:5,607:7,773:5,256:4,564:6,377:8,768

1 Bureau' of the Censr.
2; Intern&tioncal Fedor,-ti3n of o aster Cotton Spii-nors' sand TIan'.-facturcrs'
". asoci .ti.o ..
3/ T.e Liverpool Cotton Association 'eoklr Circllar.
SFro -: Coramercial anr-, Fin nciil Chron.icle.


'"







Table 3.- Cottol., Indiar-: Sto'.. at spooified locations at the end of
July
Loat nr :i'i11 :1 2 :1923 :1924 3:192 .1926 :1927 :1928 :1929 :1950 :1931
:L,J 0:i ,0 .c: ,000:1,000:1,000:1,D. :1,030; ,o'D:1,~u'O':i1,-1; : ,O000



.1 s3to -3 _' 1 ,7O: 1,805: 1,63i1,592: ,50 : 1,589:1,515:1,C'.23:1,761 1,667:1,568
Port sto: ::: : :: : : : :
Gc-..t rit.n 2/: 58: 23: 62: 96: 35: 19: 13: 54: 57: 77: 73
Con1lt I I C;t .-. 54: 16: 51: 77: 49: 21: 8: 34: 58: 40
o.-.b.- /:1,189: 967: 502: 654: 598: 525: 621:1,145: 993: 958: 719
.tfl : : : : : : : : : : : :2
For C 1r..t ri-ti.1 4: _I: 2: 12: 22: 12: 17: 14: .13: 20: 16
For Jo:t nr t 26: 31: 88: 60: 55: 50: 53: 9J: 105: 122: 65
Bo:'-:b- h-.rbor. .: 12: 15: 2 : 1: 4: 2: 1: 12: 8: -
TotI..1 3,0 3 22,0 52356: ,494: 2,36' 7:,233 2:, 247:3,069 2,980.: 2,910: 2,4-81

i v -.i: t-.-:.L -o1 a: -ion of 1 r Cotton S- i nors "snl .nuf c jurors'
-.ssoci-.tl.:..
2 Theo Livoernool Cottoi Asssociation '7oekly Circunlar.
Co mertci; j-id F..Lancial CSIroniclo.



Tiblc 4.- Cctt:, 2.; tian: Stocks at spccifid. locations at tho
end of July
~ Loc:.ti :2' :1922 :1923 :1924 :1 :I T5 :1 27 :128 :1929 :1930 :1~'1
:i, 0.::1,0 : 1,0O 0:1,OOO :, <. 01, c1 0 ;: ,' 1,00 i 0:1,000 1, 000
: r- : run- :run- : 1ri- : rvm!- : r'l- : rm i- : ru:- : rui- : run- : run-
:..l ning :..nirng :in; : ":i; ning :ning :ning :nin 1 :nin :ningj
SsL s:....:b .,los:b._1cs b. os:balc j:blos:balos:balos:bales:balos
i1 ztoo.s _/ 131 : 211: 220 188 : 181 : 201 : 210 : 170 : 28 : 237 : 218
Po t stock : : : : : : : : : : :
Gr.-.c Britan : 7 : 97: 89 : 41 38 : 41 58 :51 : 59 : 4 : 59
Co .tL:.cnt : 11: 10 : 9 8 9: 7 6 : 3 : 10
21 :' dri. : 7 4976 594
-5 .- 51 55 205 J04 .205 215
S.it,.i St s : : : : : : : ; : 30 :
.f1 o-.t /: : : : ::
Gr.-t I r. tair 1 : 14: 3 : 7: 4 : 5 :13 : 5 : 8 : 1 21
C3.tlnCt. : 1 C 9 : 8 : 5 : 8 : 10 : : 13: 4 12
Tctal .: 553 : 565: 472 : 5.- : 288 : 468 : 604 : 446 : 529 : 804 : 914

/ Int.erntional 7caratio of l;-tr Cott1:. Si. .lar.' and ianuf.Ct urrs
-.ssoci.'ntior: .
_/' T:.o Liv.jrpool Cotton .1ssociati: .!coal-y Circular.


C-73


-?-







-8-

Table 5. Cotton, sundries: Stocks at specified locations
at tne end of July


Location


1921 1922; 1923 1924 l925 1926 12 192712 192 99 1930: 1931


:1,000:1,000:1,000:l,000:1,000:1,000:1,C00:1,O00:1,000:1,000:1,000
: run-:, ran-: run-: run-: run-: runn-:n-: run-: rn-: run-: run-
: ning:' ning: ning: ning: ning: ning: ning: ning: ning: ning: ning
:bales:bales:bales:bales: ales:bales:balesbales:bales:bales:bales

Mill stocks /...: 401 : 677 : 393 : 467 : 654 : 739 : 626 : 777 : 745 : 609 : 661
Port stocks2: : : : : :.
Great Britain ...: 288 : 226 : 120 : 119 : 185 : 326 : 272 : 172 : 304 : 407 : 393
Continent .......: 17 17 : 13 : 15 15: 31 : 22 : 16 : 30 : 54 : 49
Afloat 2/:
For Great Britain: 22 : 4 : 30: 75 97 : 96 : 86 : 64 : 76 : 56 : 55
Continent ...: 5 : 9 : 4: 11 : 38 : 35 : 26 : 24 : 32 : 25 : 18
Total .........: 733 : 975 : 563 : 687 : 989 :1,227:1,032:1,053:1,196:1,151:1,176
6 6 6 6
1/ International FecerP.ti.n of sest.r Cotton Spinners' and elanufactfurers' Associa-
tion. 2/ The Liverpool Cotton Association Weei:17 Circular.








Table 6. Cotton, b;y icindz: Sunanary of world stocks at the
end of July


Kind. 1921 1922 1923 1.24 1925 : 196 : 1227

3,000: 1,OCO: 1,C03 : 1,00: 1,000: 1,000: 1,000:
ru.n-: run-: run-: run-: ram-: run- run-:
ni.g: nir.: nin : ning: ning: ning: ning:
b: bles:bles : bales: b lc: bales: bales: bales:

American: 9,489 5,427: 3,604: 2,866: 3,623: 5,207: 7,773:
Irdicn..: 3,073: 2,920: 2,353: 2,494: 2,367: 2,2Z3: 2,247:
Egyptian: 556: 565: 472: 304: 2b8: 468: 604:
S-jiadries: 7 53: 9 75 563: 637: 989: 1,227: 1,032:
Total.:13,851: 9,o7?: 6,095: 6,351: 7,267: 9,235:11,653:


1928 1929 :


L,000:

ring:
bales:

5,256:
3,059:
446:
1,053:
9,824:


1,000:
run-:
ning:
bales:

4,564:
2,980:
529:
1,196:


1930 1931

1,000:1,00C
run-: run-


ning:
bales:

6,377:
2,910:
804:
1,151:


nirn
bali

8,7"
2,4;
91
1,17


9,369:11,242:13,32


C-73


_ ~ ~ __ ~_ ~ __


---'


-----~ I'


* .* -.






C-73


ill stocks in tnc mr nci "-i co co.n : ..I..: C... 1 -o .t

A co tai'.cd r l )ort of miIill ;t. ) c. r.: c it'.. ty: the International
F>.dcr.tio;L is c-:O _?.vr.ilr.ic and. 5 ,: ...b'.. 7 ..r.i1 t.--..:s in the nine princirpl
cotton: cc..:utirtL.. C.o'.r.t'i.:-3 -":r sto ',;ln for -: .; .:t 1 t:.d y c-.o...- X i With
Aua- t l ".:;I; T -..
Auutst 1 l's.t -.r. .;' 1 t-. on iill .toc -, ;.'n ..*;rller years sec world d
Cotton ?.rop. 3, I;- 11. C.-,u.'t;~c.:1 for t... nine countries shown
in the accompl:. );in tblc :.' a. abo.-t 8' r :i.t cf t.-e total world ::;ill
corisumptio i.. 1^0-.l. Of ..-. co...tis.1 Lut India, andC
Riussia. s .c. a .Z.i.J.l r tot-1 ar t. -. -'rI L .-j. Mill. stocks of
Ami ric cot t-o,., ho.7' r, v.:r .. r i r .c-., C In'.. In all
of thcu :..r.:c co.;-itrir c- ;cc;t r ;..c:, t .' L a.. a were smaller than
.st yc.r, .l :s ::. t t.-r "U t ,. Sr:ces, G-rci:.t Britain
a-d. R si. S:I..': l.r.-:r toJ- of n Gt-r- C-. in C -,t 3ritain the mills
rcportccL the .*.J '..t fl 2.. .ti-.. .a t ,,,'. t b. innin_ of the j19 1-32
SC; ZcOo '.: 1' 30. :.... i T..... i t, i t nd Russin Was
uficic t }.w : -.r r, to re-.: tt.-i. :n. lt- -; 1c ;ptian cotton in all
countries to .'oi,,C 0 o-lc- c ;.A- r. .' t. 2.', ,C i .s in 190.

!!ill stoc: oC 5'.u'iri.3s cotton Acr; i-":' i' r.ssia, Gerrianyi, Italy,
and I:" li., :nhil ; i-. the ot-:r fiv, co-ir.trie's a. :'. ;. re stocks w:'c :rn-llor
this y-:. r, but t;c I -.rr:e i.-.crr.:.c i. :- i r.-c -,. 1. c i y r's. onsible for
the tot:-'l '-toc'". ; o ScL.drlIC. in l... -ou:.tri.3 b. i:-:.- 32,000 b-i-es or 8.5
pcr ccit ab*.l.ov i.-.st ;y ".r. It l.c .o t to o t: i ti: R -n i l s Ihave smaller
stocks of .A ':-.r i ,., I.-..i. .- .. r. pti., cot.l, .1.i1.:h i due l r ;.1: to
the fi.2t t.c t : i',ir. prc.v cr; ion .:-.s iL.c- c..i,


-9-





-10-


Table 7.- Cotton: Hill stocks in specified countries by growths, on
.!'Guct 1, 1930 ri:d. 113'.


A i.rica I:i'iin .1-/p1ti. ,_ Sundriies Total

:.*- I' 1 .i- 1 s t 1 : .. I .L J 1: ,. :1:-',. 1 :.u J-. :' l- ,. 17 1
S1.3 1 7: 31 : 1. .3 : 1J1 -: 131O : 1i : i : 191 : 1o30 : 131_
:1,00 :T1, -.3 : s .. : "1, 00 : .,0 .o :1,0D.0 :1,0) : :1,300 :1,000,
:run- :ru.- :r-n- run- ru- :r :n- :Irun- :r n:- :run-
r n _. :n :.;. r i ii : ni-!
r in- 1n n:.n., 1 i-;; -nin, ning n ir ni nin nirg
:bbales :b es ales : als :, bals es -bales :bales

Unit d. States: 1,o04q 921: 1: 17: 64: 2: 2 19: 1,156: 985
G-eit Brit.ain 57: 5.: .: 35: 53: 32: .7: 51: 187: 174
or.m.y 94: 72: : 40: 13: 15: 13 14 17: 1
Ja : 175: 16: : 241: : : 21: 9: 459: 425
ra-cc : 150: 173; 138: 141: 52: '6: 5: 2: 33: 576
Italy : 152 124: 71: 9: 1: 4: 3: 216: 19C
:i .: 53: 60: 12: : 1: 4: 228: 152: 416: 303
IA5 1 35: 8'j: 85: 5: 27: 2: 41: 660: 958
RSusi. J. .: 16: : :: 35: 1: 74 190: 152: 211
total bove : : : : ; : :
coi tri :1,741: 1,607. 1,506: 1,469: 20: 13S: 4%: 510: 35,38: 3,773
world total: 1,085:_ 1,87': 1,6C: 1,5C03: 207 : j10: 09: 661: 4,493: 4,322
u 5 C C .
Compiled fro rop:'orts o:' tl;o l,.trnoatioli rPoclcr.tioL :f lister Cotton Spinnors'
a .' "ar-..",ituterj' Associat i..n .
For x-.ta for e-.rli.r y..rs sro J.7rld Cotton Prospects, 1:.- 2n9, 1931.
SStoc2:r in RPusci. o0= .LUc't 1 -, -" 1 ar... L".t 'i tici' nt-rnitionml
Focdcr-.tion fro:. Trc.- i-J )0orts.


Exorts of n.; ric.-.n cotton

DIXrin,; Aug.t xorts cottm Im n... th Unitjed; St.tjs -riounted to only
011,030 ri-mLninig b:los com. .rcl tith 3CS,C30 bl..1s in .'-u.uL t 193J) ;nd 226,000
b'.lo0 in .i.st 1..2.'2:., OcrL .rdi.. bo rc.:rojrt frc... tihe -ur c.:.', of the Consus. Not
sicj IS=C' have o-ort3 in .'.., st- bc.n .s low s ii .'.u a-t this y,.'r. The now
crop is le: l t-i movc..(;.ct .into sight is :-c .- bly th-. lowest si.Zco 1920 but
t'j. significance of this in r'.t.rciin.g reports: i; p-lrtly o'fstt by tho fzct that
do.iostic stocks tero with- tho .x-tion rf 19.C~', th.e l-.rgst o r record. E:.-rports
h'.vo contir-.u?1- to r-u. bolo.;, l-.:.t -o..r JirLnsg S,'ts:.tcor, accordingg to tr-.do roporta.

hir' "'.-.1.;t c:-.aorts .*'2 .f noric:. cotton to J:op.n jn-.o'.v it to 53,000
b':.lco cort .rc. "i th r "7,000 b:.'. -a 'ot ,7-.r .1,'ll. oror. 'U ..ost *thor countries
wero co:tici .,r .bly bc'.o l-3t *:: .. L:-r:rtu to ?r'icC :.moLntcd to 6,000 bnlcs in
t this :--.r co. _-red :-it:i 5'',0C0 l ,3-.r, C.rr.ny tcol: 21,000 cemp-.rod with
1 ,000 a t it i :n. -r.:o, 7,003 a-.inlt 55,0'0. L.-.to tr:.dc reports sho- t,.%t
o::po ts to tho Oric.i.t co-ztinac tc .u Lt vb: vc I'.st yo"-r.








Apparent saply of AnLrica.n cotton; in United States

On September 1 the condition of the crop indicated a production of
15,685,000 brlIes which together with tnc c!rry-ovL.r of American cotton in the
United Str.tes orn auanst 1 pointed to a total supp'lly of Ar.:--ricon cotton for the
1931-32 .easc-n of 21,947,000 b:.lcs for dome-stic use and exports. sportss
and d-i-ecstic co.ns.uption in August amounted to 62C,000 bales leaving as the
apparent supply iL. the United States on September 1, 21,321,000 bales. This
compares witr- 17,D'7,000 b les a e-:.x earlier ancd a 5-year aver-.-e 1926-1930
of 16,682,U00 bale.. The Octobzr cstin,.te of pr.-jid.ction, of course will add
599,000 bales to both the total supply ":-id to t. supply rem.aini.'.g in the
United States. T.he apore:.t supply in the U-.ited States this year is m'ich
larger t-.han in any previou-. y,:i.r. In 1921 when t..c carry-over v,.s lar-er than
this year the crap was 1uc. s-icller rnd the disanpe.-,ranice in A:'. -st (domestic
consum.ption and exports) was l-rger. In 1926 wnei. the record crop was produced
the carry-ovcr i.i the United States wos more tlhuai 3 million bales lc-s3 than
this ;yer:x ac~.d in that year disappe.-rance as 2C?.i drably gre-,ter than in
Au-ust this yc:..r.

Tcpe- calculations on the apparent s':pplo i do not tak-e into consideration
the variatie-.s in .he -ancuj:t of cotton ,in.ed }pricr to Auust 1 from the growth
of one crop year which. bccomeos port of the suppl: for the season ended
August 1. Of the 1931 crop there were about 7,0:,0 bales giuned prior to
August 1 wviic., sjul. bu counted in the supply for the 1930-31 season. These
7,000 b-Ics vre included in the carry-over and also in the estimate of the crop.
By addi.;, t-ih t7o toj-ether some allo-.;:.-e is *.,ade for the ('inni.v.s prior to
Auist 1 n-e:,t 'ear. Sto.tei :;nothur w.ay the. failure to exclude cotton ,;i-ned
prior to bAu.st 1 si.-ply assumes that ab"..ut t-'.L n-e amount will be sinned each
year or that th.e difference will not be lar e cno.~h; to be of material
siFmnilicaincu. .Dring ti-" past five ,years the difference has avertcged about
62,000 bales which is a relatively snall oNou-.t cor.:pared with the total supply.

Co-.tinental Lurop-:n spinners' t;z:in:s

For t..: lIst soveni wVu.'s of th.: 1930-31 seosc:- spinners on the Continent
took about -80,000 bles of '.-. ri.an cotton c-,ip)-.red with 406,000 durii'n the
correspo:-dir._, perid. in 1'71-3C or a decrease of 6.4 per cent. Duri-n.; the
entire sc:.san just pa.sc,, L-:;in z ai.:-.ited to 3,507,000 bales compared with
4,177,000 c"-n -l,877,Y,0 b-!.. rL3pccctivJly in the 1329-30 )nd 19:.-1.9 seasons,
a decrea.sc of 16.0 aL-d 2.l1 per cent. Ii. the first five w..h. of this season
212,000 b[lec wcre reported to L..ve joi to spin-.,r.r on the Continent which
was a decre-..e of 25.1 per cent from th.. s. ne time in 190-31 a]n 39.9 per
cent bclow 1929-30.

T,.::tilc Situation

In the UniteL Stctes, t`.- c:ttmn textile : industry is said to be reula.tinjg
production in li, e with Sarles iDn order to prevent an accumulation of excess
stocks. Duri.:; Au.,ust totAl c o-sum-ption of rawv cotton declined, whereas
ordinarily Auj,-ast s,.ows ai. in-creasj over July. T-.is decrease was probably due
in part to the f:.ct that solts in Jul, were ci siierably. less than in June
while cotton. consu:,ption was above June. In the standard cotton cloth industry,
production in Aka-ast 1wrs above Jul;y which h :ay, have been due to an anticipation
of incrcascd c.'lc.s in Septelber :uid to the si..all stoc-s of goals. During. the


C-73


-11-






C-73


p-.st throo years s-.l:s in Sc'ptc.bor n-.ve ov.ragod 48 por cent a.bovo Lugust ..nd
at th.e end. .3 ..1uiust this yo..r stocks of cloth wCoro th1 lo-.ost since comparable
fig,.ros have boon ,"r..1lable.

In Fra:nc, anid conrr.l Europo, cctto n spinnin3g .nd :oacvin: r.mill activity
is thou..'ht to h'.vo ecI.linod 'uri ATja.ist while in Grcat Britain the exports of
piceo go-As ar.i yarns Conti:n-C t, reflect tlhe lo'v der~Lnd from foreign countries,
particm.larlj India, lhich, with the domestic domn._d uni.nproved, mc.an5s that the
reduced s.irnin "t-:. -.:oavin. m.iill activity probably continued. Ca.blos for
the w:oo: ended Sctomber 25, hvwcvor, from l"nichostor .nd Liverpool, indicate a
considcra.blo imi.nprvom n.t in s5.l.-s .of '.oods tc Chin.a, salos of yar- la-rgr ti n
for sovorr.l .-cya.rs and an irmproved dotemdnnd for r-au c.-ttn. In. addition .1an
r.grccmontc among. come :f t-e :-:'oavorc to operate more looms -pr w:orkor has
on-blod s-mno iills to cp;o2' whlich h1vo boon closed for morc than a y:ar. Stocks
of yarn. and cotton goods on bies Continent have shovrn a tendency to rise recently.
The stocks in uant-ral Europe are not cc_-sidered burdensome, however, due to
heavy reductions "in previous months, but in western ropee the situation is
not so favorable.

In Jaan and China condiios co ntinue to improve. Yarn production in
Jap.n during, .ujust was the highest since May 1930 and piece goods exports
were almost 10 per cent above last year.

Sumn,-,arir of mill consu:-ption in importanLt countries

The detailed report of' the International Fed.ration showing mill
consumption b:' countric s s noow available, In Table 0, the consu;ption in the
nine most i!f)ortant cotton conmsuing ccuntrius for the 1929-30 and t-ie 1930-51
seasons is shown. V'hat happcnod in the United States is gconcrally known
.1roady consumption of :.Arric1n docrocued 12.4 per cent in 1939-31, Indian
29.5, ytian 8, Sundris 17.6, nnd the toOul nf all kinds ]3.4 per cont.
In Great Britain, ho .evr, ni icran ws 2.3 per coat below 1929-30, Indian
3L4.0 per cent above, 2yp tian. 19.6 per cent below, Sundries 4.3 por cent below,
giving a d-crLa..: of 20. per c :nt for all 'irds. In Gorm.sny, coisumiption of
Amnrican, Indian, :.-nd .no toal.1 of all kinds shlowfd dccrea.z3 of 22.1, 23.2,
and 17.9 npr cent rspuctZv.-; ; coj;u,-i.ption of Eg3Otian uaountcd to only
2,000 bals cs13-3 vhile tjha:t of :.ndriJs increased 62.7 per cent. In Franco,
SunJri s .ind E.Lyti:..-: smf.,'Lcd i;1cstu, Indian roai.inzd the sano, and.tAmurican
docroeasd 18,000 b.ia.s or 2." p3r count.

Jap.nosco consumption jl' ..'- lric. for the season docroc.sod i4.7 por cont
af'd solnoh:.it si'nil.- dcreer.so tOok pl-co in consumption .of other growths
resulting, in a decroseo o' 14,-1-. or cent in t-o total of arll kinds. In Ita.ly
23.3 per cent loss .roric--.. cotton w s consumed in 1930-31 thran in 1929-30.
Er.st Indian and Sundri is also slhow: d -. docroeso ewhila ED'ptian remained the
s.:^j.- Chin:. n-d India 'ot> c nsumed more arric:., Indian and Egyptian
cotton -Gh.-L in 1929-30 .nd less SundriCs. RSicsia on the other hand consrmod
approximr.toly 81.6 per cent less tn.:rican, consuming practically none during
the l.st half of the season.


-12-






0-73


Sumn-.rizing the mill cIcnl stiO;. i: 1 .')-31 co.v'-'ed wi- 192'-50,
-'mneric"; cotton shiolet a decline in all cI-..' rieas e? 2.1 ;.ill'.o i.- .1e
or 16.2 per cent, the .;rjat:;t 1.oraoit.je dicreazc taIki., plIoce in
r.ussia, Great Britain, andd 'r..rvm.y. Total mill co-uSm..ption of Indi'an
Leoroise cnl- 3.7 -er c,:'t ,it.: 10. most i.: ortant 'cre. ses tal-n"
place in Gcrrnma n, Jr.pa, : I t:ly .'hile in th.D other i :r i o etant cJn-
oLiac j coi.u.trias c s.-i,..:t o.-1 j a Jbo-u~ .t' :e so.0 "." or above 15 237-3C.
ILmportr.nt d..cr23 s.s i-i t'e .y 3-. :l;..ilon of --i tian took i .u o iL- the
Unitol St:..tc an:d -re.t 3riba-.-, .irnor decroc-sos in Ja.pan, 5 ranco mnd
Gor,.i ny -with tihe t.tz.: for c.I 1 co-,;trics dovw 9.1 per coat. Con-
su, ..ti o: of S'.'_,lri ; .. s '.os: in -.11 c r- ,itrics Cxocpt Grmii buit
zo ccilutr:,r Si: ; -, i. i.tcrl.... (cJrcose, thce totr, of 2?.j coun-tI ios
bc5r n.il' 5.C ".;r c:.ivt .1ss thl.n in 192C-30. ThS -ota.l f -.1 30otton
v"-.s lss in .l11 i,.::.ort-j.t cl oltries oxcept Chinai ::r.d Id.i. -7'itl th1C
S...t.t icoline i.K t,:'.I co ns.-.. tion t-:in.; pl-.co in Itnly, 21.3 per
con, rcr.at 7rit i-.i, 2C.3 pr cont-, a.nd G.ermnany, 17.9 por coet .
In J..p.-. ..c-jrc Y.C 1-.4 por co-ntI, r-1 13.7 p.er cot, TIn. .ol
Stu.tcs 12.4 ^r c-nt ~ 1.d in r-..cc 4.2 .pr c; t.


T-.bic .0- Octtcon: K:ill zonZ t'.t-ton in -c..ifiod. countries by ;rc:-thC ,
1 a-.-.0 o.d' 1" '0-31

S ricr.n -.st Irni.n S-"tita S;-n;drio s Ttlrl
Ccu t- u ..: '
:1929- :1'50- ;172- l:9.,0- :92- :1.2; '- :19.S2- :130- :1C29- :1950
:50 : :1 ; :31 : :1 :30 :31 :30 1
'1:'J-0 :"-.'- "'': ,- C-1 -:1,0'0 :1, '30 :1,.0 ":1, O :1, 00o : 1,00o
r : r~1- : r ,,- : r.-- : run- : rin- : rmi- : run- : rn- : rnl-
:n l :.in :ani :n.. nina nia :ning :nii :.n :in
:bc.lys :b-.las :C'-.:co :b.'. s :bolor :balos :b.los :boc.. .balos :balcs

United St-.tus: 5,311: 5,091: 61: 4: 157: 70: 51: --2: 6,,C.6: 5,245
Grc:.t ?rit-ir: ,4174: 9 1: 18e: 252: 512 242: 02: 479: 2,165: 1,951
Corr.n:- 9.23: 71': 271: 2Y: 78: .5: 1: 8~: 1,3257 1,6
Jap'.n .: 1,'2: 9Z1: 1,697 1,530 42: 33: 166: 98: 2,937: 2,565
Fr-uncc : ': 713: .224: -: 118: 104: 101: 34 1,171: 1,122
Ital 364 4: 25 2: 52; 24: 20: 1,0 1 'P, 7
Chi.'?. .2: 3 2: 43: 203: 3: 8: 1,533: 1,439: 2,297: 2,329
Indi .: e: 52: 2,24: 2,2':: 13: 52. 120: 111: 2,4.9: 2,513
Russi 1. : 313: 52: 12.: 114: 52: 60: 1,661: 1,595: 2,109: 1,21
Tot-.1 -ab cv : : : : : : : : : :
c-antricc c :11,310: ,.5CS: 5,21; 5,3 : 76: 700: 4,215: 3,951 :21,842:19,-.29
.'Jor 1 toL.l :l?,02,:10,907: 6,037: 3,5 30: 9.7: .2: 5,16,5 : 4,8:25,209:22, C3
a H a 0: :

Co:nipilod f'r:m ropo:rts cf t.o I:n.trr..tion:,l Fcd.:r.tion of ,:.ut-r Cotton 3'liu.rs'
rPnd ri.2r-'-crtr ...scciati as.
For d:.t2 for carli:r :-cars 3cc ./;rid C.ct:on Prcsp.ct`,' l.r.l 07, 1 j31.
_/Co::'..:.tin:: i. Ruvsi", d-..ri:' th17 1st .l :f the 19')-c1 c azon vmi ostlr.tod.
by tho Int-r.-.tion".! cdjr- 'i:,.1 f:ui. tr -1i reports.


-1i-





0-73


United St-.tjs

Cotton c.rsour;':ti:.n in domestic mills curin; -u.iust wac-iunted to
about 4260,000 r'' nirl, bals, a decline cf about 25,000 bales from July, but
w-as 73,000 ballcs :r 20,.8 per coent above _r..st, 1'30, according to re-orts
zf the Burea-,. cf the 'ensus. Ordinarily c.onsmintin ilv'rt~r _us -Ust is several
thousand. ba.103 a.Ab:ve July, but in vio:v :2 the l-:.er than soas ma:.l alivanco
in ccnsr, i.ti r. during July acc-or-p.nied by a largo decrease in sales, so:10
dccro ase in ,rill activity rc'as to. be expoctcl.

Thi r;it-v.tin in tLio dome'-stic otalidard cott jn cloth industry shotced
2 sli..it iji.'r.oiracnIt during .',T.ist w.itlh production, saioo, nnd shiipmennts n11
above Junl aad a docror..s of 6.9 or c..nt in stocks on h:-nd, according to the
rp-orts -f the iZssci.tiC- of Cotton Tcxtil I-orchants in ii Yor::. Srles,
ho:-zov.r, -.rc 'bolJ.u :roducti:-L O.nd. 31i mc:-Lts, and as a rosrlt Tuhfillcd orders
docre-.eil :.abut 21,6 -xr :.znt :-.'ile production 7.as r.aint.'inod about 20 ier
cent ab.,v; s-.los during .'ug-ust. Somt :-f this incro,:,.so in 2roducti-n rc.y
h.av b'ooe. d.uo to the fi.'ct thit di-rinr the pix.t thr;o -onrs s-los luring
Septenbor havo avcr-.cod 29,000 2r:.rds per -;cck or 47.8 por cent abovo Augast.
This section :f the donostic cotton textile industry which is .- paircntly Voll
or-.niz.d. has beon striving t'ilo ':cc pI:rod-icticni in line with c oncunmtion adi
as r:s'Tlt st'Z;l; or h-nd a.t t.i oend -i th:i month have decre-.sod from r .
high oiint :f 4' l6 million --.rds in Jiun 1730 to 251 million yarrds on
-Ag.st 'l, 1931. These -ar the lo-.ost stocks held since 'rior to /ug~Zst
1927 '.-hon coori-:.r-.ble d-.t:. ..crc first av:-il-.bl.,

Grcat Britain

Th. c)ttcn industry in Cro.-.t 3ritai:: continues tc fool ic effect of the
depression in fcrliil countries as e..ll : .; .t homc. The seriousness of Groat
Britain's oc.nomiic on'iiti;ns has rocontly b._on br.-r,;ht to the eyes of the world
by thec decision to sus-)ond the gold stand-.rd r.s a b:.sis for their monot.a.ry
s; stor.;. Conditions i:. cco-ntrics ..s .ff-itinr the British cotton mills are
indic-.ted by the .co.3mlY.nil table .giv.iA cr: rts :f pioc~j goodss by ,months in
.19.,2-i0 c.d. in the 130-31 so-.as T-. This tablo .also sho::s 3hio impiort-.ncc of
tr-.'d c m-.ditions a:un rcla.tions i. and -;ith India. i Driin the 1929-SO cotton
Sons.?n tot'l o: orts cf pi'ocC' ,oods to -11 comntrics ano-unted to 3,067.4 million
sqvurc .y.:.rds '.-:hilo in 1930-31 total c:c:rts .am.ountcd to only 1,74-6.6 million
sq-".rc ,-,.rl. or a. decrease oCf z13, 1 eor cont. In the 1929-30 so-.son c:certs to
Inlic,, .cui-tcl to 1,152.6 lillio`. squar-e ryrds or 37.6 cpr cent of the total
oxu-.'rto fro:. Gro-.t Brit-.in,. Du'rin, thli -;.st sc:aoc.: Indi.- took only 383.7 million
square :c.riso ."l;icih .s only 22.0 pjr cent o-f Lc totnl iieco cGoods cx-orts m.nd
rsprese-tedl a 6o37 ?er cent decrease fro:.i 1929-30. In considering the table
it should be recalled thatG iin L 1.ril 1953 India increased her tariff and. at the
sar.e tire placed the boycott onl foreign Goods. This was accompanied by a
rather :r,.irod decline in GC-oat Britain's exports to India e-xports in April
aIlou,-tin to only 64.4 per cont of thoso in .I[arch. From. t.-is it is easy to see
vty t:1- cotton industry of Groat Britain is vitally intcrsteod in the improvo-
ru.5t of trade relations "ith India. Tra.do reports front .cnUchostor indicate that
the Lancashire :.orcrchcnts ,r tackin a rat da. of intorost in th London
conforcnzc which birou.lt representatives of Indic to Great Brit':in and that they
are ox-tondin.r special invit..tions to thus; olggtos to visit th.ir cotton mills.






C-73 -15-

7 T-. bl9. .- Cott::1 m.ioc. 0oods: .:- or-.s front. G-roat Britain, 19:29-30 : 1.
1930-31

1929-50 1950-31
oats :Totl to all: To I :Iotj.1. to ..11:
STo Indi.a 1/ t. To India 1/
: co-utr'is : : countries :
: '1i] li: : llillion :Por cent: illlion : Iillion :Por cent
:sr2.:"- F-'l-~c:s ru.-'. -rL'ds:of tota.l:squ'.r.o .rs:sIS ro 3-",r3lds:of total

A-uJ. 521.3 : 129.3 : 40.-2 : 163.0 : 42.2 : 25,1
Sa.t. : 237.5 : 89.9 : 7.9 : 142.7 : 2.7 15.9
Oct. 265.8 : 72.5 : 27.3 : 150.3 : 18.4 : 12.2
iIv. : 234.0 104.6 : 36,8 : 130.3 : 18,9 14.5
Dec. 275.6 : 100.9 : 36.9 : 1D0.2 20.3 : 15.6
Jnn. 313.2 126.0 : 40. : 155.6 : 28.9 : 18.6
Feb. 9.5 : 13.9 : 45.0 146.3 : 36.7 : 25.1
H..r. 281.3 : 136.8 : 46.5 : 136.4 : 34.7 : 25.4
Ar. 217.0 : 2 84.3 : 3E.8 : 135.2 : 39.2 : 29.0
;- : 13.1 : 76.7 : 35.2 : 141.5 : 36.1 : 25.5
J- 153.7 44.5 : 28.0 : 132.8 : 36.1 : 27.2
J-ly : 197.4 58.2 : 29.5 : 177.3 : 49.5 : 27.9
Tot..l : 3,5067.4 1,152.6 : 37.6 : 1,746.6 : 383.7 22.0

Pcrcont'ao ch:.n:. froi p)rovious yo'.r -43.1 -66.7

I ndi"- inclIudin. Bnurun".
/ Tr-.iff incrcrs s "-. -.d a boycott pla.coi on forci;-. goods.



Tot-.l exports of picc goods in August aitouatod to 143.8 million sqLure
y,.rdcs, 2. d.cruc.so :f 3.5 million squ-.rc yards or 18.9 per cent from July :and
24.2 million or 14.n r cant from Aiugst 1930. Exports of cotton yarn during
l'.onst, howcvar, '.-oru :-:.1 100,000 p .ulds below Jul.: and aoro 1 million pounds
..vo -:i voust l-.st yo:.r. .Iilo pieeo ::-ds c;roorts in murist a..in: shoved a
decline the; ":cre still considoerbl-y abovo the low point reached last Iovoraber
.lnd Docjr.ib.r ihon: the tot41 mno-jit.-d to slightly ever 130 million square o-r'lo.
Tho lo7 -oint in oxports of cotton yarn ro:.3he!l last Scptorimbcr vis 9.1 million
pou-Ld s.

In c-.bld rc crts, fra: .--.nchostor rnd Liverpool for the cook cr*dod
ScptoIrbor 25, Chi!:-. ur.s reported as buyiin go:'ols frcoly, salcs of y--rn wore
l-.r.'-,r th .ji in: sovr.-.al yrs -and thoro -T.os -. c jisil.-r.abl better dcnmnd for rn,7
cott::-. Sor.'o :..ills -ro ro-.ortAd as lavin' rec':tly rcxsu:.zd operations aftor
h"..vii._, bcoi cl:so.' f r -.bo3-t 'a yi-r and a ,hlf. Ini thj1in mills the xorkors
h-.vc a.rcc'i t o.'r.to ..icr: l.oor, 3 nhic.i c:n.blos the :mills to operate noro
pr :fit:.bl;'.





C-73


Conti-.en.tal T:rrooe l/

The heavy fall in cotton prices :has quite gererally caused extre.le
hesit-.ncy iaoong continent-l buyers of cotton yarn and cloth, which also m:ado
for a decrease in b-iinG interest in ran cotton. In all iri.ortant contir.nnt-
al countries, as a result, spimncr interest for new npurch-.ses of raw cotton
has rc.-iai-nci very lim.ltcd, with o-eports fro.i r.!cst sections indication that
onlyl .uncdiato needs '.73cre0 cing coveroc. Ho;:!ver, the drop in raw prices
has bboon so drastic and the price level now reached is so low that so.io
spinners in both central and -.estcrn Europc, as 7oll as Italy, have bcen.
induced to placc larger fizin orders, with reports about the riddle of
Se-ptocrber indicating that i '.urchass of allCrican cotton wore in fairly large
volDuoe.

Contir-.ntal spinner and weaver srl;s of l'arn ai'. cloth d'.rirng the
r.,nth of A- )i-jt, as alroa-1" intir.iated, w;.rc vler siall, with some slijLt
i.'.:ro.vc scnt toward tihe ,nd of the tr.onth, when raw cotton .-r.ices also sho:-..od
afir.-.r toa. T-he situation in -w-srtern Europe, ;n:ta'llyI -ra-nc, has bocoLer-
':7rsc, .n'z. t is now evident that 'both sales and restrictions in activityL
in the latt r co n._try. have boc:1 .LorC it.xportant in: recent ic.aths than w.as
previou.sl .l; a,.ittcd. Ic is now obvious thirt the fi::-acial ,?rl other
ocon-.mI.ic oprc.bl .. of central .'-ro-p, an.1 nc .. also those of FT-gllnd, have
-ucighc. ho .-ily --po: business scntincent in all continental r.rn':ots.

Stcclks of cotton y-arn and cotton 2.oo.s on the Continent havo shown
a tendency to rise rccently- bocr-.ase thL, reduced volum-ic of s-les has not
boon acco-i.;anicc. ob corresponding rcc.uctions in r.ill activit-y. The stocks
situati-n, 1.h-70evr, is n.I;t unfavorable in central Eu.ro-;o, wherr heav-
rciuctio:- has occurrA.d iln '-rovion-,s months, b'ut it sco.s sou;ewht burdrn-
sor: in -cst .rn- ED.:':2p for t'he r.tnt It is quite g~:ncrall;, tru.,c that
consic.orabic losses 1?vc e Ccon encobu.t3;rcd b.- th3 in'.ustry and the trade on
su-ch stocks through. tlh.o Esid \ an hca'y. fall in the price of raw: cotton,
icch was roflectcd, tho-ugh to ? less extent, in prices of uma-ufacturod
p:ro.'.cts. I; is net believed, h.-,vcver, that th loses i.--currol by
conti.:-ental spinners on raw cotton hollings -:Ar dan:gor-o'.s i-: extent, bo-
cause of the cautious buying policy observed in recent i.-.nths. Soe
c::cc)ti?-r is indicnte3 from.i Poland, whore loo03.s on r.aw cotton: by the
i:d.ustry are prior.incntly .enti.-ncc in the press.

/ Based con report i-tc St r. 'o-r ., 1-3i fro... AGricu. tur.. attrche L.
V. Stcro :.t 3j-rlin, su- lei.cn.... b;- c -'b c Sep t..bcr 16.


-16-







C-7J.


-Th- J ly- -cp-,rt cf Ccr::-.1 -spinners anr :7c:.vrs in:ic-tc' very
u:.satia.lct: <- c"-::.itiD::-3 ..ri-:i" tc second crt of Ju;ly, with a r ...'.ical
iccli.:. il -.l s f : .--- .. cloth .Z a res'1lt of th- Cr;-,- inr rr' cotton
prizcs, v.li_ c.--cL c:-r.s.--.':lo ;-osit r-cy aong ':'- r. It wos further
rc-*-rt":. t"L-' t. the c.lli:, f ol contrc.. ts ,ccinc :i co-nsic1'-ra.'ly.

C..'.iti-,::s :-.v. .r.. t inproveo. ?.-ri..; the oYlth of Au :.st, son
rc.r'ts i:i'.i'ti:-. .:vc. :v.rsz 'j.;ir.noss than in the second p-.rt of J'il;.
c'.wr- th: ,:-.. -j t,:.c :.:.-: ;: hoi 'cv r, c.:'. i.. r v :::l.cnt in1 both :-.: sales
'.nc! .-cliv'rirEl O-- .l c. .tr-..cts w.a rplorto-I, but .:.. rly S'btu;:5i r reports
i: .. t.t :.c; ricr.c i':r both arm -arn.' cloth :'.oro at ..:L."... The
.hrir.'.0. of .-,7 : .c-s .r-C.:G th c:nc-L half cf July .-.:. carly Alugust has
cn a ':tri'::.tc:"., t: s:-'.c ;:,r.-, to the rscrictions on ps'x'nuts inicioint
tc the Ccr:',.".: f: .- ..i-.l crisis. ::~i.:--lc t 1 ho C restrictions havwo l.r3cly
S:-:* -.-r..c .u("- wit ,i

-ctivt i. :r..-. pir.:i-.-. 'r.. .:cTr.G ills has nrt shown
ii--- fic?2.:t cli:: .o ir rc:- t nraoths, but it should o. no'tod that opi::..i:-
ctiviy;,', :7.ich ris st.:-.il; fron. 77 por cent of "the 19 8 ..onthly navrage
in J-.; 1221, t. 93.5 -or cot in .April, lhos dceclinc-". ..c.at sinco,
-. c 'i.:"'-ti t 9 pr cent in J :17 1931. ""'J":In -iill ?': tivit
:-.i:.-t-'. .:. ii fr :. s:..".'3-~ longer pcric, .it this oarts pDClz
.-ce.l.c-. i:. JOr.c, h-c.-1 it -'n 71 pecr cet of f .1 caracit; as c.o..arcL rith
57 -cer cc:-t :-. Ja:-:tu.r 13:1. The July figSrc a.1~ i,-: r bolou Juoc to
39 -,I'r ce.t. TeCSC dLvclo-:.:onts arc not partic.-lrly unfavorablo r.s
va.vin c- ivit- hr.: rcce-.tl, been oa-ov th: lvYl of the Scne r.ionths last
year. H E:,-..r, s-i,:'.i.: activity fiuircs h : i costly boon rr:'.ni: bolow
last year.


-17-






C-73


Spinner bu-ilag at P-remen v:as veAry ..iot .-;rigj iua.st, 'ut showed some
improvement toward the end of the month, h,": an increase in price-fixing
order- also indicated slightly -iore confidence in current cotton values. Of
course, only the most necessary needs nere covered and engagements for longer
periods were generally. avoided. All difficuj.ties Jn the proco.rement of foreign
exchange or in the disposal of foreigQ exchanr..gc on hand hav3 bcon removed by
a liberal interpretation and administration of official regulations.

Czechoslovca:ia- and Au:stria

Eoth Czechoolovyiaia and Austria report continuance of generally un-
satisfactory textile conditions, .-ith respect to n-w busLncss as 'c0ll as
mill activity, altthnugh operations in Czochoulova:_ia ihav shoii a tendency
to rac clintly; in recent ocks owing to incr2ascd export srlcs to anubiian
c 4untris. A grrat drop in ac.ctLvity occurrc' in Austria around the middle
of the :,'car and: low levels still -prsist. .Astrian hopzoc for 'an improvement
of textilo exports to Hiun.nry, as a rczcult of the nC-.7 co'.aIcrciaJl treaty ::ith
that cov-.tr,;, have not bc3n realized because buoin..ss with Humnary has b..cn
almost compl'l;-l c.t off for somc time ';- the fLorei.i oxchar-. restrictions
impoooc. in E-i nary. Arrn. cn.nts arc no' bir. nir mdo to relieve this citv.ation,
however, through p2'rtitting Hnr.garion i:oortcrs to acquire claims on ',astria
r-c.utin.g frol. Hu narian, c-:ports to tht co-u-t.r;, and to ma:c their npymonts
for iu.portod Austria:. goods in this wn.-.



Hr.ingE.r- reports sta-e ant yarn solos iand limited cloth business to'.ard
the cnd. of 1-;,st.;Ut, ith a tend:_rnc: toward extronic caution among buyers bo-
cause of th.e finer.ci.-l sit.zation within the country. A rec nt statremont of
the HTl;a..7cr-. T r :til: Assocition indicrtos th-.t the decline in toxtilc
ccr.sr-uption i1. 1'b0 in E~:Igy, compared ..ith 1929, imnoiuts to 30 to 40 per
cent.

A rccc-t stat:mn.ent by the Czcchoslov.:in ttstaticstcian Tjh-liG points
out the efforts of H- L.1-"*'-ry to m.r i herselff more innr more seolf-sufficient
with res-pct to cott.0.n textile -)octicn. H jivs the follloiing intcs as
o0.sic:

Tnblo 10.-i Hu~ig.z: irmports of cotton .goode s ". p.rce ntage. of
tot-l con;uzr7ntion o:f fi.ishod goods
Yvr : ar: --- -y : i- ich. : "t cr : Tote shr : Shrre of don-
o_ frrics_ : : of inojrts : c-tic production
: r : 2r : .r : Pr F: Pr : Pr
:c t c ct cent cc. t cc-.t

192C... 2 21 : 29 4 : 1 :19
192..: 21 14 : 15 : 2 : : 48
1930..: 12 : 15 13 2 ::
1331..: 12 1 : 7 2 : 6
t : : :
qJ.r- :
tcr : : : : : :


-1.P-





-19-


Tranc e

It has beco nc evident recently that declires in nen cotton yarn .A.d
cloth business, as v:.ll as restrictions in mill activity in France d..rig
recent non~hs, :av:: .tc: r.i.cr im.:ortant than was a-l-ittcd by press and trado
obsorvwrs. It is n.-:; reported that the TrOnch cotton industry has a-cu.cl1latcd
qlitc im-portait .tDks of :'rn. and cloth because output .,Ae, nt r:duccd in
c-for.fIty ;'ilh th-o rac..uo~~ i. no' sal:s. A3 a result, it is points~ out,
the 'roch i:-cu try l-as sffcrcd cortaimn losses tlro-..- thoe i._-:- price
dcclin: i:: r:.ccnt :.i.o:-ths. 3o0:.itions arc rc-portcd very unsatisfactory in the
Rouip.ix-TTure-i.; Listrict, as ;731ll as in .A1- c. T.i 1,1. sacian Cotton
Association : -"cc:.tl roco--L ,'crd to the iL..stry. a -:rt'cr curtailmont of
-oroduction. TIhc ;itcstion 7was also disc-:.sscz -;hethor or not it 'ouldJ be
possible to b-, old ?:-j obsolotD factories to eliminate tl'cr from the
industry, on idea ilso L-.r'-c.nccd sovcral mo:-t' -. ago in Czochoslova:ic -
withocut result.

.hil:l Ec-o?.r.t cc.-par.abl- fij.Ires for cotton mill production in
Francc arc not tvilabolc, the follo:.'in figLrcs on -''-cranl textile pro-
,uction in .'r.nco *::c bec of somc interest. Acc;rdi:-3 to the Iranch
statistical -,fficc, textile pr3..u action. in "r,-rce d drix:; the first q-uartor
of 1931 .7;-a-uitcd t:o 3 -:r ce-:t of the quartcrl;y -vcran- in 1913, :.-I!
d1rin tihe scco:d nd.i-.rtc.r of 1~..1 hadd dropped to 77 per cent.

Ju'il;" reports fr-:m -rco-ch cotton centers indicated some financial
difficulties i. ::: cott.- iindustr-, a-.d it was rcc.ctl.y reported that the
industry in laccs is su.fferir. c nsidcrably from rigorous credit withdrawals
oy 3ritish b njs ?...c. c i. fin.-acing t-h. Tr. .:cL cotton industry Th.o slow-
n:ss or rzluctanc- :-f 7ro.-~ch b-::s;c in roplacin. those credits resulted in
irDarrassmcm-.t for t-: industry.

Bclgium

Th 3clJi~ia cocton: r.ill situation is still very ,unstisfactor;. The
restriction of ..ill activity is consi.,crablo, in soti csos noul ting to
..von 50 per ce.nt :f sin:l shift capacity-. The industr-r is foclinal the loss
of t-L Ssu .t ..rican ri.nr':ct bcc.use of the :j'rat fall in -oriccs of
airicult.ral pr catsl thre, as vcll as l caotx'y disorders in sveral
tcrritries. NIumerous fi:ancin.i diffic:ltics aro also reported in the
-cloi-an cottjn:..Iill industry.

Holl-nd

Reports fro.- Eall-.d indicate sr..all s-los of cotton -yarn as a result
of a c-:,nsidcrab'lc rcducti:o in w.cavi-.l mill activity boc-:us. of reduced
o-pcrt sal c. A ccrt:.iz an~3--:t -f s'l.:rt-ti'nc is also or a.-izod in Holland.

Italy

i;c- r.,'crts arc not available on rocont dovclop-.cnts in Italy, but it
a--pDers th:.t cor.l.iticns have r.t ch.n-c. mcuc i :hfr:. a r..onth .go. Spinni-ng
.nill activity. ar-und t-he riddle -f th: y~7.r .fol s-r.at 'bclow the levels
of Jrnut.ry and boru-ary, .nd th: s-,-.: is tr-ec of wc.-.ving aill opcr-.ti:ns.


"-73




C-73 -20-

Activ.it:', h.:u.?'.-cr, is ::o.; c-::- slii-.tl,- b.:loo: the s .r.c tirc last year Ih1cn
th.e d:ccssio:: .:.as alroadL- vcr-; cver. Thlc (.:crocarc in rctivit. as 0
p.rcd .'ith 1928 a.nd 1929 cac-unts r uh-ly to 30 -cr cont. At the reduced
prices prrchl-.scs rf Amnrican cotton -;vre reported as fair about the middle of
S.-.pte!-.'.J:,r w-ile Indian cotton -.-ra bocina noeglctod.



'c'i report Iro:." ?land inr.icr.to that the hc:'.:.; fall in r?'."i cotton
-rices ihas caused cor-si.or.ble urccrtaint;- in the inc' str,- -..d the trade
f.- ha.s i-tc:.sificd.tho difficult situ.ti:;i ?.lread:- cxisting. It scous
th't c:..si.crn. losses hLve lbc-:. Yn- .itrtcrcd. rru. cotton purchased prior
t.' t::_z A'uu it fall in prizes, ..z i :ll 2 as onr t:c st'c.:s of f.rL ..-: Go.cks
Mol. Sc-o fir.?...cinl dificultios .'crc rcportC duri'iig ::ust nde.. 2 le.rgo
Lodz 'ott- i s-piniLing mill was forcer. t a,.e for a r.iorat3riiz. A certain
s-rs.: n.l ~i.r-c.mCnt in cloth sales *..'_s i.:-icated toward tIhe c-d of Ai.g-ust,
7-. it is hv .: t-at this .:ill c ,tinue.

0.7i-_,' t. the c: :ti:llu-'CC o'f .~if'i-alt c.in-c'3fiin in the Plish
cotton i:-.rjtr;, th for:, itiin ,f a la rgc spiii:-: a::. :-;caving trust has
reco.:tly- b.:cn C.iscuss.'.l is tih press ?.:c1 irT interested circles.

J.-: ?D--

D-.rin:g the -:-ri-id frc .", .t.x:st 22 to S-pt...b.:r 25, prices of Ai rican
sp.)t cotton in: J?.?-:. ccli:nic 7 per c:.t .-hil: Inc'.in Coura i :.ro-.'pcl 5 por
c. .t, spt -,"arn 10 v)r c:n-t -:-. -;c.rn future 10 pcrc..nt :~lhic'.u further irproves
the priah ).arit;- o.f .ncicr-n, .cccr:.in; to ? report fro:.: Co-suJl Donov.n at
;OLc. The rcprt ".2ds .that t:he :st i.x)orta-..t q'wcsti.n faci;-n the JaZ~1-so
cottn pi: -i : lc. ;.: cD.vi:._ i.-:.str;- at tt te rstcnt c tt.e is tho effect of
r-.ce:t cvc::ts iLn 0hi.:a.

Yarn pr-cductiin cr.ntinuci to risc C.ri.g :-ust u.sunting to 83.6
.-.illi. -'- ...s co:. :" rt 86.9 r-illi'. ir. July- '-. 3.5 :n.illirn in
A'.1..ust 1_30, or .-: i .:r-.se o a-but 1.E ...- .0.5 per cc-t rcs-pcctively.
This ,;as tU`c l.rjcst pr)c'.i.ction -f i-cr-. f:r r;; ..::nth since U"; 1930 wLon
ah.out 92.9 r.illii.: p-ii.-s, of ;-r.rn :7crCo ro "accd ml.nl wa olr- 14.6 per cent
bclow: the record -prO.r lcti.]n of _IT-'vc:.t r 1929 1hc:. 103.2 million o-)o:nds warc
p 7c:. c.c cc:_tinuc:. i::cr'nso is de.c to J or' dc. ..-L :?.d tc the increase
in the :-.-..or of spi-:c'cs in :prc.ti-.n. hilo yarn stocks were slightly 1-rGor
than the previ-rs .o'.nth th._.,- -.. ere i.-ch b:lo.; ,. ar 'r ago. I:.-rorts of Chincoc
:'".r--.:. h.v -)r.ctica.ll c1-.scsl. '10. to the C.cclin.- in -)rico- .: Ja~p~ncsc yarn,
b..t nhe Jcap_.".sc s.;.i-.-.rs ro sai.l. to be still able to pre:uce at a good
':.rcrin of prc fit.

Hc-a. .y c-'-:s of -iccc sois .;crc pl~er.c:d Chin"cs ."'- In f.ian bycrs
,ui-:. A.ug.ist a.n. total c:rerts ai.rntc. tc 140.4 milliono n sq-Larac 7'ards c).T.-
p .rc. ::;ith 137.8 r.'illion in July -nd 128.0 -.illi.n i-n Ajayst last ,-car. This
is an: incr'-s.co -f 1.9 9a.?. 9.7 opr cent rcs..cctivcly.

Irncrts of ,.in-rica.: cotton :i'ri:i A.ujst r.-.:-.tod. to about 42,000
b-.log c'r.:".rlc .i':th -b:.at 56,C000 b-les in Auiist 1-'.t r-car. Total tir.)crts
of A-. ric-.: for tih 1930-31 sc.aso 1 as been placed -.t 1,13,-,000 b.lecs. Iri-
-':rts oaf -1;.i i r.e .unut. to 1,357,000 --lcs a a.11 others to 255,000 bales.
Visibolc toc:_s of fncricni co.ntinec- t'.. -rcclino dcd -t t the end of Au'Gust






C-73


amnoited to 161,000 baler and is :rmcorted as about normal.

C.. i;,

Yarn and cotton prices in 3.,-:1-. continued to decline during the month
ended about Septet...er ii, out fluct.a:itions have been within rat?-.L: narrow
limits, acc-:,ri.g to cabl.bi: al-:icc from'Agricultural Commissioner Dawson at
ShahCLghai. '.e de.lmadi'fo- :.-ir:-n w-..s not considered i~ufavorable for this
season of t':c vuar :inli so..e of: t..i- *::e.7. -ess in the *:i.r::;t has been due to
anticipation of d0.cr.asacL r;-'iir-, o.oer in the flooded areas. It was
reported tha-t while ir-an, tiinrc th- .t tere are si::gnificant decreases in the
demand for yarn due to the flocd, th'-. opinion is gr-li-i. ground that the
reduced. dcf-:.d fro.i thi3 .ijurcu ,'-i"r. "cen _:1.: ..-rated and that total consumer
demand for '-all Chic.. is .ull.: cq;.ai co last y.er.

'lill -ctivity in 3.i.r. d..ri::.. the sumrmar has been maiintined at a
good rate a-ld. stock's of ,'r:-. %.rL -bo-.t average. Some improvement in the
demand for lcw co,-.:t ;..r:.L wa r.'ported early in Sep'c-.cr n and the movement
i::to t.h i-.t.ri'.r i .?. be..'. in -ir v'oluime.

Stoc:s L of native cotton arc li.-ht ;--i stocks of American and I.:.irc..
cotto-ns are ot Fun.'.1.l'- .r.v. fFro... forward purc..Lcj of rawr cotton al-
ready U.aLic it a;,..:.rs t :._t :.or. A.-.:rlcan cotton is being bought this year
th-an l..st r.-. t..at t r projor'tic.-. of AmiriCcr in co: -)..rison with Indian is
incrc -rs si-f.- i lifi ica.:tly.

Acrce::o, Prod ctio: a"nd Croo Conditions

United St.tC.s

Thi Cctojbr 1 co-.Jitior. of t. Ll-'31 crop pointed to a production of
16,284,000 b-l1s of 478 r -..:;.a ".t vhich is 2,352,000 bales or 16.9 per cent
above last "c.-r a:-. 1,01C,C,0" bf-..1E or 6.7 per cent above the 1925-1929
av3ra,-:L of 15,2;-., T.,0 bal;.. ji ... i: : u to October 1 mounted to only
5,402?,0C_ r-i>~i- ur les co-.,--rJ. .:itt ginnLings to the' s-j datu last ;, -.r of
6,304,C00 b:.ics r..d :,751,:' -l.-z for the 5-year avor-.c. Th tarlin,_:-s
in tlhe J.-.rveo ti: -. f tl... c-.,-.. -,:.i.1; .'.ar is probably due in part to efforts
of pro-iuc-:s to ro .c; c-'t. o; ..3n, only family la.or in the harvesting.

India

110 official reort.- have b-e:. received from India pertaining to the
1931-32 c-opr sin..c; t '- e1-,t rclc. .. of this publicat.lc-:, b.it trade reports
indicate t;~t ." t:.tr co. i tio:n; .:xvc been icvor-,lle for the develop ,nt
of tne new crop r- .J. -It.ult.u,: p_..ti... s up to At,;_st 1 were 6.4 per cent
belo: tne ;as..,e t.i;e l.ict c.s ., t.., crop is now expected by BEo.ibr cotton
rncn tj be :.b:,ult t';? s?2:: la:t .',:.;r. The official estivi--te of the Indian
Govcrn:lcnt: plUc.id tI- 1l93C-,31 cr-, :-t 4,05.3,000 bales of 4% pounds :..'.ich
wvas the 1 v:.ztt ,rc, .tuctic'. si:.c-. 19L1-:2. T, total acrcyae in India last
year w.:s 23,.31,00; a.crc.; ':.::c.- '.'.as the lo'.vcst si..ce 1922-23.


-21-





0-73


.The acrt.n- in E;:.-t this year h-.-s Lccn coti:-.atce at 19.2 per cent
IcEs than in 190-1 en'. it w.as thoul.ht for a tir..c that the shortage of
natcr in th1 iTile o,:-.lrli. rcrlalt in a scrio-.s rcclctior. in acre yields. On
Au;;ust 3. 1: ''c-cr, C:tton: S:-cialist P. K. Yorris, stati:ncd at Cairo,
r-m'- tc. hit ltl- Irri .'.ti.n De rartac:: :f the 2n.- )tian .-vcrrirent had
a.:-n'-rcoet. that tle WatCr suirl2 :"- f the Tile ".' :s sted cily increasinG and,
th::t it is felt that ther T.ill be nc further serious w.'atr shortage this
sc-s:r.. The A uvs.t ffici-.1 rc-p-rt on Eg)itianr cotton, houc-cr, adr.ittod
that the ,t.r sh:rtacc hn.t roiuccd tlh ricll of the 1931-32 erp. The
ch-.rta.- of watcr r..s ';-"tiicuil.rl.y '. ctrir i ntal to thLe districts at the
-:tr:.:. c::': :i' t1e0 cyls :- the Lo:cr Delta. :cst, of that area is in
S-'2:clari" cott:t'- which with the 43 -)oc cent rc:.uctiorn i Sakcl acreage
imin.ts5 to, a ::-. .1J.ctio:rn of this v'".rict, for below avera-c. B-- Soe-tc-.bcr 9,
cot t:.. bolle. wero c-:;3.i::; in all parts .f Ert, cnd -'icking- was under way
in U-cr E -t, acccrdii:-,: to a- recent report frorn "!r. Noerris. The first
officrlil :-1.i.c.te of the 19.1-22 crlap i'.ich has just bccn reccivc1 places
th:e '--: ..ctl :l? at 1,329,,'00 bales or a 'ecreasc rf 20 ncr cent fror.n last
.'ca. 2?.3 1uc'io ;.-f: Sa:cllariLis is csti.i tcLe at 3-1.3 per cent bclloe. 1930-31
or.t'. other va.ricties 15.0 pDr cc:-.t belo7.

A ".core t rcrtrictin, t:h 3r,... :ll.ri'.is rrca t:' 20 cer cent onc. othcr
cu.ttn to 2.. .cr "c-t -f the cult i-atc.1 .rr:r next Cyer (1922-.3) W7.
a --r-ecd by ;L ; :-tia.:1 S -v.r1.. nt on Scpt :rber 21, acc:r'ing to a cable
frc.r.. 1r. LT:,ris. 1;in.ti-: of S. -cl in the Delta w:as restrictc. to 40 per
cint :f the cro-p n.cr.acc tl.is :;or.



The S,:'-..".n r-,ports of seci. issuc-o to .-.:rowcrs pL'.i: ts to a Accrcase in
acrcr.:o ir- c',;..'.; sections :l..ile in ,o'hcr s:ct.icns the crca..n,- will probably
bc l-.rger, accor.'i-.. co recent rc-)rrt fr-m "r. .Torris. A rc-.action in
tr .s .*'rt-t.n ch:-.rr "-: i :-'.v,..- ,.:: "*' .. f-c'-.'r ',ric.: :,,." ztir.L'lat planting.
..-.," ..*. '. "
Pl,--.ti'.- ?. i. r .. r ....:, .- '..:. Su- .z. *.:. rc .1. -..' .t: t : -.-:.. e octec rains
r:-:crts .. .:ris. L-s- .year r:cr--C. .. th:c S' l-l .a-. L: tc:c. to 387,200
acres -. hic~ -3 th l I-tr-. .t rc r-.'. Th' :-icl' plr acro, horcver, w-as
clC3 .ha'n in .;.c t.:: T, .i .e ,; .cai,.

rarzil

A r:nff l.: i:roli:.1n--ri- fi.-rc for the 1i31-32 crop in 3razil Lascd on
u.n. fficin.l cti:..t.t.s places 'r:.,:..ti'Ln -.t .300,000 b-lcs of 473 npcm..s,
acc.Jr.in to a c.blc en So.-tc;.tcr 29 from Consul G-ncra.l Sr-.,:ol T. Leo at
his dco Ja:c-ir:.. DeC to sd"VerS .rcu1t -a.n, 2cst ct-.:-ac, the 1D20-I crop
MD-3 4:,0i0 bl. :-.s ccpm.rc:. i.:ith 5:;2,00C -..lcs in 1929-30.



The R'.sia.: cotto-n :ic:ind ci,; pain is c,:ectcd to bcgi n in earnest
n.;c,'t tl- ::i.'.lo -f Sc-. t ,3cr; the first lots of eorly cotton arc alrcacy
rc:.:crtcd e.-;icLc. in s:.. s.ctlns of -r..Lil. Asia. C:ltivation of cotton is
rc-crteo' tc have boon offcctC:'. to a greater extnct than last year, but
r.mcntion has also been r-a.o of the vcr; superficial :.ianmcr in which h sono of
it hIas bcn carrie". out.


-32-





C-73 _""

Abou-t tlo-thir.'s of t'I: t ali cotton crop is expected to come from
the St:tE, an Collective i-.r'.l, c.-;i .'. the latter, ard this fact is prob-
ably r,..: sible for &.'v r....t .:vi.~" fi: t -: it, plo n for completion of
the bu1: of cotton t..rvestl by D:.cebCr 1. Piching continued into Jxanary
c. y :r :.-o cnd sc'.e coitj: .: 'c..rs t- have re,:..J:.i unpickLed when the snow-
f:ll ocjctrreCd.

-"tir.,'nt-.s f tfe L-.t..l .;.": n.-: cotton '.ra; are ovein -o.re confuzi;; :
thn- t.;.' *'ce I.st :.y- .r .-I tl:.. o;'.fusion applies to the 1930-31 crop as
well ac .; t 121-5 crj'. L:.t .11. R.ssian estimates of the 1CO-3l
crop c.-"-.ra :.iul:. ottiLit'.'. _. thoe reason adv",.'ed the estimates were
incre.scdi, fi.:;.- r.accLi- 2,0."..0 C, i Lacs. On tle bacs. c- ot tr fioires
n 1ni 1 o,3 1
available, t.ie li':;.lihr'jd of ovr:-c.-.timati.;: C the yields to Obe obtained in
niwly dlv--:l od r-. :n, *.o t cx,:rience in dealing with Russiaii figures,
this 5u-',..a. al,.pt, the '::.c- :l.f _,&50,000 bales as bei.. more lilkly than
the fii:... last y^.r'-'s social fi-.'arc: to reprcsenit the Russi'::. crop.
(Scc Ctt,.- 2..'pc:s, J:-.r),r;. .1, 1931). Tle International Institute of
Agriculture' :ac rcce.ntl;, c:ol.d -.t it now has a revisc, figure of
1,596,J000O b.lc-s fori ,h;- I :0-1O crop. T liis c-:ir 1.71, if the acre -- ;
figures :.rc ccrr.ct, f:.r Lt :,,.. ld re-dice the yield to about 197 pounds per
CrO t loio 3ct since 192 --25 :1-. c.-:rpares with a 5-y.-,-.r avera;o yield,
1 -2"- ton i'2-3C0 o f '" 7. pcu:':-.s per acre. Until more is lam-c-.1 of the
revis,- c.ti:::ate it T. b'. as ;-,.1l to contI.-:.i. using the fi>uro of
1,530', 0'. b:..1 for tnhc l.:O.-3i rl', ;ith the mdurstanding that even that
iu-c :..'ill proali b. scalou. .*.w:.w:iiv7.ad .iand that the &,050,000 figure
appc:.:'s lzes "*.,r:.-.-. h.., ve:. Ii the fi; re of ap ir-.: 1 .-tely 1,600,000
ba.1cs for th.j, 1'30-'1 cro;.. is s.ubst-.-:tiated it will have an important
boarin c: n the e:-::;-ctancic- f,r the future R-ssian crops, for it is only
slightl- a.b-ove tr-., ",:'vi_-. c -,.: :of 1,012,000 bales rech-.d in 1915-16
a .d i .B" ..I t i;-. 1.-.:- 7.'th Lt i- a' -. :': ..:. increase of '. ," :: i-ate. ly 200,C.)0
b-_ocs -.-arly Pi. ti .: E :im *ro s :.ca 1926-)7, ?j-id it is in r:ar-:: con-
tr.-st to t:.. incri'.o olf 70",0.00 b:,.1s..3 or over 50 per cc:-.t that was formor-
ly clr.ii.ncd to :-.av: ccu:'rcd i, 1.'C0- 1l.

T-. '-;:p.i:nco w;it.. th. 1..0-:31 cron nocds to be ic" n in mind in oval-
u:.bin forc.Ct- of ,:..: 1 '1-.2 cr}p. As stated in our earlier reports,
Russian ?ci'\-.e i _rc f r il" 1 -.-,;w on inrcrc-.,c of 50 per cent over tho
1930 fi-.:.ru. A- cb,..l fr.-:~. t .: Intcrnr.timnol I:.:titutc of A.tricultur
statcs tl':.t, d..e to. he i. cre-..-'.cl *'cr.-..: -rnl an increase in yield per acre
Jbec-:iuse cf i:mioviJd. cor., I,... l.j1-32 crop i,; exptcatcd to be 80 per cent
l-.ger t;.an: t:.u 1350-31 c:.o. 1.3 i forecast is less proobble even than
t:he erlier c ti-ri.t: for i.n -t y- 'r. It neglects the problems that arc
liel:c i:. rie i". -.ta..:11-'.1: :tto. ('rowing in nw it disregards
tci f..t t:.- t 1.ar':.c..tin.. ,~_f .cu. ti.s Pre likely to develop, especially
vherc c:'*tt,: ;' s pl' .t.d i .to i., t-i-- se~.son, oljd it irl ns no arll .v:u.i. for
p ssibl..- ..i'-.u .rd r..;vi i ..s i. th.c ..cre..e e estic.-.. te. Fi: I -l. it dis-
]r.n.ards tn.; f'.tt t: :..t ti.i yarr 10 pLr cent r...re of the c: tton a.crea_, is
i. ne:w .7 io. wl_-r- littl- if .... irri_ 'tion is b-'lic.:i, to be pr .cticci
:,d w";l-r'C yi ..'.s :':r -..c.c -re i !. '.-st c J;rt,.in to be lower thai in older
irri,:.t. r:c.icns. All i.i r: .ati.on :., ar.-il-ble -inits to ...o incr-.-.se
in th.:. 1131-32 R'usi.r. c:.tto cry ove. r that of 1930-31, but :.t
o:-poricnce in.dic:tes~ that such i.:cre-:.o is li..lc to be r..,i'derat and not in
keeping with claims now; r.-_.de for it. S.uch cl!.iric ap!.ear to reflect the
Soviet "-la.n" -nd to di:-ro ar-, pr-st cxy rri-jncc.





C-73


Cotton nicking started early in September in the principal cotton
sections of U -raine which is a n,.wl, dLveloozd cotton region of Russia with
an area of about 400,000 acres (see World Cosoito Prospects July 25, 1931
pege 1i). According to a report in Socialist Agricillture of September 14,
1931, ti.o cropj tniEs ear '.ill exceed consi.derabl;, the cair.-tity called for
by the "plan", and it is conscrv:,tively esti-tateo. at over 90,000 bales.
Considerabi-. narvesting and procurin- :difficaltles pro mentioned, however,
due to the poor organization of tre. varLioauc :niCiS w;-hich are charged with
-the tas:.

Re-ports iron several sections of liortr- Caucasus, another newly develop-
cd cotton r:., r.'in. ro.ion of R.-.ssio.w it. a 1931 cotton arc. of over 500,000
acres ar-u or. t!.. :; ,holerj Ii.orablc' to thi crop, according to "Socialist Agri-
culture", or S,-ptc:-,bcr 1, 1931. The yi3ld iCs Zorcast from 59 to 206
pounds per acri- with te ic. igure of 118 to 11'? pounds r).r ,cre most frequently
v.1lntlonc:d. Tnc crop hs'. n.-.turuJ. and pickiin: 'ras begu"n. So fa;r, little
-abanior,..nt h.-s bLn.i reported. :Thu-, in tt.o Voror.zovo-Aiex(iadrovsky district,
for ir.:;.-nc, out of 36,030 acres pl-nt-cd to cotton oaly 1,700 acres wcre
.Abo.lon -d. It is .::uccted that a great dc:at ,l vi.ore cotton will be pick-ed
t--is full :.ft :r :rc p ppar .-nce of frosts th:nl last ;-:-.'r. According to one
autho rity', hov',vcr, by ;ropc.rly tr%.-:tinr bolls whii do niot o,,cn before the
.rri:.l f froo.t tr. ,'il.l ma;- be not less than 11Ki-1' pound- per acre
(I. i,. fL.riiianov, "Ifew Cotton 3.rions o0f U.S.S.R.)

Culti-.':tio'.n of E lT.tin cotton, in Ru-sia

Effi'orts rrc bc'in, .:r-io in. Soviet Russi-.. to develop the cultivation
cf E~,ptian cotol, c p:'.rt of the campaign for "cotton i.icpe.dence", or
sclf--ssiciency icin i th: r-att r .f cotton supp.ly. A recent decree of the
Colj'-i, .)i l the Co .-nissaritc.t of Agriculturo of U.S.S.s. set aside for the
cult I io.L of Eg'ptimn cotton six districts of the Tadji Republic or Tad-
jil:istzn arc south.cr: districts of Tarl neri'ni t (both i: what was forinrly
:kncrwn s R.--zi: i' TuLr:cst-n), and. two districts of Azerb,.idjan in Tra.s-
c1.uc-.si-. Th.- dcrco calls for aJ- acrC-g of about 250,000 -crcs in 1032
ra.d nc-.ary '13,000 acrc in 12135 in there districts.

T;:., ;ns.t imn-;ortant of th'~-ise sections is the S.irai-Aanars-' District
in Tacji!.ist n (on. t:ihe b-ricr of Afga.ist-L) wr.ere th3 first c:-:poriments
with t.c ,?rr..'i, f 2' ; ti r. c-t;on in U.S.S.R. were m.do. Inr 1930, 741
-.crCs .Crc p. -it t.u E.,,:- .i cott3'-. i:-. this district :i..d in 1931, tho
..cr-:: e i/crc d to 7,4 *..crcs. acc rdir.C tJ r,- c *ti'slu in "i Socialist
A..ricul_.rf" O'f S -Tt'.bor 17., 1T51. This district is to becmic .a source
Of sed : f E:..:ti-n ;jtt.,.: for zil other rLions.

I. crdtition to the r-.,iors v'hr cotton is SOCied dircctl:.- in the
fields, it ic ;:.13o provic'.ed t1 :.t :.n :.:ror. of about C.'- -cres ii, 1932 and
b.out 170,0,0':' 'crco in 193I bo d.evotLd to 2-.::pti-\ :- n hi moe nor-
U4',
ti--rn c:to.: re. .s Vi'-:ro c to:. is trnsopls :ted cuter L-:z Lt'rt'-d under.
glass. The report clr.i:: .,d that this method) cf gr.wivg zo'-ci as given good
rzsuits. It ivovs cvlvs incrasc1. irbor rcqui r'Lmnnt:,, but t.uJSc ar more thfn
offszt b:, zih-er ;,ioids :ith: the r:sulti; lotr cUst nf productionio, accord-
i:n1 to "Soci.list Agrictulturc" fsr Au:nijt 2. ;ad S:.pt Lucr 17. It is hoped
by Soviet Au-thnrities th:.t the inicr-.-.sc l.-.bor ex;.-c.iditure L :ill be reduced
in thJ f-ture through th- use of l-.bor savi: devices thus reducing further
il t e f bu' t~.) heus f bo ..i,,







the CDst 3f production_. Experiments with tr-xanplanti::g of cotton were first
trid i:. 193. Irn 30 the area devoted to ,r-v :.p. : ated cotto:. was estima-
ted .:.t ", -.-2 -.cros .: -. this year it as ncrsd ..: 14, .2 acL s cordingg
to "S-,cialist Agriculture" of S-nt.-rt,ber 11, 1931. The chief value of this
mr.thid ,f gro'v:iir. cotton is said to c:c-.cist in that it permits the cultiva-
tion of ti' l-.to-minturinl Egypticn t;.pes in .ay, of the cotton regions of
U.3S.R. .,.ich aru situated too far to the north to m;ke possible the grow-
i:. of uc- c:.tt-:\ '.:ith its lo.-.; vegetation period in the ordinary ma.- er.
The yicli ~r -crc f trA..sp~i-ted r;iptirin cotton in 1'....0 o: a St.ate form
located n)t fLr friom Tsh::sci:t (Tv.r.-stcn) was 609 pounds of lint per acre
and 3:on a3t:;r St- t f-rm in the region of Fer':.-,a (Turkostan) war 618
pounds per acre. The yields obtri.:dd from the transplanted American types
on t-. ari, St,.tat f. rms were 695-795 pou.-.: per acre as .':--..;:st on average
yiold of 200 ;:ou..ds per acre and highest yield of 412-471 pounds per acre
where the cotton. '.as planted directly in the fields, Similar or better
results vw:rc obta-.i:.-d on s-mc collective farms. It should be noted however
that vcr.- procbabl,, these yields were all cbtLaind on irrigated land and it
also scjms pr.-.b-bl: t:--.t these areas were given special attention. The
fact tar.t c..:ld rcqulir,:i-cnts are less in the case of transplanted cotton
is als. consi-ercd highly a~dvntageous, especially since it facilitates
rapid c.:lction of pure seed supply which is the aim of Soviet authori-
ties. For mi_..ps of cotton regions in Russia, see Fcreign Crops and Mr.k:ets,
Aisft 3, 19i31.

It is decreed t'.a.t the L'rjwers of e t,-tian cotton are to be encouraged
by hi.jher prices, increased grain rations, and privilc,,.s in the supply of
mr1a-nuacturc d ,:o ocds

Uganda

Cotton plr-it.d in U -a.:da up to the end of July -s reported by the
Departr..nt of Arricuiture, K-r-,',ala, Uganda., was about 2.:',000 acres comr-.arcd
;,ith pl-.:tin to t-. same date last year of 283,OC'0 acres, according to
a portt from Vice C:onsul Oscar T.:,.'.;a:on. Last year the total acreC_-.
was probably bet.:;-ee 630,000 and 700,000 acres. The report indicates that
pla-..ti:-'s t..:is ;-c4 r are earlier thoa usual and that increase over planting
to the sa.,-e ..i..te i.st year is not i.-nicative of a large increae in the
total. T:1. m port further states that rainfall and other weather conditions
have b.e-n ifr.vor-blu to the develop:me':t of the crop*

IMexico

T.1e 19,1-32 crop i.n 1Mexico has bc,:, est;i... ted by the I~inistry of
Agriculture -.t 175,00' bales of 478 pounds net or an increase of 5.3 Cr
cct ,ovr t.e 169,0jC0 b:.les producco in 1'j0-31. Alt..: the production
is hirEihr t.i.r; last year the acre. c is estimat, at 17.3 per cent smaller,
bcin:g 3-25,000 a.crcs co.ip.ared ',ith 393,000 acres in 1:0-31.


- -0- -


-25-


C-73




UrliVERSITy OF F ORIDA

C-73 COITTEITS 3 1262 08853 1071


1 Sumanr.TJ . . .
2 Fiure T.i Cott:n Prospect. . Opposite
3 Prices .. . *
4 Stocks ari. ;veon ts. . *
5 Te-:tile Situation . . .
6 Continental EuTrope. . *
7 Jn.onr . * *
8 Chira .* .: *
9 Acrc, c, Production nl Crop Conditions*s *


.1- 2
2
* 3
S3 11
.11 15
.16 20
.20 21
. 21
.21 25


TABLES


1 Cotton, all -:indc: Stocks at specified locations at the end of
July . .
2 Cotton, An-rric.n: Stocks at specified locations at the end of July. 6
3 Cotton, I:dim-: Stocks at specified locations at the oed of July. -
4 CotV-on, 2 'ptian: Stocks st specified locations at the end of
Jul . . r-
5 Cott, sunirios: Stocks at specified locations at the end of July. 8
6 Cottoni, b:' kinds: Stumnary of w)rld stocks at t.,e und of JulY'. .
7 Cotton: :.ill. st-ck;s in specified countries by growths, on August
1, 1930 andl 1231. .. ... . .... o 10
E Cotton: iill consui.,ption in specified countries by crowts,
1929-30 and l192i-31 . .13
S- ,Ctton pices 3 Exports from G.ret Britain, 120-30 and
193C-31 . .15
10 Hun .r ir.mports of cotton go ds as a prrcentnF-" of total con-
st.'u ti.on of finished goods .* .16




UNIV OF --' .





U.S. DEPOSITORY




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