World cotton prospects

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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

Subjects

Subjects / Keywords:
Cotton trade -- Statistics -- Periodicals   ( lcsh )
Genre:
serial   ( sobekcm )
statistics   ( marcgt )
federal government publication   ( 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:
AA00013009:00024

Related Items

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


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Full Text

A3.4 0: / -o 5
UiiITED STATES DEPART:EITT OF AGRICULTURE
Bureau of Agricultur-l Economics
Wa sh 'i i L to n

C-114 & 115 May 2 19 ,


70RLD COTCI; ?rF.SEC:TS

(iMirc]h and Anril issues)


The attached is the surrnmary of a preliminary report upon
foreign cotton production whicl is o:n- suction of a special study of
the world cotton situation undertaken by the Bureau of Agricultural
Economics u--on the request of the Sccretary of Agriculture. Due to the
great nrnoant of work involved in the preparation of this rc;..ort the
regular issues of world d Cotton Prospects for IMarch and April have not
been prepared.

Since the release of this report revised estimates of the 1934-35
acreage and production in India has been received from the Indian
Goverraent at Calcutta. These estimates placed the 1934-35 crop at
4,023,000 bales (478 pounds net) co-moared with the previous estimate of
3,613,000 bales, or an increase of anrcximately 400,0CC, bales. The
estimate of the 1933-34 croo was increased to 4,241,000 bales as
compar,'d with thi. previous estimate of 4,197,000 bales. The latest
estimates, therefore, indicate a decrease from 1933-34 to 1934-35 of
slightly m-ore than 200,"'00 bales, whereas the previous official estimates
indicated a decrease of nearly 600,0-0 bales. The latest estimates of
acreage indicate an areas of 23,830,C00 acres in 1934-35 comuaared with
24,136,0CO acres the scacon before, or a decrease of 1,3 percent.

Recent unofficial reports from Brazil indicate that due to un-
favorable weather and heavy boll :onr. damage, the Brazilian cotton crop
may be considerably smaller than the latest official estimate of the
Brazilian Government which was used in the attached report. Trade
reports suggest the crop may b slightly above 1,300,000 bales ccm7ared
with the official estimate of 1,591,000 bales. This wouldtcnd to
offset the increase which has occurred in the estimated production in
India.

These revisions would indicate the need for revising the estimated
totals for both tho foreign and the world unless they are offset by
subsequent reports from these or other countries.

The following is the summary of the report which ns released
April 29, 1935.


UNIV OF FL LIB
DOCUMENTS DEPT


U.S.DEPOSITORY
- U.S. DEPOSITORY


































i




FOELIGIi COTTON PRODUCTI.L


Summary and Conclusions
The trend in foreign cotton acreage and production has been upward
during the last 45 years. In these y,.ars foreign cotton production out-
side of China for which early data are not available has increased at the
rate of about 150,000 bales per year. This is slightly .-reater than the
averse annual increase of a little more th-.n 100,000 bales for the United
St-tes. In the decade 1891 to 1900, foreign production, exclusive of
Cr-ina, amounted to about 30 p;,rc=nt of the world total (excluding China)
whereas in the last 10 years it was about 40 percent.

Foreign cotton production, exclusive of China and Russia, for the
current (1934-35) season is now estimated at 8,843,000 bales (478 pounds
net.) This is slightly smaller than the 1933-.4 crop in those countries,
which is now estimated at 8,865,000 bales, about 10 percent larger than the
avt'rs-e production in tnose countries for the 10 years ended with 1932-33,
but 100, 'C0 bales below the previo s petk of 1925-26.

7.s area of foreign cotton, exclusive of that in Russia and China,
for the current season (1934-35) is estimated at a little less than
34,4C0,000 acres which is approxim.-tely 1,a0,0C0 acresnorc than the
estimate for the previous season and 2,200,0C-, acres below the peak of
19-25-25. The estimate of foreign acreag-.e for 1934-75, not including Rus-
sia and China, is, however, abo..t 5 percent lrger than the averao- for
the 10 years ended 1?c2-d33

Cotton acreage in for-i. n countries, as in the United States, tends
to increase or decrease ariL.ually with material c:.,2njeu in actual cotton
prices within these countries or viith significant c:n.., s in cotton prices
relative to pricz: of alternative products. An analysis of tie year-to-year
changes in the foreign acreage (excluding R.ssia) as affected by cotton
prices relative to other comnaodities, as well as statistical analyses of
acre:e changes in some of the more important cotton-producing: countries,
indicates that the acre-ge in 1935-36 probably will be around 5 percent, or
more, greater than the -creago harvestcd in tne current season. T',e con-
tinuation of the upward trnli in foreign acreage and production and the
rate of growth or retardation will depend upon governmental polici, a.nd
upon physical conditions as well as upon t'.o trend of cotton prices and tie
prices or advantages of competing or alternative crops.

Questions have been -:s'ed as to what -ould have been the effect of
higher or lower prices of American cotton 'ipon acreage and production in
foreign countries in the 1935-G2 season. T:.i l analysis sgL-ts thwat if
American cotton prices during the current scoaon had averaged abc:t 10
cents pr pound with the ratio of foreign to do:c-stic cotton prices and to
the prices of other commodities as they nave been, and other conditions re-
mained Lthe same, cotton acrr,-u' in foreign countries in 1935 might have been
but little if anr. greater than in 19h4. On the other h-nd, if American cot-
ton hrd been around 15 cents, with other conditions as specified, foreign
acreacg, excluding Russia, in 1935-36 might have increased 10 percent or
more over the estimated acrcra_ for the curr-ent season. The actual changes
in acreage, of course, might have been affected by other factors changing
as well as by cotton price c:linges.

The competition of foreign cotton is also becoming greater on a
quality bEis. In India and CGLin-. during the last 10 or 15 years there





-2- .


h-s bc-en a shiftinC to vrrietil-E (mainly A-Trricn upln.nd) which give a
lcnTth of staple more n'..rl, simil-r to that of the Ame'rican crop. Brazil
and Egypt in the ":.-t few yLc-r;. hve been producing an increasingly ltrge
proportion of shorter staples more nearly simil-ir to cotton produced in the .
United States. The marked increase in cotton production in Russia, where
most of the varieties are American upland, hias contributed matcrially to the
increasing proportion of forei.;n,-rown cotton similar in staple lcngth to
American. It.I,' of the sr..:?ller proi-ucinj countries, :here production has been
well maintained or LvLIn increased during the. depression, arc producing large
proportions of uAmr.ricnr. upl.-.d varieties,

The trend of cotton acre-i.e xind production in India has been rather
sharply upward aClthoLih. the present "orld-wide depression brought some re-
cession a- did otnrr depressions ::-nd periods of lor: prices, but the low
point in Lach depression has been materially above the low points of pre-
vious d:-npr-.sions. A recovery of cotton acrE.ag nnd production in India
fr3m: the present dc.prssion seems to be under 3.y.t, Ti.e increase from the
lo:' point of 19~ seems to be grectcr than can be explained b:, prices alone.
This m -y be due to the a-re-.&e of 1932 being lower than is normally associa
tcd with the existing price relations* Statistical analysess of the response
of Irn.:i,n prcdi,,ors to price c,.n-:.s .nd the prices of cotton end other com-
modities in IndrilA during the present marketing c-~csor suggil:t tha-t with
normal weather condition; India's acrnPa d production in 1925-36 eightt
be abo-jt 5 percent thij;.cr thcn in the current season. These analyses also
suggest that with the some ratio of cotton prices in I1~dia to prices in the
United States, a price of 10 cents in the United Sto- es, oth-r conditions
r',eiiini; the same, the 19365 lri,, acr, .~c mi-.ht be rcdjced or be about
the same. On the other hand, hl.d the An,.;rican cotton price li.vel bcLn 15
cents, other relationships rt.m!inir.; the same, th& 1935 Infifn -creage
ri., ht be somnct'r.ii like 10 percent lr.rgcr t:~nL in 194.

In ?r., *t th.- trend of cotton acre.q.cO annd production over a long per-
iod has also .t~n upward tho.:.h at a som. --.ht slo,:r rate than in India.
However, in view of the limited supply of land and the degree of competition
between food crb;ps and cotton, the indications are that cotton ccrueage in
-yrpt will not often cxc.ed 2,C .,0CO acres within tri r.ext 10 y- .rs unlCss
cotton prices get unusually hi -i relative to Arc.in prices or unless the well-
octablished system of crop rotation designed to maintain the fertility of the
soil be materially ch-_-n.ed. T.-.e acr--.-o of the current season i; approximately;
1,800,000 ::.crcs.

Cwi :- to a r-.t:,tr :i:'ked increase in rain prices in Fgypt during the
8 months endin, with Ma.rch, the i.i!ications are tnhrt tht 19~5 Egyiptian acroege
may be considerably lowor th-n the 1934 acreage. If cotton prices in the
United States had b~..u- 15 cents per pound and ,rain prices in Egypt as high
es they have been during recent moutr's, it seems probable that, if other
relationships had rcm-inod unnch.-lg-d, cotton acrea-:e in Egypt might still
h-.vc been somewhat lower in 1935 th'n in 1934. In E.'pt rs in manj other
countries, govcrnrnmt "action has been an import-.nt factor in createge changes.
A rlr.::cning of restrictions following 1932 was an important factor in the
incrr-a.ro in acre-,c in 1933.

The lo-tirn trend of cotton production :rnd acre e in Erazil has
been upward as in Indiia, Egypt, -.nd most otr,-r countries, and during the last
2 yi-ars production has increc.atd three-fold. This marked increase has been
due to slch factors as: (1) unusuIlly favorable v.ather, (2) legal restrict-




- 3 -


ions on the planting of coffee trees, (3) more active effort on the part of the
Government to encourage cdttoi"i~roluction, (4) increasing interest of foreign
and domestic capital in Brezilian cotton production, and (5) perhaps the "linger-
ing" effects of the extremely high prices of cotton in Brazil in terms of
Brazilian currency in 1932-33. The most marked increase in acreage and product-
ion during the last 2 years has occurred in southern Brazil where American up-
land varieties are grown almost exclusively. Production in these Southern
States averagtid more than half of the total Brazilian crop in these 2 years,
whereas formerly about three-fourths of the total crop was produced in the
northeastern states where long-staple perennial tree-cotton varieties pre-
dominate. Statistical analyses show that from 1922 to 1932 changes in cotton
acreage in Southern Brazil was closely associated with changes in cotton and
coffee prices. During the last 2 years, however, cotton acreage in these states
was much larger than might have been expected from past relationships, apparently
because of the factors mentioned above. A weighting of the favorable factors
against the unfavorable, and an examination of past trends, siujest that
although acrea.g and production in Brazil may vary from year to year, and with
low yields mat drop back well below the high level of the current season, the
trend is likely to continue upward, particularly in the southern states, unless
cotton prices decline very materially or coffee prices increase materially.
The immediate outlook for coffee prices, however, does not appear favorable.

Cotton production in Russia during recent years has averaged about
73 percent larger than the average for the 10 years ended 1932-33 and about
77 percent larger than the average for the 5 y-ars ended 1916-17, but acre-
age and production have shown little clan-;e since 1931. With the marked
expansion in acreage from 1927 to 1931, much of which occurred in the
nonirrigated regions, yields declined. As a result of declining yields
there has been a considerable disparity between the expansion of cotton acre-
age and the increase in production. Whereas the acreage in 1934 was about
two and one-half times as l arge as in 1927, production was only 70 percent
larger, and although acreage is now more than double the pre-'wr peak,
production is only about one-fourth larger than that of 1915-16. The marked
expansion in acreage was the rcsuit of a definite policy on the part of
the Soviet Governm,.nt to attain self sufficiency. The acreage and produc-
tion in the next few years may, as in the past several years, depend to a
considerable extent upon the policy of the Soviet Government, but in view
of numerous difficulties it seems probable that further expansion will be
slow. The Second Five Year Plan calls for very little increase in acre-
age, but it is planned that by increasing yields, production should be in-
creased by 1937 to 3,000,000 bales. T.7o of the 5 years have already,
passed, however, and production has not reached 2,CCO,000 bales. No matter
whether Russia should succeed or fail in its plan to materially increase
the cotton production in the next few years, the indications are that it
is not very likely either to import or to export significant quantities of
cotton.

Cotton acreage and production in China have increased almost steadily
since about 1927 (except in 1931 when the'Yangtze Valley flood reduced both
acreage and yields) despite declining cotton prices in most countries of the
world, At present the acreage is at a new high level, according to the best
estimates available. This expending acreage in China within recent years
has apparently been due in part to favorable prices for cotton in China rela-
tive to prices for other corrmodities (due in part to the marked depreciation of
the Chinese currency and in part to a tariff on raw cotton which has been





-4 -


increased three times in;the last.5. years), and to increased activity on the
part of the Chin.-se Governmr-..-.it t. make cotton growing more profitable to
Chinese farmers. It is. no.t- i-probable that.cotton production in China will
continue to increase, alth.-, gh perh-aps :at a rather slow rate, and tnat China
fmia soon become self-. sufficient so far as raw cotton is concerned. But if
a long period of tranquility should occur in China, accompanied by political
and financial stabilization and economic.reforms, and a subsequent improvement
in the standard of living of the Chinese people, cctton consumption in China
mirilt increase at a rate equal to or greater than the increase in cotton
production.

The Governments of Chosen and M!anchuria nave made plans that provide
for a rather significant increase in acreage and production in these countries
within the next 10 to 15 y- ars. It is the hope of the Crosen Government that
by 1944 production will reach approximately 375,000 bales of 478 pounds, com-
pared with a crop at present around 140,000 bales. The M\anchurian Lovern-
ment hopes that by 1950 about 740,0.C acres will be in cotton and that this
acreage will produce about 400,000 bales compared with about 8C,000 bales in
1934-35. It is believed that both of these plans are very optimiistic in view
of climatic conditions and other unfavorable factors.

In the case of Mexico and Peru the indications are t.nat unless cotton
prices increase considerably, cotton -creage and production in these countries
are not likely to increase materially in the near future.

In Argentina, a plentiful supply of cheap public lands on which farmers
pay neither taxes nor rent, in a region, -here the soil andr climatic conditions
are well suited to cotton production, has resulted in a rather marked increase
in cotton acreage and production throughout the period of declining prices of
recent -':ars. The present production is approximately 2L'0,,O0O bales. The
indications are that the upward trend in acreage and production in Argentina
will probably continue, altho:-.h perhaps at a much slower rate than during
the last few ycar;. The rate, however, will depend to a considerable extent
upon cotton prices relative to other things.

Of the Africcan Colonial cotton-growing countries, Ugand.r, .iith a crop
now aver.air'..: a little less than 250,0 C bales, is tne most important.
Although acreage and production have fluctu.itecd considerably, the trend has
been decidedly upward, proluction-incrEasing from less than 5,0CC bales to
its present level in less than 30 yar:. It seems reasonable that the trend
in acreage and production in Uganda will also continue upward for some time
to come, although probably at a considerably slo;':r rate than during the last
several decades unless cotton prices are unusiu:aly high relatively.

Ti.e Anglo-Egyptir.: Sudan is the next most important African Colonial
cotton-growing territory, with production now .sveragin, around 200,000 bales.
This level of production was first reached in 1931, nt which time the area in
cotton was-about 340,000 acres. Since that timz acragge has shown comparatively
little change and, unless cotton prices advance considerably, there seems little
likelihood of much expansion in the Sudan in the immediate future.

Cotton production in the other African Colonial cotton territories is
cor.paratively vmry small and has Tho"'n little tendency to increase during the
last decade. Indications ar:c that, unless cotton prices advance material-
ly relative to other commodities, cotton production in these territories is
not likely to expand significantly in the near future.





- 5-


Trend of ForeigC. Cotton Production


Cotton production in foreign countries has been increasing at a rate
more rapid thanl that in the United States. Since 1891 foreign production,
outside of China, has increased at a rate of about -10,000 bales annually,
which compares v.ith a little more than 100,000 bales in the United States
(fig. 1). In the first 10 years-of this period foreign production exclusive
of China averaged about 4,000,000 bales, whereas in the 10 years ended
1932-5:3 it averaTed slightly more than 9,000,000 bales. In the meantime,
production in the United States has increased from an average of 9,000,000
to 14,400,000 bales. It is of interest thUat in the first 10 years of this
period production of foreign cotton not including Chinese, was less than one-
half.thctof the United States, and in the 10 years ended 1932-33 it
amounted to about 63 percent of the American crop. The recovery of foreign
production during the past 2 years from the low level of 1932 and the re-
duction of the American crop has resulted in foreign exceeding United States
production. Conditions in foreign countries appear to be such as to permit
or even to encoursre the continued upward trend in the production of cotton.
The continuation of this trend and the rate of growth or retardation are
dependent upon prices, as well as upon Governmental policies and natural
conditions.

Acre. ;e Response to Prices

Cotton acreage in most foreiLgn countries, as in the United States, is
influenced by price level and price cha-nges. Since cotton enters extensively
into international trade, the cotton-price levels of several eporting
countries tend to adjust to a central-market basis. Taking Liverpool as a
point upon -'hich market prices are focused, it m y bj noted that in recent
years acreage changes in the United St-.tes and in foraii.n countries are
associated with significant ch.ng.m in relative cotton prices (fig. 2).
The rapid rise in Liverpool prices from 1921 to 1924 was followed by a
very rapid and extensive increase in the acreage in cotton in foreign coun-
tries as well as in the United States. The decline in prices beginning
with 1925 was followed by reductions in acreage. The sh,rp break in prices,
bLegi-`Lnin with 1929, brought extensive reductions in a.crcago, but it did
not reduce foreign acreage as much as it reduced createe in the United
States. The turn in cotton prices in 1932 was followed by a shi'rp upturn
in foreign cotton acreage, whereas the reduction program in the United
States has reduced the acreago harvested in this country.

It is significant that in some couEntries the acreage response to
price differs materially from that in the United States. In Russia, for
example, acreage expanded at a very rapid. rate from 1928 to 1931, without
reference to th, decline in world market prices. Since 19l1 Russian
cotton acreage has been maintained in sU.ite of the great i-pression. Russian
pl-ant'ins have been controlled by the Governunio.:t, the primary consideration
being to develop a production adequate to meet domestic requirements for
r:.w cotton. In other countries, such as China and Brazil, internal read-
justrments have contributed to maintaining c~jd. evn expanding cotton acre-
ages in the face of world market price d.elines; and in still other coun-
tries, such as Argentina and Uganda, hacrLgj haus continued to expand,
despite declining cotton prices, as a matter of development of natural
resources and bringing rne..I lands into cultivation.







- 6 _-


The trend of cotton prices is .in import .nt f. cto: in cotton planting
and production in foreign countries as :-".ell as in the Unites States. The
trend of cotton prices is influenced, of course, by the trend in the demand
for cotton and in the general price level. The growth of population, improve-
ment in the standard of living, and increasing international trde, all tend to
increase the demand for commneicial cotton. It is ai.parent that the demand for
cotton increased after the depression of the Nineties until the outbreak of the
World `iar, The general price .lvel was also rising. Looking back over a long
period of years, it will be observed that, in the main, cotton prices have
followed the general price level (fig. 3). In addition, the general price
levels of the important countries engaged in international trade tend to move
to 'cther, This is because ,.any important commodities, such as cotton, tend to
establish world market price levels, and that marked changes in business acti-
vity are likely to be vorld-wide. At ti,.es, however, this tendency may be
distnrubl by abrupt changes in currency values in different countries,as
during the Civil War period and in recent years (fig. 4).
The .upward trend in foreign cotton production following the depression of
the Nineties was influenced to a considerable extent by the expansion in
international trade and the rising price level follo-.,ing the depression of the
nineties. The declining price level since the World '?ar ha:i retarded expansion,
and sharp declines in the price level, together with the depression, actually
curtailed cotton acrtgCe and production in foreign countries, but not so much
as in the United States. It is to be expected, thorfore, that vworld-wide
businose recovery, accompanied by greoiater international. trade and by a rising
price level, would stimulate acre.~- and production and thus continue this
upward trend,
The acreage of cotton in iM-.I:r foreign countries during recent years has
been influe-.nced by currency depreciation. The producers of cotton in China
and Brazil have not felt the depression to the extent that the American pro-
aucers have felt it because prices in those countries did not followw the course
of cotton prices down throu. -h 1931 and 1932 (fig. 5). The price of Brazilian
cotton in the currency of that country declined considerably during the first
part of the depression, b-;t the marked derreciation of tc rm.ilrc-is in 1930
and 1931 tended to offset the effects of the w;orld-;.'ide depression (fig.6).
In 1932-33 the position of Brazil in coni:.;i.ng more cotton than it produced,
together with a vry high tariff on raw cotton, caused cotton prices thire
to go to the hi:.hest level for more than 8 years. This v.as d)iubtlcss a
very important factor contributing to the marked increase in a.crcage in
Brazil the following season, Cotton prices in China declined comparatively
little as cor..-.red with those of 1927-28 even throughout th. most severe p.'art
of the depression, partly because of th-.. marked d41iruci-.tion il China's
currency, aided perhaps by thr(c increases in its tariff on ra' cotton.
This accounts in part for the increasing acroeao in Chin. during recent
years, Prices in India a.nd Ej:ypt, ,be,-n to recover in 1?91 r.ft.r England
(and therefore these two countries) left the gold standard, and the rupee
and the Egyptian pound -r-:,n depreciatin. The earlier dcv.:.luation
tended to check the influence of f; llinr prices *[.,on cotton ncreage in
these several important foreign-producing countries. The subsequent
devaluation in the United States rid a ".:'h.cking of th. dei rciation in
other countries has tended to weaken the influence of this factor in foreign-
productionc .ometition. The recent appreciation of silver :,rly tend to
check commercial cotton production in China bLu, on the oth..r hnd'i, th.-
low level to which thu Brazilian milreis has t,.:n depreciated :.a~- continue
for some time to be a factor in expandrin,: production in tlhr.t coiun:ry.





Cotton: Production in United States and Foreign

Countries, 1890-91 to Date


BALES
MILLIONS

16
UnL

12




4 --'

*4


0
'90-91 '95-9
U.S. DEPARTMENT OF AGRICULTURE


6 1900-01 '05-06 '10-11 '15-16 '20-21
S PRELIMINARY NEG. 20334


'25-26 '30-31


'35-36


-B BUREAU OF AGRICULTURAL ECONOMICS


FIGURE I.- THE UPWARD TREND IN FOREIGN PRODUCTION SINCE 1895 HAS BEEN VERY SIMILAR
TO THAT IN THE U.S. WITH THE AVERAGE ANNUAL INCREASE SLIGHTLY GREATER THAN IN THE
U.S. FOREIGN PRODUCTION EXCLUSIVE OF CHINA (FOR WHICH EARLY DATA ARE NOT AVAILABLE)
AMOUNTED TO ABOUT 30 PERCENT OF THE WORLD TOTAL (EXCLUDING CHINA) IN THE DECADE FROM
1891 TO 1900 WHEREAS IN THE LAST 10 YEARS (1925-26 TO 1934-35) IT REPRESENTED ABOUT
40 PERCENT.




































Digitized by the Internet Archive
in 2012 with funding from
University of Florida, George A. Smathers Libraries with support from LYRASIS and the Sloan Foundation


http://archive.org/details/worldcotton114










COTTON ACREAGE IN UNITED STATES AND FOREIGN COUNTRIES,AND PRICES*
OF AMERICAN COTTON IN LIVERPOOL FOR PREVIOUS CROP YEAR
ACRES PRICE
MILLIONS PER POUND
APPROXIMATE
PENCE CENTS


50 12 24


ric e n pence
(deflatpd)

45 Acreage ested 10 20


f e i Ie tu.s.

II
40 --- 16





35 -6 12
Acreege harvested,
foreign countries
(except Russia)


30 4 8





25 2 4


0 m I I I I I I I I I I I I II
1921-22 '23-24 '25-26 '27-28 '29-30 '31-32 '33-34 '35-36 '37-38
( YEAR BEGINNING AUGUST)
mPRIer aC IFrtI Sr a.Aumers TACT-sre IwVr te aAT ar TAIN AJ SIX-mN'T AveIRACt


U. S. DEPARTMENT OF AGRICULTURE


NEG. 8 s 0 3 BUREAU OF AGRICULTURAL ECONOMICS


FIGURE 2.- COTTON ACREAGE IN FOREIGN COUNTRIES At IN
THE U.S. USUALLY INCREASES OR DECREASES FOLLOWING AN IN-
CREASE OR DECREASE IN COTTON PRICES. FOREIGN ACREAGE
HOWEVER, DID NOT DECLINE AS MUCH DURING THE RECENT DE-
PRESSION AS DID ACREAGE IN THE U.S. AND BOTH TURNED UP-
WARD IN 1933-34 FOLLOWING THE UPTURN IN COTTON PRICES,





Price of Cotton and Index of Wholesale Prices

of all Commodities United States, 1790 to Date


CENTS
PER LB.


70

60

50

40

30/

20

10

-7
1790
1790


( YEAR BEGINNING AUG. I.)


1810 1830 1850 1870 1890 1910


U.S. DEPARTMENT OF AGRICULTURE


1930


PER
CENT

310

270

230

190

150

110

70

30


NEG. 25002 BUREAU OF AGRICULTURAL ECONOMICS


FIGURE 3.- THIS CHART SHOWS THAT THROUGH A LONG PERIOD OF YEARS COTTON PRICES IN THE
U.S. HAVE GENERALLY MOVED WITH THE ALL-COMMIDITY PRICE LEVEL. A DECLINING PRICE LEVEL
DEPRESSES COTTON PRICES AND TENDS TO CHECK EXPANSION OR CURTAIL ACREAGE; AND A RISI N
PRICE LEVEL TENDS TO RAISE COTTON PRICES AND INCREASE ACREAGE AND PRODUCTION.






WHOLESALE PRICE INDEX NUMBERS IN ENGLAND AND IN THE
UNITED STATES, 1780 TO DATE


325

300


5 0 L, 1.... ... I I 1.... 1. I I .... I lll... lllllll..I L l I I I I I I al I l .. .. 1....1 I I i l ... .... i...
1780 '90 1800 '10 '20 '30 '40 '50 '60 '70 '80 '90 1900 '10


ENGLAND -/170-1847 -SILBERLIN6'S
/104- SAUERBECK'S


'20 '30 '40


U.S. -179-1889 WARREN AND PEARSON (VARIABLE WEImTS)
1890- B.L.S.


U.S DEPARTMENT OF AGRICULTURE


NEG.24211 BUREAU OF AGRICULTURAL ECONOMICS


FIGURE 4.- PRICE LEVELS IN IMPORTANT COUNTRIES ENGAGED IN INTERNATIONAL TRADE TEND
TO MOVE TOGETHER. SINCE COTTON ENTERS EXTENSIVELY INTO INTERNATIONAL TRADE, THE PRICE
OF COTTON 18 AFFECTED BY THE INTERNATIONAL PRICE RELATIONS. THIS TENDENCY, OF COURSE,
MAY BE DISTURBED FROM TIME TO TIME BY ABRUPT CHANGES IN CURRENCY VALUES IN DIFFERENT
COUNTRIES, AS IN THE CIVIL WAR PERIOD AND IN RECENT YEARS.






COTTON: PRICE RELATIVES, SPECIFIED COUNTRIES, 1927-28 TO DATE
AUG. 1927-JULY 1928=100


PERCENT



120



100



80



60



40



20
A


UG. JAN. JULY JAN. JULY JAN. JULY
1927-28 '28-29 '29-30


U.S. DEPARTMENT OF AGRICULTURE


JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY
'30-31 '31-32 '32-33 '33-34 '34-35 '35-36


NEG. 28475


BUREAU OF AGRICULTURAL ECONOMICS


FIGURE 5.- THE LEVEL O.F COTTON PRICES WITHIN DIFFERENT COUNTRIES HAS VARIED MATER-
IALLY DURING THE LAST FEW YEARS DUE IN PART TO CHANGES IN THE VALUE OF THE CURRENCY
OF THE COUNTRY. IN 1931-32 AND 1932-33 COTTON'PRICES IN THE IMPORTANT COTTON EXPORT-
ING COUNTRIES, IN TERMS OF THE CURRENCIES OF THOSE COUNTRIES, WERE RELATIVELY HIGHER
THAN COTTON PRICES IN THE U.S.





RELATIVE GOLD VALUES OF SPECIFIED CURRENCIES, 1927-28 TO DATE

PERCENTIII
AUG. 1927-JULY 1928=100
110
^ Egyptian pound
100--

90 Indian United States dollar
*, I rupee
80

7 0 'li-' # I

60 --

50 Brazilian mi/reis i '---
v -... *"'- .- .
40 Chinese yuon *N m-


1927-28 '28-29 '29-30 '30-31 '31-32 '32-33 '33-34 '34-35 '35-36
YEAR BEGINNING AUGUST
U.S. DEPARTMENT OF AGRICULTURE NEG.28 52 7 BUREAU OF AGRICULTURAL ECONOMICS
FIGURE 6.- CURRENCIES IN OTHER IMPORTANT COTTON PRODUCING COUNTRIES DEPRECIATED
EARLIER THAN IN THE U.S. AND, IN THE CASE OF BRAZIL AND CHINA, DECLINED FURTHER.
THIS TENDED TO PREVENT PRICES OF COTTON IN THE OTHER COTTON EXPORTING COUNTRIES FROM
DECLINING AS MUCH AS COTTON PRICES IN THIS COUNTRY WHICH IN TURN TENDED TO PREVENT
FOREIGN COTTON ACREAGE FROM DECLINING AS MUCH AS U.S. ACREAGE.






-7-


In connection'with the year-to-year changes in total foreign acreage,
it is significant that from about 1921,to 1924 foreign acreage excluding
that of Russia increased at about the same rate as the-acreage in the United
States. (fig.2). In 1925-26 and 1926-27, however, the acreage in the
United States continued upward to a level much higher than that of foreign
countries, and to a level higher than might have been expected by the
relative prices of cotton, in part because of the expansion of acreage into
western Texas and Oklahoma where production costs were low, and in part
because of a recovery in yields in the Southeastern States of the United
States. Acreage in the United States continued well above foreign acreage
until 1931-32 and 1932-33 when domestic acreage declined to about the same
level as foreign acreage excluding Russia, and considerably lower than total
foreign acreage including Russia. To a considerable extent this greater
docliru in United States acreage than in foreign acreage following 1929
was due as already indicated to the fact that cotton prices in most of the
important foreign-producing countries did not drop so low as p-ices in the
United States. Somu foreign cotton producers tend to respond less to
price derclines than do the.average of all American producers, which is
particularly significant in respect to foreign competition. For instance,
many foreign producers who were induced to go into cotton production by
the higi prices for cotton relative to prices for other commodities, as
a result of the short cro-s in the United States from 1921 to 1924, continued
to produce cotton even at the low prices of 1931 and 1932. Perhaps a
considerable part of the increase resulted from the bringing additional
land into cultivation; once new land is brought in it requires an extremely
low price to force it out of production.

While considering the year-to-year changes in total foreign acreage
and production it should be pointed out that on the basis of the changes
in foreign acreage which have been associated with the changes in the
deflated price of American cotton at Liverpool in pence l per pound as
shown in Fi,-re 2, foreign acreage in 1935-36 would be expected to be
materially higher than in 1934-35. A line drawn through the 1934-35
acreage parallel to the line showing the change in the deflated Liverpool
price from 1933-34 to 1934-35 (8 months, August 1934 to March 1935) would
indicate a.-, acreage in foreign countries, not including Russia, in 193,F-36,
of around 43,500,000 acrcs. This is nearly 2,,)00,000 acres larger than
the estimated 1934-35 acreage in these countries. But this analysis is
only a rough indicator for, as stated, cotton prices within the various
countries may vary materially as may the prices of competing crops.

Altr.ouh- recognizing the limitations of this analysis it is worth
while to note what this analysis would iniica-t foreign acreage mi-ght be if
we rad IC-ccnt and 15-cent cotton in the Unit'"d States, since this question
is often b.,inr asked, asss;ming the same ratio between the domestic price
and th.3 Liverpool price and the same price level of all commodities as
L/It is t. be remembered that the price of cotto. within a given country
(which of course has an important effect on the acreage planted in that
country) in dependent to a considI.rable extent upon the geld and/or foreign
exchar.n-c aiu,- of the currency of that country. Since the value of the currency
of many of thu foreign cotton producing countries has fluctuated with the
British pound the price of American cotton at Liverpool in pence has been
used.








during the last few months. Under these conditions, if prices in the United
States had been 10 cpnts this season, acreage in foreign countries (exclud-
lrg Russia) in 1935-36 might hav; been about the same as in 1234-35, and
with Middling 7/8 cotton in the United States selling fcr 15 cents
(averag- of 10 markets) this chart would point to an acreage of around
47,000,CC) acres. As will be seen from the discussions regarding the
individual countries, an attempt has been made, insofar as data and time
have permitted, to determine the effect of different prices upon the acreage
within ach of the important countries. These analyses also suggest that
with 10-cent cotton in the United States, other things remaining the same,
foreign acreage in 1935 might have remained about the same as in 1934,
and with 15-cent cotton foreign acreage, excluding Russia, in 1935 might
have been in the neighborhood of 45,000,000 to 47,000,00' acres.

Quality of Foreign Cotton

Information with respect to the quantity of the various qualities
of cotton produced in foreign countries is comparatively meager. This is
not surprising in view of the fact that such data for the United States
have become available only since 1928. As may be seen from table 1, it
has been possible to divide roughly the quantity of cotton produced in
the various cotton-producing countries into three groups according to the
approximate staple length of the cotton. C:mparativcly little information
is available as to the quantity of the various grades produced in
foreign countries. Because of diff.rence3 in the description, methods of
determining the length of staple and incomplete reports from many
countries, it is not c;:rt.in to what extent the staple length figures
for foreign countries are comparable with those for the United States
which are based on official standards and determined by actually classing
an adequate sa-nple from each yearly s crop. On the basis of tle distribution
worked out in this table, hov.cver, it was found thit during the 5 years
1927-28 to 1931-32, out of an average total foreign production of a little
less than 11,600,000 bales approximately 5,600,000 bales, or 48 percent,
were loss than 7/8 inch in staple; about 4,000,000 bales, or 34 percent
were 7/8 inci/ to 1-3/32 inch; and about 2,CC0,000 bales or 17 cprcent
were 1-1/8 inch or longer in staple. The estimated distribution for
the United States during these 5 years were about as follows: 13 percent
shorter than 7/8 inch, 82 percent with a staple 7/8 inc' to 1-3/3C inch
in length, and 5 percent had staples 1-1/8 inch and longer.

Out of an average of about 5,600,0u06 bales of cotton of less than
7/8 inch in staple produci.d in foreign countries diurin& the 5 years
1925-26 to 123-30,, India and China together accounted for all but about
250,000 bales. These two countries also rcocuntcd for a considerable
part of the cotton 7/8 inch to 1-3/32 inc.L in staple which together with
the R;zsian crop (which du-rin,r this 5-year period practicall;' all fell
in this group) accounts for a very large proportion of the total pro-
duction of these medium staples. In gcnt-ral practically all of the
cottcn produced in Egypt is 1-1/8 inch or longer which, in addition to
the estimated average production of a little more than 330,0OC bales of
1-1/8 inch or longer produced in northern Prazil, constitutes a very
larcq proportion of the forci-:n as well as the world Droduction of cotton
1-1/8 ir.ches or longer in staple. It has been estimated, however, that
during this period the production of long-staple cotton in Peru, Ar:glo-
Zgyptian Sudlan, and Uganda has avtragcd more than 100,C-C' bales.





COTTON: PRICES OF EGYPTIAN, INDIAN, PERUVIAN, AND BRAZILIAN, EXPRESSED
AS PERCENTAGES OF AMERICAN,* LIVERPOOL, 1921-22 TO DATE

PERCENT
160

150 Egyptian. FG.F. Upper

140 N- Peruvian. Good Tonguis-

-r


130 ___

120 "' f\
I 10
10 ~Brazi/,an, Foir Soo Paulo

90




Indian: FG.Brooch, V
60 Ifine Oomro No. I, and F G. Sind

AUG. JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY
1921-22 '23-24 '25-26 '27-28 '29-30 '31-32 '33-34 '35-36


*AMERICAN MIDDLING, EXCEPT INDIAN, WHICH IS MIDDLING AND LOW MIDDLING


U. S. DEPARTMENT OF AGRICULTURE


NEG. 28522


BUREAU OF AGRICULTURAL ECONOMICS


FIGURE 7.- DUE TO DIFFERENCES IN QUALITY, EGYPTIAN AND PERUVIAN COTTONS USUALLY
BRING A HIGHER PRICE THAN THE 7/8" AMERICAN, WHILE INDIAN USUALLY BRINGS A LOWER
PRICE AND BRAZILIAN A PRICE NOT GREATLY DIFFERENT FROM AMERICAN. OVER SHORT PERIODS,
HOWEVER, THE PRICES OF DIFFERENT COTTONS WITHIN A GIVEN MARKET MAY VARY MATERIALLY,
DEPENDING UPON THE SUPPLY OF AND DEMAND FOR THE PARTICULAR COTTON AT THE TIME.




-9-
2-ble 1,-Esti:mted production of cotton, specified countries,
by staple lengths, aver:'ge# 1927-28 to 1931-32


CorLun ry


Mexico .,,.,...... ...
Venezuelac ** ,o**,...
Colombia .,...........*
Peru ...........o.....:
Ecuwdor .....*........:
Brazil **.......*...*o*
ParaL-Luy .... .... *...,
Argentina ........*..,
Haiti .. ........ ......:
Paerto Rico ***.......*
British West Indies ..:
Greece *e............:2
BilUgria .,..*.....o.:
Spain ,..............*:
Italy ................:
Algeria ...*..........:
Iahomroy ..........*****
Ivory "o,. ..........:
French Guinea ........:
Senegal *o..o o..4*:B*
French Sudan .........:
Upper Volta .**.......:
'French Togo ,*........:
iligeria *............*"
Egyit 4/ ......
Anglo-Egyptian Sudan o:
italian SoITm.:iln .*..:
Eritrea ., ......**** .:
Belgian Congo ,....,,o:
Angola ..............l
Kenya ,.......,,,,..,.:
Ugandr, *** *.*..* *
Tanganyika o.e.tG cege :
Hyasalarn .*......*****
Southern Rhodesia ...,:
Mo zscairbique *..o..,*"*:
Union of So th Africa, :
Cyprus *..e...o......:,
Tu-rkey (Asiatic) ,..0,:
Syria and Lebanon ,#*.:
Iraq *.......,,,....t
Russia!Asiatic) 5/ *.tl
Persia **e..e....*..et
.ndia 6/ e,..C*e,..,, :
China *..e.......,..,3
Japan .*,,,,,..,,,,*:
Chosen *,,......,e,,so
French Indo-China .*,,:


t
1.-
,
?


Continued-


L -cs than
7 inch
1,000 bales
478 lbs,
11




10







2











5















1
64
8


65
3,511
1,819
1
54
5


/0 32.i/8 inches:
7/ to 32 s Total
: inches : .nd lor1er :
1,000 bales 1,000 bales i,000 bales
478 lbs, 478 lbs. 478 lbs.
196 11 21
31 3 1
6 .. 5 11
64 192 256
6
352 1F5 51
8 8 / 1
124 14 li.
23 _
4 4
15 --- 1
2 --
4 -
5 -- ^--
_5 5

6 __- 6

1 --- 1
6 5 11
6 6 12
2 6 8
15 --- 20
150 1,396 1,548
33 108 141
5 5
1 --- 1
40 --- 40
2 1 3
1 --- 1
109 36 145
14 5 19
4 1 5
1 1
2 7 9
2 6 8
2 ---
22 -- 86
3 -- 11
1 2 3
1,396 -- 1,396
32 -- 97
877 -- 4,388
321 -- 2,140

100 ---
1 -- 6







rI'.bc l.-Esti-a.tcd production of cotton, specified countries,
by staple lengths, average, 1927-28 to 1931-32-Ccntinued

S: Lesw han ;7/8 to 3/32 :1 1/8 inches:
.ry_______ ____ 7/ irh : inches :and longer tal
: 1,0c0 bales 1,000 bales 1,000 bales 11,000 bales
: 478 lbs, 478 lbs. 478 Its, 476 lbs.
Dutch East Indies *,...: --- --- 5
Siam ......,......,,...: 2 1 ---
Australia ...... ....*: -- 7 1 8
New Hebrides .......,...: --- -- 2 2
All other ...........: 40 5 2 47
Total foreign :
countries ........; 5, 63 3,979 2,017 11P579
United States 7/ ....: 1 i4, i,. 048 b0 14,657
"7orld total .........: 7,:32 16,'27 2,677 26,236
Bureau 'f ~-r rCltral Fconom3ics, las-d on the classic 1fication of
samples received from v.:'rious countries and on compilations of official and
unofficial reports. Liffercaces in classii., and incomplete reports from
many countries make it uncertain to what extent the staple length firgres
for foreign countries are cornarable with those for the United States which
are based on official standards ard determined by actually classing an
adequate sample from each year's crop.
1/ T"-o-year averae-e.
2/ Foi.r-year average.
j Three-year average.
P The exact amount of ELy ptian cotton shorter than 1 1/8 inches is not
known, but a substantial quantity of this description of Egyptian cotton
has been received in the United States during recent years and Egyptian
production figures include considerable "Scarto" as well as other cotton
shorter than 1 1/8 inches, so th:-t an estimate of 150,000 bales was some-
what arbitrarily made of the quantity of this cotton.
5/ In recent years reports indicate th-.t a substantial area has bcen
planted to r-yv.tian cotton but very little of this cotton is believed to
have been grown in Russia prior to 1932-33.
6/ The Indian Central Cotton CommittLc estimates that only about one fifth
of the Indian cotton available for consul.ntion is 7/8 inch and longer.
Although the proportion produced is son~c.hat larger than this, it is reduced
by poor ginr.i r1 i;; mixing with shorter cotton. F)r a full expl:-n.-t ion
see the Annual Report of the Indian Central Cotton Committee, Bombay,
August 1932.
Jy Includes American-E.;typtian as well as American Upland cotton and these
figures are estimated by applying esti:,iates for staple lengths, during txhe
4 ye.rs 1928-29 to 1931-32, to production figures for the 5 ycurs 1'927-2 to
1931-32 because staple ln;igth estimates were not available in the United
States prior to 1928-29.





-11-


In view of the scarcity of data it is difficult to determine how the
exact proportions of the different staple lengths being produced now corrpare
with earlier years. It is definitely known, however, that the proportions
of both short-staple and long-staple cottons have decreased, that those
lengths most comparable with the bulk of the American crop have increased,
and that the trends seem to be continuing in this direction.

If the data released by the Indian Central Cotton Committee are
comparable from year to year there has been considerable improvement in
the quality of the Indian crop so far as length of staple is concerned
since 1915 (Table 1). The reports of this Committee indicate that for
the 3 years 1915-16 to 1917-18 the quantity of cotton produced in India
with staple length mainly less than 7/8 inches constitutes a little more
than 76.4 percent of the total, with slightly less than 23.6 cprcent
being mainly 7/8 inches and longer in staple. During recent years, how-
ever, the proportion of the Indian crop mainly 7/8 inches and longer has
averaged above 28 percent of the total. Thus, a larger proportion of
the Indian crop is now more directly competitive with the bulk of the
American crop than formerly. It should be noted, in connection with
staple-length statistics for Indian cotton, however, that according to
the Indian Central Cotton Committee, the quantity of Indian cotton with a
staple 7/8 inch and longer available for consumption is reduced by poor
ginning and by mixing of the longer with the shorter staples.

Little information is available on the actual quantity of the various
staple lengths of cotton produced in China but there has apparently been
a significant shift from the native varieties, which in the main produced
short-staple cotton, to American Upland varieties.

During the last 10 to 15 years the proportion of the cotton acreage
in Egypt of varieties which produces a staple length around 1-1/8 inches
(which is similar in staple length to about 5 percent of the longest
of the American Upland cotton produced in the United States) has increased.
This increase in the varieties producing this length of staple has been
mainly at the expense of Sakellaridis cotton which averages around 1-3/8
inches in staple. From about 1921 to 1923 the acreage in extra-long staple
varieties was around 75 percent, the reminder being in varieties producing
mainly staples about 1-1/8 inches. Ten years later, however, the pro-
portion of extra-long staple varieties had declined to less than 45 percent
of the total. This also meais that a larger proportion of the Egyptian
crop is now more directly competitive with American cotton than formerly*

In Brazil the trend in the quality of cotton produced has been
somewhat similar to that which has occurred in Egypt. Prior to the World
War all but about 15 to 20 percent of the total Brazilian crcp was produced
in the north. astern states where a large proportion of the crop was at
that tim. and still is "tree" cotton which is around 1-1/8 inches and long-
er in staple. During the last year or t>o, however, about 50 percent of
the Brazilian crop has been produced in the Southern States whore most of
it originally came from A-L:rican upland varieties which give a staple length
more nearly similar to that of the bulk of the crop produced in the United
States. In the past the ginning preparation of this cotton has not been
very good but legislation has been passed which should soon correct this
to some extent at least.






-12-


Within the last few years we have come- to think of the cotton-pro-
duction situation i- Russia as somewhat apart from production in other
countries Ljbut it is significant that since Russian production during the
last fev years has represented a much greater proportion cf the total
foreign production than at a;ny time since th-' Wnrld War, this has resulted
in an increase in the pr-portion of the total foreign production which is
similar in staple length to te bulk of the United States crop, The reason
is that a larre -art of the Russian cotton, like the southern Brazilian
cotton, jri.inrally came from AmPrican upland varieties.

Principal Foreig:: Producing Countries

Before entcrir.g into a discussion of the cotton-production situation
in the indivimial c.-untri-s it might be well to Fpint out t.at cotton is
produced i:n some 60 or more foreign c-,untri-s and that out of this large
number ther-- arc only 5 which, n the average for the 1.7' years ended
1932-33 orduced 250,0:i bcles of 478 pounds not) or more annually. These
five cc;.ntries combined produced an avuraje jf about '3,700,0001 bales,
or 87 percent of thr total foreign production. About 10 countries with
an average producti:j! of ,L,0'.CC to -30,0'L'' bales, when combined, produced
an average -f ,21?0,00C bale-s. The remaining 45 or mere countries
usually produce loss thar, 25,0- bales annually, collectively accounting
for somr-thning liik 30,'-.. bales on the average durir.j the abcve IC-year
period. It. general, most of these countries or the cotton-producing
areas of these co in+ri.-s fall within a zone between 350 and 410" north and
south latitudes, depending upon the elevation and oth..r factors affecting
the length of the frostlcss season.

Of the- fori,.i,t;. cotton-producing co'-ntries, India is by far the
most imrporta.t with a l-y.ar a:.vragp production cf approximately
4,5:0,3.C balcs. Al though t-.is is only abcut on--thir:1 as large as the
average cr-r.r produced i;- the U- it.:d States it is more than twice as large
as the avc-r... prnfucti,,n i in China, the second largest forign-producing
country. Or. t he,. asi.s -f a 1:-y.'ar average, ECypt wouldd rank next tc
China in the nr.b.r of tales -roduced but durini.. the last 4 years Russia
has prod-uc..d a! aiaverac, of abo"-t 1,9C0,000 bales (about 73 percent .cre
than the avcrag, for the 10 years ended 1932-33), c.:.npared with a 1)i-year
average of 1,. '".0 bales in Egypt. Brazil, with an average production
of a little ,',or than 51,C,0CO bales is the only other country with an
average production of cure than 250,C00 bales, but during 193-34 and
the currm.t year Brazil's production has averaged more than 1,0CO,000 bales.

Note: The c-.r:plctc foreign production section of the report contains
detailed statistics and discussions of cotton production in all of the
important foreign producing c-.untrios and a number of the minor
producing countri.-s. After the other sections have been corr.pleted the
complete report will be issued for general distribution.

2/ Since about 1931-32 Russia has been duplrding almost entirely upon
locally produced cotton for its textile requirements and has neither
exported nor imported any significant quantities of cotton or cotton
textiles, it si.ms probable that this situation may continue for at least
the next several years.




-13-


Cotton: Estimates of production, specified countries,
1"20-21 to 1934-35


Crop year


: iChina 1: : B: Pxi
: states : India :China 1/: Russia : Egypt : Brazil : Peru : Mexico
. : : : :


: 1,000 : 1,000 : 1,000 : 1,000 1, : 100: 1,000 1,000 : 1,000
':a.uls : bales : bales : bales : bales : bales bales : bales
:478 lbs.:478 lbs.:478 Its.:478 lbs.:478 lbs.:478 lbs.:478 lbs.:478 lbs.
: nett nt : n6 n t : net : net : net net

1O0-I :l 15,429 3,013 : 1,813 : 58 : 1,251 : 476 : 177 : 2/ 188
1921-22 : 7,945 : 3,752 : 1,514 : 43 : 02: 504 : 186 : 147
1922-23 : 9,755 : 4,245 : 2,318 : 55 : 1,391 : 553 : 199 : 202
1923-24 : 10,140 : 4,320 : 1,cK3 : 197 : 1,353 : 576 : 212 : 175
1924-25 : 13,630 : 5,0.5 : 2,178 : 45 : 1,507 : 793 : 212 : 196
1925- 6 : 16,105 : 5,01 : ,102 : 7 : 1,650 : 602.: 210 : 200
1926-27 : 17,978 : 4,05 : 1,742 : 830 : 1,56 : 512 : 246 : .60
1927-25 : 12,5 : 4,990: : 1,875 : 12096 : 1,261 : 509 : 246 : 179
1928-29 : 14,477 : 4, 38 : 2,466 : 1,174 : 1,672 : 446 : 225 : 278
1929-30 : 14,85 : 4,' : 2,116 : 1279 1,7 : : 58E3 : 30, : 246
1930-31 1,2 4,373 : 2,457 : ,9 : 1,715 : 471 : 271 : 178
1031-32 : 17,095 3,353 : 1,' : 1,843 : 1,3:3 : 575 : : 210
1932-33 : 13,001 : 3,R.8 : 2,261 : 1,816 : 1,028 : 448 : 242 : 102
1933-34 3/ 13,047 :4,197 : 2,726 1,887 1,77 : 969 276 : 260
1934-35 /: 9,634 : 361 : 2800 : 1,937 : 617 1 591 : 276 : 0
SEstimated foreign :Estimated
,r : Arglo- Chosen : Excluding : world
:tina : Uganda :Egyptian: (Korea): China Total :total in-
SSudan : d :eluding
: : : : IRussia : China
:1,000 : 1,000 : ,0 : 1,OCO : 1,000 : 1,000 : 1,000
: bales : bales : bales : bales : bales : bales : ales
:478 lbs.:478 lbs.:478 lbs.:478 lbs.: 478 bs. : 478 lbs. :478 lbs.
: net : net : net : net : net : net net

1920-16 : 68 : : 101 : 5,637 : 7,578 : 21,007
19 21-21 17: 40 : 20 : 82 : 5, : 7,489 : 15,434
1922-23 : 2 : 74 : 2i : 103 : 7,134 : 9,507 : 19,262
1923-24 : 59 : 1 : 38 112 7,365 : 9,555 : 19,6S5
1924-25 : lb : 1lo: 41 : 13 : 8,669 : 11,300 : 24,930
1925-2 : 135 : 151 : C : 1 : 8,942 : 11,826 : 27,931
1926-27 : 58 : 110 : 10 : 14 7,67 10,439 : 28,417
17-2 : 11 : 116 : 111 : 133 8,104 : 11,075 :24,031
10E-29 11& : 171 : 142 : 150 8,646 : 12,286 : 26,763
1929-30 : 1, : 108 : 13 1i3 : 8,451 : 11,846 : 26,671
1930-31 : 139 : 158 : l : 149 : ,143 : 12,189 :26,121
1931-32 : 163 : 173 : G:o : L-U : b,871 : 10,499 : 27,594
1932-33 : 150 : 247 : 121 : 136 : 6,8b0 : 10,937 : 23,938
133-34 3/: 8 135 40 : 8,865 : 13,478 : 26,525
19i4-35 /: : 240: 106 : 140: 8,8 157 : 23,213
Bureau of rici.ltural LEonromics, Division of St Fron official sources, International Ijstitute of Agriculture and estimates
of the Bureau of Apricultural Econoics, except as noted.
1/ Estimates of the rhinese Hill Owners' Association and the Chinese Statistical
Associat ion.
2/ Includes Lapuna District ana Lower California only.
3/ Preliminary.


fl ~ I ~ __




UNIVERSITY OF FLORIDA

IIIIIlMllll IllI lill
3 1262 08863 0354
-14-
Cotton: Estimates of acreage, specified countries, 1920-21 to 1934-35


Year



1920-21
1921-22
1922-23
1923-24
19 21-25
1925-26
193 6-27
1927-20
1928-29
1929-30
1930-31
1931-32
1932-33
193-?4 3/
1953:-5 3/


:United : India : China :Russia :
SStates : : I/ :
: 1,000 1,000 1,000 1,0C0
: acres acres acres acres
: 34,408 21,339 4,301 315
: 28,678 1 51 4,284 296
: 31,361 21,604 6,081 174
: 35,550 23,631 4, 87 527
: 39,503 26,801 4,368 1,244
: -, 390 28 ,:03 4,269 1,464
: 4,616 2.,822 4,152 1,631
: 38,49 24,761 4192 1,981
: 2,-.32 27,053 4,847 2,400
: 3,2.2 25,922 5,133 2,608
: -2,.54 23,812 ,b707 3,911
: 38,705 23,722 -.,803 5,281
:35,339 22,483 5,632 5,567
: 29,978 23,854 6,142 5,070
: 27,515 23,407 6,803 :,764


Egypt :Brazil :


1,000
acres
1,897
1,339
1,869
1,780
1,856
1,998
1,854
1,374
1,805
1,911
2,162
1,7v47
1,135
1,875
1,798


1,000
acres
949
1,185
1,512
1,551
1,574
1,320
1,091
1,301
1,358
1,46J.
1,656
1,941
1,810
2,520


Peru : Mexico


1,000
acres
258
268
275
281
292
293
316
316
283
314
330
314
304
322
355


1,000
acres

241
343
292
346
425
613
326
502
492
390
519
192
424
418


* -- -


: :
Crop : Ar-en- :UG
year : tina :

:1,030 1,C
:acres aci
1920-21 : 59
1921-22 : 39
1922-25 : 56
19.3-.2 : 155
1924-25 : 253
1925-26 : 27,3
1926-27 : 177
1927-28 : 210
1928-29 : 245
1929-30 : 301
1930-31 : 315
1931-32 : 536
1952-53 : ?2 1,
1933-34 /: 82 1
1934-35 3/: i,


:Anglo-:


: Estimated world


Lnla: Eyp-:Chosen: Foreign : total
: tian :(Korea):Excl. China:Excluding:Including
:Sudan: :and Russia : China : China
)C0 1,000 1,000 1,000 1,000 1,000
res acres acros acres acres acres
242 85 3597 2/ 2
165 87 362 23,742 52,716 57,000
346 64 370 28,484 60,019 65,100
419 116 389 30,736 66,813 71,300
573 17'. 418 34,785 75,532 79,900
C11 239 385 36,577 82,431 86,700
570 216 529 32,501 78,7-8 62,900
533 239 503 31,678 72,008 76,200
700 264 503 35,021 73,853 8., 700
663 369 456 34,117 79,967 85,100
7-.0 387 .-73 32,128 78,.-33 84,200
866 336 -.72 32,21- 76,200 81,000
,072 325 393 29,992 71,070 76,700
,091 333 433 53,210 68 :3 74,400
171 365 474. 34,18 66 .,5 73,400


Division of Statistical and


Historical Research, bureau ricultural


Economics, From official sources, Internr.tional Institute of Agriculture,
and estil;,.tes of the Bureau of Agricultural Economics,
J/ Estimates of the Chinese lill Owner's Associa-ion c.nd the Chinese
Statistical Association,
/ Co.-parable data not available.
Preliminary.


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