THE

BUREAU OF AGRICULTURAL ECONOMICS

U N I T E D S TAT E S D E P A R T M E N T 0 F A G R I C U L T U R E

__ c_s_-_,_,o..,.... ...... __________ «~B APRIL- MAY 191J.6

WEARING APPAREL FIBERS: PER CAPITA MILL CONSUMPTION, UNITED STATES, 1913-45

POUNDS.-------.--------.-------.-------,,-----~.-------~--~--~

48

42

36

30

24

18

12

6

0

f-------+--------+-~ Cotton

mRayon

D Silk and flax*

\--------+-------'-+-. Wool

1913 1918 1923 1928 . 1933 CALENDAR YEAR

1938 1943 1948

*FLAX, YEAR ENDING JUNE 30, 1913-17 DATA FOR /945 ARE PRELIMINARY

Ue S. DEPARTMENT OF AGRICUL.TURI: NEG . .ats870 BUREAU OF AGRICULTURAL ECONOMIC&

Mill consumption of five major ap.parel fibers reached a peak of 50.85 pounds per capita in 191J.2. The consumption of all fibers was at record levels during the war years, but significant changes have occurred in the proportional use of some- of the fibers. In the past twenty years, (1921-25 compared with 191J.I-IJ.5), cotton decreased from 85.6 per­cent of the total to 79.3 percent. The combined consumption of wool, silk, and flax also declined proportionally, but rayon increased from 1.0 to 10.5 percent of the total. • •

l'f1 'H & J 0 '1' '!' 0 N S l :i? U A T I C 1;

Approved by the Outlook -;md situation: l30~r<ip ... May 2Sv 1946

1.10NTMS

SDWLARY :: :> Q .. , ....... o ~ .. Q ... " ..... , ....... o. \.> •• , •• "o ... ~ .... :) q. .. "" ... o "t!, o~ ~ o> ... o .. u ()

THE :OOMESTIC cnTTOU SITUATION •••••••.• , .... , ••••..•.•••.•••.•• ~ • .,.

Cotton Pri.oosWeaker •·o·•···········~··~············o·:~··"'··"''" 1945 Crop Smallest Since 1921 .... 6oo ••• , • 9 •••••••••••••••• ,. o •" o Rate of Mill Consumption Advanced fJr Three Consecutive Months~ then off in April •• o ••• o ••• o o ••• o o • o o •• o o " o •• o ••• o c o •

Estimate of August lp 1946 Carry-over of }~erican Cot tor1 lowered o .. :;) o o " o .. " o ... o .............. " Q ........ o o o .. o .... Q .... (, "' o ~ {)

Prospective Carry=over August 1 11 1946 Near Ailgust lp 1934 Level Exports for the 19~5-46 Season are Continuing at a High Level ••

THE \VORLD COTTON S ITU.A.TION o o • o o • o ••••••••••••••• o ••••• o ••• q • p ••• "

World Stocks Do\m. o 9 o .. o .. o .. <Q "" •••• " ...... o .. o o Q o c. o ..... -l o Q ~ ~ " Q o) Q .. .o .,. ~ o

1945 World Commercial Crop 2. 5 Million Bales :Below 1944 ,, ., ., "<> c"

World Mill Consumption up; Still Estimated 4 to 5 Million

Page

3

5 5 5

5

6 6 7

g 8 g

]ales Below Prewar Average oooooooooooooo~QO~ococoo~oo~ooQoo~o q World TraQe in Cotton up~ Still 5o2 Mi~lion ]ales.~elow Prewar Average o ., e o o c o o o () o co o o o o o o o o- o a I) a o o " "' o o Q o o o o o e o o :3 o o (' o o " o o o o o a ~ o 9

World Prices Show Important Changes ••uo•••••••••••••o••••••••n 9 Liverpool Exchange Remains Closed ·~····•••o•o••••••••,••>o••"~ 10 Private British Interests Develop Export -Import Arrangement

:Ln I taJ..y ~· o o o o o o o o o a o o o o o o o o o o o o o o o C) I) o o o o o e o o o Q o o o o o o o o o o o o o o c 10 Indian Cen~ral Cotton Committee Recommends Restrictions in Cotton Acrea.ge oooooooooooooouoooooooooooooooooooouoooooa~o~o 10

FoA.Oo Proceding With International Textile Study ,.Ho•••·,•••• l~ International Cotton Advisory Committee Meets in waShington 12

TABLES. Cottong Spot prices of certain growths (basic gr.ades), early April 1945 and lq46 ooooooooooooooooooooooooooooooooo~ooo~coo 11

Cottong Estimated average price per pound received by farmers United States 9 1922 to date •••·····························~ 14

Cottono Parity price per pound, United Statesp January 1923 to date o o o o o a o Q co a o o o o coo o o o o o o o o o o o o It 9 o o o o o q, o o o o-:. o o o o o o 15

Cottong Far.m price as a percentage of par1ty9 .United States 9

JanUar"tJ 1923 tO date oooooooeoooo,coooooooooooou 1oooooovooooooo 16 Grade and staple length of upland cotton ginned in the United StateS9 1945-46 ooo~ol)oooooo••••••••••••••••••••••,•···ooo 17

Wearing apparel fibers: Per capita consumptionp United StateS 191}-45 ooooooo•••ooo•fooooooooooooooo~ooooooooeo~oov~ 18

Production of cotton in United Sta.tes, foreigJ.> countries and .. World9 1920 to date oooo•o••••oooooooooooooooo~:oo-,ooc.oooooo 1or .. o

Statistical Summary oooooooooooooooooooo•oocoooooooooocoooo!)Oo

19 22

CS-110 - 3 -

SWMA.RY

Middling 15/lG~inch cotton at the 10 suot market~ re~ched a high of

28.08-cents per pound~ A~ril 6. The price then declined ~~d_on May 27

wn.s 27.Q5•

The final estinate for.the 1945 crop of cotton is 9,015,000 bales of 500

pounds gross weight, the smallest crop since 1921. The value ~f the 1945 crop

of lint is now placee at 1,010 nillion d~llnrs, the l~west since lg4l but

58 percent above the 1935-39 average.

In April, cotto!\. aH kinds • was crmsuned at a. rate equivalent ·to an

annuql c~ns~~ption of 9.6 nillion bales, or 0.2 ~illion bales below the

tnte of March.Jssuming sooe decrease in the next three nonths, cnnsamption I

o~ all kinds ~f cotton for the ~e~r en~ing July 31, 1946, is now forecast

nt about 9.1 nillion bale~.

~he indicated consunption, nlus exuorts current~y estimated at 3.5 mil- 1

lion bales, places the estioate of the ~ugust 1, 1946 United States carry-

over of Aoerican cotton ~t abo~t 7.5 mi~linn bales, the lowest since 1937·

On April 25, the Department of A~riculture anr.ounced a~ extension of

the export'subsidy progrno on cotton. The-Commodity Credit Corporation has

scheduled 650,000 ·,bales of cotton for eryort to -!ap:J.n before July 31 and is-.-'

arranging to export 154,000 bales of cotton to Gernany.

Two or~anizatinnal developnents with rP.spect to cotton have taken

place in the past two nonths. The Food and Agricultural Organizntinn of

the United Natinns initiated it~ fiber work d11ring April, and the fifth -

oeating of the International Cotton Aevisory CoLmittee was held in Wa~hingt~~

fro~ May 7 to May 14.

MAY-JUNE 1946 - 4-

The prelininr-try fiber vJOrk of FAO is nf an expl0ratory nature--wnrld

fiber probleps are being exanined to detPrBine the general field 0f ~peration

and to discnver what sort of infor!:-~Rtinn and stP.tistics Rre need"'d fr'lr ln.ter

action. Productinn and consUMption uroblens of cotton, as the n0st inunrtant

fiber, are being given particular attention.

The fifth meeting of the Ihternatir'lnal Cotton Advisnry Cnnnittee wn.s

' held to receive the r~pnrt of the study group appointed a year~n. Vfuile

no definite rec~n~endntions as t0 internati0nal a~reenent were subnittea,

considerable prngress was nade fr0n ~n nrganizati0nal stnndpnint. The resn-

lutions adopted by ICAC are on page 12 nf this si tuntion repl')rt.

In the· sm:mary of the world. cflttnn si tuatirm appro.v!3d by the ICAC,

it was indicated that the world carry-nv2r of cotton on Augu~t 1, 1946, will

tntal about 23.5 nilli0n bales, sn~:1e 3.5 below a year earlier, r.md thl'l.t

the fnreign carry-over of cotton (f-l.ll kinds) will total 15.g·nillion bal~",

about the sane as a year earlier. The l g45 'J:orld cnnnercia],, crop was

e~tinated at 20.5 nillion bales, abl')ut 2.5 belov1 the ICAC estina.te of·. the

1944 crop. 1vorld nill consunptirm in 1945-46 was estinated at about 24 nil-

linn bales, abnut 2.2 nillio!1. bales above last ye'J..r but considerably ( 4 to

5 nillion bales) belo~v the 1935-39 avera.c;e. The ICAC est~n11. tes indicate

that foreign nilJ. crmsuuption in lg45-46 1trill be about 6-1/4 t0 7-l/4 nil-

lion hales bel"w the 1935-39 avnrahe. Internattnal trade in cnttnn during

the 1945-46 seasfln is estinated b,y ICAC at 8 million bal?s, 11.bout 3.1 Bil-

lion bales above a yea;r er-trlier, but 5.2 nillirm br-tles below the 1935-39 avPr

Ftge.

United St-1.tes exp0rts of cotton will make up about 44 :9t'!rcent n·f the

g ~illion bales. In 1935-39, United Str-tte~ exp0rts nvornged 42 percent nf

internntional cntton Bnvenents.

OS-110 - 5-

THE DOMESTIC COTTON SITUATION

Cotton Prices Weaker

Middling 15/16-inch cotton at the 10 spot markets averaged 27.70 cents a pound in April, which compares with 26,79 a month earlier and 22.12 a year earlier. After reaching a high On April 6 of 28o08 cents, the central market price declined and was 27.65 on May 27.

The average price received by farmers for that part of the 1945 crop of cotton marketed prior to March 31 wa~ 22.4 cents. This price is 167 points above last year 1s season priceo Over 60 percent of the 1945 crop was marketed in the August-November period when the 10 spot-market price of middling 15/16-inch cotton averaged only 154 points above a year earlier. But from November to March wide differences developed between farm and market price~ which were pQrtial1y due to the larger proportion of low grade cotton in the late-season farm m~rketings accompanied by increased discounts for these lower grades.

The April 15 ~~rity price of cotton was 22.44 cents per pound. This :Price ,.,aR based on a parity index of 181, eight points higher than the index of 173 on August 1), 1945. If thG index continues to move upward at the rate in recent month::, it will stand at 184 on July 15, 1946. Thus, the July 15 po.ri ty price on which the 1946 government loan rate is based would be 22.82 centB per pound.

The final estimate of the 1945 cotton crop is 8,813,000 running bales or 9,015,000 bales of 500 pounds grORS \..reight, the smallest crop since 1921, when production was seriously reduced ~y the boll weevil infestation.

The value of the 1945 Cl'OP of lint is no1v placed at 1,010 million dollartl the lowest since 1941, but 58 percent ;:Lbove the 19 3::5-39 average. As the price received per pound was the highest since 1924, the low value in compari­son 1Nith rec(·nt years wo.s due to the small crop.

The grade index of the 1945 crop is 91.9, which is 1.5 points below the previous low in 1944. About 32.6 p:ercont of the 1945 crop consisted of white cotton, 1\liddling and better, compc...red with 36.9 percent of the 1944 crop. Over lSl thousand bales of the 1945 crop were below grnde while only a little over 126 thousand bales of the 1944 crop were so classed. It should be noted. thnt the average Rtaple war; 32.2 thirty-seconds of an inch,' the longest on ~ecord and 0.) thirty-scc"~nds longer than the average for the 1944 crop. This lncrense in staple longth tended to offset the influence of lower grades and greater disco~~ts.

Bate of Hill Consumption .'.dvanced For Three Consecutive M0'nths, Then Off in April

The daily rate of domestic mill consumption increased each m0nth between December and March but fell off slightly in ApriL If the daily rate in ,April

- 6-

lS converted to l".n cmnuo..l bo..sis jt £1r101mts to 9.6 r1illion bales, the same as actuo..l consU.Ilption duriDg the 19~4-1~5 parketing year. So:oe d(;)cline is expected dur]ng the) l'<S b three !:Wnths cf the current narketin~ year and c0nSu.'Jption for tho ye:J.r is estin·ctod at o."brut 9.1 nillion bo.los. The Narch rate of c0nsunption vrr>-s hibher tho.n nny peacetine ar•.nur.l rate of raw cot ton c0nsunp­ti0n on rec<Jl'd o.r.d exceeds c1nsunpti0r: for civilian use in 1941-42~ the peak v.ro.r year. ;~.r0u_nci 95 percent of the cotton crmsuned in Mo.rch will be used. to produce nnterial for the civilin,n no.rket. In the yeo.r becinning AUh1J.SC 1, 1941, a record higr_ of 11.2 r~illion bales wo..s consu11ed, but it lias been estin~.ted th"t n,t that tine rmly about S.9 nillion bales or about SO l)ercent of the cotton C'Jnsuned wo.s us·ea for civilians.

L0rkiYJf; aheo.d to the 19l+ti crop r.:.nrketing year, it appears that an effective denand_ will exi"St for the cotto:h pr0ducts which co.n be nanufactured fr011 over 10 rillion balos r_)f ~\r.erico.n cotton, assuning present retail prices and 1 e72lS of enpl,WDen t and als 0 tak inr; in to [CCC 'lUll t b'l th deer eased. nii ito.ry orders e.nd depleted imrentories. Hov·rc::ver, in vievr of the quantity of lo.bor availa':ll~ at w::tr;o rn.tes which '!anu:o.cturers can or o.rc willing to pay under rresent ceili.Yl.gs, it is estino.ted thn.t a nill cAnsun1;tion of lees thr:.n 10 nillion bales will be obtabedo

Estir:.ate of Aut;nst 1, 1946 ·carry-over --of ;lneTicfJn Cot ton Lo,·rored

Two de:velopnents sjnce the i::ssuance 0f the Februn.J·y-Harch Cotton Si tu.-tion hrtve l01.vered the estiJ'~ctc'd Au.:;ust 1, 191+6, carry-over of .Ancric,'\.n cotton in the "Jnited Sto.tes to r·.b0ut 7.5 nilliorr bo.les, 0.4 nillion bal'es less tho..n the Pebrnnry-{1arch· estinate. Tho res:Lucti0n is accounted for hy D. 0.2 Pillion bn.J.e ref,uction in the estl:1:.ted 194') crop ;-,:r.d·a 0.2 nill:l.on b::tle increo.se ir. estinated expJrts. The· indicated c<crry-nver V>JOuld be the snallest since 1937.

If, o.r, er;tinated, nill CJnsunJ_;tion totals J.oss than 10 nillior a:r:d exports total nbrmt 3· 5 nilJ.ion bale_;; durinr: the 1946-47 JJ[',rketinG year, a croTl smeller than 13 to 13.5 nillion oo.les v.rnulc1 lnwer the Aucust 1 1 1947 carry-over helrnr thP.t of Aur;-ust 1, 19t~t,,. If the ~epcrtnent of .A,.riculture p:oo.l •.f 20.2 nillinn 1Jlanted. :ceres ih 1946 should be obtailied at avero.r;e yields 10,9 nillion ·bnle,- (500 lts. net wt.,) 1JJoulc1 be produced.

Prospectiv-e Co.rry-Ov.er AufUr.t :!-_s 1946 Near AuG~ls t ~' 19 J+ Level

The cor;puto.tion o.nd cUscussi011 below 1;rescnts a conpo.rison, of the co.rr::~-over of n.ll kincls of cotton in the United States in (1) the :rsri0d 0f noc'lern.te unepplrwnen"':; in the 1931+-)S nct.rketing years; with ( 2) the w;-.rtiDe encrgency "Period. in the 194~;:--45 ::1(1rketi:nr; yoars.

cs-no - 7 ..

.August 1~ 1934 to

Supply Carry-over, at beginning of period •••••• Production.];/, 5-year·period ...... ~~ ••••• Imports, 5-year period ••••••••••••••••••

Disposition DrJmest~c consumption, 5-year period •••o• Exports, 5-year period •••••••••••••••••• Carry-over, end of period •••••••••••••••

July 31, 1939·

1,000 running bales

7,744

y 62,523

862

. 3~ 1959 25,137 13,033

August 1, 1941 to

July 31, 1946

. 1,000 running bales

12,166 y55,21o y y 1,097

.§/51,523 y 9,250 y 7,700

A United States carry-over of 7.7 million bales of all kinds of cotton on August 1, 1934, w~s considered somewhat excessive and proved to be so during the pe~iod 19.~4-39 with production avE-raginj?; 1.2.5 million. b?.les a yeer and domestic-_ consumption plus- exports averaging .. ll.6 million. At the end of thie· 5"-year . period the Cal'ry-over exceeded that at the beginning of the period by about 5··3 million bales. ·

A United States carry-over of 12.2 million bul(,os of all kinds of cotton on August 1, 1941, was considered vsry excessive but, a.ftor 5 years of national emergency, the carry-over of cotton (&11 kinds) h~s been reduced to an estimated 7 • 7 million bales. In this period, production avera god 11.0 million bales · annually while domes-t;ic consumption plus exports aven.tgE7d 12.2 million bales.

Total domestic (civiliun plus militLry) 'consumption plus e~ports averaged Only 0.,6 million bales per year more in the Wt,r period thun in the prewo.r period of moderate unemployment, the increase in consumption t....bout offsetting th~ decrease in exports. Average production in the prewur period exceeded average production in the wLr period by 1.5 million b~les. The reduction in curry-ovGr from 12.2 million bo.lcs on August 1, 1941, to sn ostim--ted 7. 7 million bnles or less on August l, 1946, is thus £~ttributtAble more to reduceci production thu.n to increased disappeo.rance.

Exports for the 1945-46 Ser,son Are Gontinuing Lt u High Level - -------

It is now estim::..ted thut exports for the yeo.r ending July 31, 1946, will total r,rounci 3, 500 thous~nd b~·.l e s. Cotton exports from the United Sto. te s tot~lod 2,001 thousand b·.\les in the first 8 months of this year compured with 1,020 thousand bales in the first 6 months of l<J.st ;;.re· .. r. A tctal of 1,924 thousand bules (excluding smt1.ll crmy exports) were exportPd in all 12 months of b.st yeo.r. The Dept·rtm~nt of Agricul tur6 announced on April 25 thc.t the export subsidy program on cotton would be ex;tended through June 30, 1947.and unti,l otherwise announced, tht.. export differontinl would remftin 4 cents a pound.

!/ As reported by Now York Cotton Exchanger Service& ~ 1945-46 estim~ted. Y B£, 1 e s , 4 7 8 1 b s • net •

I1AY-J1J1JE

Exports fqr the months Apri~ throug.h July will oe increased oy the government pror:r8.m of export1ng cottun 'to Jnpan in exchange for stated percentnges of the finished DOods. In these 4 months a total of 650~000 "bales are scheduled to move to Japan., Ho;,rever, the availA.oili+y of unloadin,<e, facilitiss, the difficulties of prbcu.rihg maritime "·'Orkers, PDd other shipping difficulties may prevent shi:p~

me21.ts according to schedule, Cotton "began moving from United States warehouses to port for shipment to Japrn in Mar.ch,. ,hut no cotton ""as loaded nooard ship until April.'

T~e Department of Agriculture is arrangin~ to ship 154,000 "bales of government-controlled cotton to the United States zone of occupation in Germany. As in th3 c~se of Jeptn1 1 the JJ$ S~ Commercial Company· (a suosidi8ry of the R.F.c: will deliver the r['w cotton an(l receive- and· sell t:r..c textiles provJ.ded as pay­ment., Arranr:emPnts in Gcrmc-.ny 1ATill ·crooaoly- 0~· h<'ndlecl oy the U, s. Office of Military Government for Germany. "

Exnort programs of the; type developed for Jnp~=m and C-erm<'1ny ar\1 advan­taceous -';o the importing cour.tries and the United Str.tes~ and 1Arill help meet the world sh<).rtage ·of textiles. The. rrr['n~eme-nt •,rhereoy pnyment for the rav.r cotton is. mPde in kind, eliminDtes the exchPno;e proolem for tho import·ing country. As oot:b Jc~;an P,nd Germany imported 1;:-r,:::;e quantities of poor q_1lality American cotton in prm-ncr yefcrs, these poor a_uali ties A.ccumulc:cted in tho United States during the V>JP.r. Tho present expo-rt 0.rr9.ngemonts 1.Vith Japan and Germany teJ:1porerily restores th:' h·ro most importP.nt pro\lm.r outlets for the lo•,·r qualities of American cotton. Tho textiles, rocoived in payment will contri-bute significantly to the' eliJ!lim·tion of ~_ororlQ_ textile-deficit aroPs~ Industry-uiso, e. shift from rP,yon to cotton in JPpan c:md Gcrm2ny 1·1ill result in some sPvings of coal .:,nd V>rill represent "- partiPl. reconversion from the self-sufficiency policies V>rhich con­trioutod to th0 WPr potentiRl Of these t1J>ro forrr:er 2-{'gressors.

THE iNORLD CO':.''J:lON SITUATION

Woricl Stoc~s Down

On tlw OI'Sis of dC'.til. presented 2i: the Fifth M<:ctinr; of the Intorn['tiono.l Cotton ACtvir:ory Committee, bela in "NPshingtoll from Me.;v 7 to May 14, it is nm.v ostimr t nd th..,t V>rorld stocks of r:.ll kinds of cotton on August' l~- 1946 v.rill total 23,5 million bales~ 1r1hich comp~·rcc ~.·rith 27.0 million ootn1rted to hnve boon on hand a year eP.rlier~ And~ it is no1.v estim.<>ted thP,t the foreign carry··Over of cotton, all kinds, on August l~ 1946, will total 15 .. B million "bales, which compo..res with 15.B million bales a yeF~r eA.rlior:o

1945 Wor1:d CommerciFLl Crop 2.5 Million ~~Below 1944-

The 1945 1o'Orld e;ommerci~l crop of cotton is now estin:nted nt 20o5mi1lion oalos by the ICAO, 2,5 million o0les "below their esti.,l:-·te of the 1944 cror> Lnck of manpov:er, ad·re-rse wee::.thor~ e.nd the need of devoting addition.:1l lani 'and laoor to th.o Tlroduction of food are the three most importr.nt factors holding do-wn prO.::

CS-110 - 9-

duction. 'The first ·two were most important in the United States and :Brazil this last season, and the third WRS moat important in India and Egypt. -World production of cotton fbr home and mill consumption combined reflects the same general conditions and the 1945 crop for these purposes is estimated by the Office of Foreign Agri~ultural RelPtions at 21.6 million bales, Pbout 3.0 million less than in 1944o

World Mill Consumption £el Still EstimPted l£~ ~Million Bale&.B$lOW P~ewar Average

It was estimeted at the recent ICAC meeting t~~t world mill consumption in 1945-46 will amount to about 24 million bales Y, which is 2.2 million bales 1J above last yeer but still considerPbly (4 to 5 millie~ b~les) below the 1935-39 average. As 1945-46 mill consumption in the United States is estimEtted at about 2.2 million bales more than the 1935-39 average, theiCAC estime.te places 1945-46 mill conaumption outside the U~ s. at 6f to 7t million bales ·below the prewar average. During this period of decreased world mill consump­tion, 11home eonsumption" (non-mill consumption) in the Asiatic countries appe.r­ently has increased but,~ittle,increases in Korea and India being about offset by the decrease in China.

Foreign mill consumption is increasing, but coal and po~,rer shorteges, the effects of unstable price levels on the labor supply, and a shorta~e of spindlef and looms still hold back consumption~ United States arrangenents "'hereby payment for re.,.rcotton is made in kind are helping to alleviate the critical foreign exchange problems in Japan and Germany. :&'oreign exchange difficulties continue to be a problem in England, continental European countries, and China.

World'Trade in Cotton~ Still 5.!£'Million Bales B~low Prewar Average

About S.O million bales of cott0n a~e expected to nove in internPtional trade during the 1945-46 season, which is ab0ut 3.1 nillion b~les nore then during the 1944-45 season, but 5.2 million bales below the 1935-39 averages It is anticipated that the United States will export around 3·5 nillion ~r 44 percent of the S.O nillion bales. United States exports of cott0n averaged 42 peroont of internatinnal cotton novenents in 1935-39·

World Price• ~:Ioportant Changes

The world demand for and supply of c?tton have undergone sev~ral changes during the last 12 months. The not effect of these has resulted·in nuch higher prie·es of American-type cotton in ArgentinR, Brazil, the United St?tes~ and Mexioo; relatively little change in prices of short-staple J.ndi<t-:-1 cotton in :Bonbay; an:d .a significant dec:: line in prices of Egyptian cot ton in Alexandria. Since V-E Day, the ~11nrld consunpti0n of cott0n has increa::<Jd qul'le nPter'tF1lly due mainly to the increased flow of cottrm into the Dllls for:':erly under the control of the Axis powers and a continued high level of cnns~ti0n in nRny other parts of the 1.<rorld. · ·

17 ICAC estinAtes Rre based on nore recent inforn~tion thPn d~tP published in October, 1945 iss~ 0f the cotton Situ?ti~n. ICAC ostir~tes include destroyed cotton as we.J.-1 as nill cons1mption and are nr;t entirely c0npprable "rith data for e~rlier yePrs.

MAY-JUlJE - 10-

At 'th~ -~arne time there has been a substPntial decline in cotton production. These factors,. tog~ther w·ith the up1.orerd trend in prices of eommodities in gener2.1 throughout .many parts of the 1~rorld, largely account for the fact that in most of the world's important cotton export markets prices have me.de very important gdns during the past ye[·r.

Liverpool Exchange Remains Closed.

The Brit ish announced on March lB, 1946, that the Liverpool cotton ex­chcmge closed during the war would not be reopened·and that United Kingdom imports 'V1Till continue to be handled by the government. The British Government stated the-ct. cotton can be secured by the government ,,.Jith a smallrr expenditure of foreign 'exchange than by.priv2te import'!rs, and with greater regularity nnd certainty. In addition, raw cotton prices to English mills are stablized through subsidization, when nocess<ry, under the government control. program. Tho House 6:( CQmmons allowed time on March 2Bfbr a. motion opposing the gover­nmont.!s. _doc:i..:3iOJ}, t'o contiJ.:tUO centralized purchasing without Opening the. Liverpool excl.iangeo bppositiqn was centered around members .of the ·cotton trad' The situation is being watched with consider~blo interest a·s an indicetion of Grent Britain's internr.tional trnde policy. . ..

'· ~rl~~t'~ British Interests Develop ··Export-Import Arrangement ~Italy

· Certain British firms, 1,rith 13oprd of Trade approvctl1fl·heve undertaken to purchP.so rPw Egyptian co'tton· for use in f:i.n export.-import f'.rrP.ngement with It,,_lio.n merch2nts very similr.r to the errangemonts mado by the United Ste.tes Government v.rith JDpP.n and Gorrnr.ny. The cotton ·ilrill bo spun Rnd woven by It2lian mills on commission Pnd the British shl'.rC::o:f tho.cloth will be.finishd in tho United Kingdom. As is tho case "~>rith tho United States agreements "rith Gormeny and Jnp<>n; the British arrangement ( 1) solves tho exch?.nge problem in Itnl;y- with respect to ra"tJ cotton, arid (2) will help increase the .. supplies of textiles for 11rorld textile-deficit Rreas. ·

Indian Central.Cotton Committee Recommends Restrietion in Cotton Acreage '

The Indian Central Cotton Committee, while recognlzlng th6.t an expan­sion of the Indian cotton acreage ;,rould be desirable in the intere:pt s of,' the cotton trade, has strongly recommended that, in view of the current food situr tion, the Indian Government require that a 11 Provincial and State· governments tnke steps necess2.:t.;¥ to restrict 'the' 1946-.47 co.tton acreage to not more ,than 14.4 million acres .g_ estimatad to have been h~rvested in the 1945 ... 46. s-eason. India 1 s 1938-39 cotton acreage totaled 2J~ 5 million acres. Thus, the .i946-47 recommended me..ximum acreage represents a cut to ab()ut 61 percent of the prewr n.creP..ge. This acreage, n.t the 193B-40 avergge yield ofnround 94 pounds per acre, would yield 2.8 million bales. India 1s mill consumption appears to ha1 averctged nround 4.0 oillion bnles in 1944 and 1945. Trude reports indicate

17 Fourth official India forecast.

Table·l•- Cotton: Spot prices of certain growths (basic grades), early April 1945 and 1946

: Early: April prices : dain-;Aprfll945 to ApriTT946 . : Equivalent ,------ :· :As per<ient or ijril 194\~

Country.., grade and location

·: :Domestic

unit

.Argenfino. :

. . . . . .

Type B •.••••••••••••• : Pesos per Buenos Aires •••••••• : metrio ton:

Brazil . . Type 5 •••••••••••••• :Cruzeiros : Sn.o Paulo •• : •••••••• : ner arrobn.:

Ea.st Africa. Kampala •••••.•••••••• : Rupees Bomba.y •••••••••••••• :per candy

Egypt : : Ashmouni F.G.F •••••• : Tallaris Alcxandrin. •••••••••• :per l:a.ntn.r:

India . . Jarila (M~y futures) : Rupees· Bo.mbay •••• ~ ••••••••• : p~r candy

Mexico :

. .

Middling 12/16 inch .: Pesos per Torreon ••••••••••••• : Sp.quintal:

Peru : Tanguis Type 5 •••••• : Soles. per : Lima •••••••••ooo••••= Sp.quintai:

United States Middling 15/16 inch .: Cents per : 10-market average ••• : pound:· .

In domestic : U.s.· : In : E_quiva- :CiiioUia.ted:Calculated: units : cents. a :domestic : lent : from : from

pound : units : cents a :domestic : ~ents a 1945~-~:~ ---1946~~: 1945 : 1946 : : pound : units s pot:nd

1,090.00 1,620.00 14.72 21.-88 530.00 7.16 48.6 48.6

83.00 119.50 13.66 19.38 36.50 5.72 y' 43.9 ]/ 41.9

850.00 850.00 32.66 32.66 0 0 0 0

35.75 32.00 29.86 26.72 3.75 3.14 -10.5 -10.5

434.75 443.00 16.70 17.02 8.25 .32 1.9 1.9

88.75 98.75 18.01 20.04 10.00 2.03 11.3 11.3

102.00 127.00 15.47 19.27 25.00 3.80 24.5 24.6

21.87 28.06 6.19 6.19 28.3 28.3

y Difference in percentages dur to difference in-rate -of-oxcl\rtngo-.---· ---- · --NOTE: The prices shovm are those officially quoted in the countries nf.I.ITlod. They do not include export trtxes, costs of lon.ding n.board ship, ,or costs of trn.nsportn.tion from inln.nd mn.rl:ots to ports; Ctnd they should not be tn.ken as representing nocossa.rily the prices at which tho Vc1rious cottons compote on wo.rld markets.

Source: Roport on tho V/orld Cotton ·~ ltua.tion, Fifth Mooting, Intorno.tiona.l Cotton Advisory C .:l.ittoo.

0 01 t 1--' ,_.. 0

1--' 1--'

- 12-

t~.-·.t ex}lorts of all Indian cotton; on applications d.a.ted after MAy 15 are prohibited for th8 remainder of the marketing seaso~ endi~ 4ugust 31, 1946. ... . . .

FoA.O. Proceeding With ' I~ternatio~el Teitffe Studv

The Food· and Agricultural Organization of the United Nati.ons;·i!).itiPten. its fiber work during :April. Owing to the urgency of the world food-.s~H~Ption F.A.O. 's eRrly attention was cUrected primrcrily at food, but is nov.: beinP, ex­pe.nded. to include fibers. The ini tinl ii'Ork is be in.~ carried out in -ciose · coop8r:--tion ,,.·ith ell interested organiz?.tirms (international,. foreign; c•nd un.:.t::d St;;+.es) .h.<Jvin& repre.sentat.ives i.n Washin2:ton, and as the ,,,or}c develops reprosentctives from most if not nll of the United 'Nations 1N'ill participate ..

The :pre.".mble of F.A.O. 's constitution defines the aim of thet orgo.niza­tioj~ as the; promotion of the common i<relfar<; by means of action for .. the pur­:pos~s of (l) r~ising.standards of livi~r; (2) securing improvements in•the effici(l)ncy of the production p,ni'l. distri>ntion of ail agricultural-products; 2nd (3) b·:.:ttering tho conditiorcs of ru.rEcl popul'·tirms and thus exp~nding the

· ,~ror ·1.cl cc r,nomy.

Tho prelimine>.ry •,,mrk is of Rn e~lor:1t ory n~ ture--:-'\<rorld fiber problems ere bein~ exR~ined to delimit t~e,genoral field of operation for F.A.O. and to discover V>Ihi't sort of inform::1tion' and stPtistics n.re needed for. le.ter action. As more cotton is used them E'ny other fiber, considerable. Rttention is boin~ devoted to tho problems' of cotton producing and· consuming coUntries!

Intornr'.tion<'..l Cotton Adviso.ry Conmi t teo r--1,-,et s in. Washi.ngton •

The fifth meet infc: of the Intcrn."'tional Cotton Ad':isory Committee WRS

held in Washine:ton behreen Mey 7 a.nd May 14 to receive the report of the study e;roup .~·:ppointed a yen.r Eego·. The meeti_ng \<J?s EJttendcd by 52 representntives from 27 different cotton produc:k1i.g r.nd · cons1¥IJ.ine; qountr~es. Whi;te no icfini te reconn~ndP.tions as to internatione.l E'greement '\<Jere submitted consider<-:ble pro­gresr; "'-<Jr:s illP.de from Pn orgvnizntional standpointG The follo•..,rinl; is <"- copy of the rosolutio.nadopted by the committee: · -

11WHE_li.EAS: It he~s been fo1.md thP.t Plthough the 1•rorld cotton situ;~tion i: currently undergoinp; improvement, a substantial :su:rplus of cotton still exists, and:, 'li'B:6:RE.:l.S: Thero are found to be present conditions which m2.ke it desi-rablt thr~.t tnc •·Tor~~d cotton situ;•tion be ke1.ct under c'>ntinu.ous review,. and, WHER.E.A;S: It ir; believed th;"t the study of proposals for intornP.t ional collaboration in respect to th'8 '\<rorld cot tor. surplUs should l:Jc p)1rsuad and ·that a medium should br: _;;:>rovided: for the c0nsidorn.ti01~ (Jf :Cu.rr.ont intcrnn.tionn.l cotton problems, IT IS RESOLVED: . . ' .

1. Tlv··t .'in. Executive' Comr:1i.tt.ee crm:Sisting of representEltivos of ; 12 me~bcr rovernmen+.s divi'dod eq:u.FJ.ily bd1·reon cott·nn exporting and import­ing co1L.'ltries _be established; enc' .th.:·t· 3: members of the Execu.t i ve Oommi ttee sh...,ll O()l"}stitute·a quorum.: '

OS..llO 13 ...

2• That the mer.1be.rs. of the Exec-q.t'ive Committee \'.rho shall serve until the' next 'lneet .. ing .of the Internat inM.l Cotton Advisory Committee sha.ll be representatives designated by· the Government a of Argentina; Belgium, Brazil, Canada, China, Czechoslovnkia, Egypt, France, India, Peru, United Kingdo', United St~tes of America, and that these f.Overnmcnts be requested to comrlrunicate in writing to the ChE>.irman of the International Cgtton J..dvisor;y~ Oommittee'through appropriate diplomatic channels the names.of.their repre­sentatives on the Executive Committee •

. . 3 •. That the Executive Comnittee be authorized to fill !~~ancies in its own membership, having in mind the principle thr:t tho.'governr.wnts of exporting and importing countries· should be E(qv.n).ly represented • .

·4~ "That the Chairman of the International Cotton Advisory Committee be requested to c0nveno the Executive Cor.unittee in .its first meeting. . .. .. . · · ·5. Tnat upon the approval of this Resolution by not less ,.than 12

nenbcr governnente of the Internati0n~~ Cotton Advisory Committee, the po'llrers and duties of the Executive Cor:1mittee shy.ll be: a. To estnblish prnctical coope;ra~ion. with the Fot>d and Agriculture OrganizeJ;ion of the Unite[ Nations and with 1othor int'*-rnatione"l organizations c·mcerned v:ith t'll' wnrld C"ttnn si tUr'3.t on: r .. _n ··lrnvidc n '1ecUu."1 fnr e:v~h;;nP'~ 0f "iCJ\vS

in re;.:ard t0 curr0nt devol"'' :cmts in t''·.' inLrn:=>ti,...n...,l c0ttrm dtu·•ti"~n' . c. 'f;, d,:;vclnu furt~l-J.r t'l;.o \v'">rk '">n 'ln instru·.•cnt "lf intern2.tirm?.l cnllrd~ora-

tion to deal-with the .1rJo.rld ·cott'on sit"u~>·t i0r{; ·d. To creElte end I:laintain nt W8.s'hington a seoretarii'.t for the purpose of su~,i?plying complete, 1'uthen­tic, and timely statistics on wnrld cotton production, trade, c0nsumption, stocks, :1.nd prices; e. To enploy such staff ~s. it ID8.Y deem necessP.ry for tho purpose, hav~~ in. min& the desirRbiii ty of dravJing qu~',lified person­nel ~s-broadly as possible fron prrticipPting countries; f. To determine the nunber, nature, and distribution of reports to be issued; g. To receive contributions of funds frn:o ner1ber t:;o.vo.rnnent-s 0f the .Intern~tion{•l Cotton Advisory C.omitt.eo-; to· draw up a· b'udget for tho fisc8l year beginnin_c; July'l,' i9.46, not to exceed Fifty Th0usand ($50,000.00) Dollars; .-end tr;

arrange for e.nd supervise the expenditure 0f such funds; h. Tr) propose r. budget for the next following fiscal ye~r.n.ud.to ll'e~Ol"':IJend a ba.sis for contributi0ns by r;le!<lb•·r··govorilnents in future years; i. To deternine and fix'the·d~te and place of the next neeting 0f the International Cotton Advisory Connittee; prepnre the draft agf>ndc>; e..nd r;;:J:<::: recor.mendPti0ns as to tho conpositinn of futuro Executive Oonmittees • . . .

. 6. · 'Th8t ·eRcn r.ienbor governnent 0f the Interr_e.tinnel Cottrm J.dvisory Cormittee ·be reouested to mnke an initial contribution t0 t.i-]_e Exe.cu.tive Conni t tee of T,,,~ Th0usand Five Hundred ( $2,500.00) Do ll.?r s in United Stntes funds; that the ultinc.te basis fnr tho nssossnent of cnntributi0ns be decided upon by the Intqrnati0nf'.l C0ttnn Advisory Co:r.JJJitteo at its next ncoting following tho establishnent of the secrotoriat; and thet <edjust­nents oc nade t0 tPke account nf the initiP.l pr;ynent of $2,500.00 b~.- nny nenbor governnent.

7. ThAt each noobor governnent of the Intorneti9nP.l Cotton .Advisor;y Connitteo be requested to c9oper2.te fully''JI!ith tho Executive Connittee and the· secretnriat· in developing ~nd supplying such nation~l statistics as nny bo essential to the work of developing ~nd sup~lying conplete, authentic, and tiuely cotton statistics· on a world basis.

· 8. ThRt the nfficial e.nd wnrkin~ lr.nguages of the InternPti 0ne.l Cottrm Advisnry Cor.lrlittoc be the Spne as thoso Etdoptod by the United Nations."

T~bltJ 2.-Cottoll: Estim<1teti u.v6ra£~G ?rice ]:•cr rou!.d, receivod by fttrm•,rs, '.J.,il;cd JLt.tos, 1022 ~o U.aLe

Se~~SC'H

)eei:mi.ns: August~

1922 1923 1924 1~25

1926 1927 1928 1929

1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

1940 . 1941

.. .

1942 1943': ': 1944 1945

1

·-- -·-- ------ ~~ ---: : : ~ ; ""T •

Aug. 15: Sept. 15: Oct. 15: ~·fov. 15:Dec. l5:Js.n. 1G:Feb. l5d,!c.r. 1S:Aprd5:May 15i.June l5:Jub 15 ;'~bl~htod · • averoY.e

Cents

21.1 23.16 27.87 23.41 16. '75 17 .. 47 18.36 17.92

llo25 6o07 ~.51 8.80

13.02 11.44 12-~29 10o56

8.03 9.94

9.07 15.47 18.03 .19.81 20.15 21.33

·~: : :. : : : : : : : ~ 0 --- ---.-- ---- --- --- ---- ---- ·---- - --Cents

20.5 25.06 22.19-22.49

. 16~ 87 22 .61' 17.4"< 18.20

9.86 5e89 7.13 8.81

13.13 10.55

"12 o55 8.97 8.29 9.32

9.27 17 .,69 18.59 20.20 21.02 21.72

Cents

21.1 27.84 23.07 21.~51·

n.s6· ........ 20 •. 97

. :1;8:.-Jl 17 .• 57

.. 9 .1q 5.21 ·6.32 8.99

12.56 10.88 12.2;3

8.27 8.76 8.56

9.1:3 16.71 18.87 20.28 21 .. 25 22.30

- ----., J ~

Cents .. Ceclts Cents Cen-=ts

23.1 29.73 22'.62

. 18 .• 00 10.94 20.09 17.83 16 .3.1

' 9 .• 63 6.02 5.90 9 .. 59

12.38 ll.51 12.01

8.17 8.70 8. 71

9.39 15.89 19.22 19.40 20.78 22.52

___ _.. ·---' ---24.1 32.0G 22.25 17.07 10.06 18o76 18~07

;16.06

8.73 5.49 5.38 9.66

12.45 ll.37 12.37·

8 .. 00' 8.63 9:43

9.37 16;35 19.55 19.85 20.85 22.84

z 5.,3 32.65 22.76 16.89 10.58 18.58 17.99 15.93

8.76 5.68 5.65

10.36 12.55 11.10 12.45

7 .. 81 8.68

10.12.

9.37 . 17.82 '19.74 20.15 20.20 22.30

27.1 31.50 23.04 17.17 n.5s 17.08 18.13 14.92

' ~.32 5.91 5.57

ll.85 12.37 ll.02

.. 12. 58 7.,80 8. 57 ..

10.06

9o66 18.28 19.6.8 19.93 19.99 23.01

Ce,lts

28.4 28.01 24.68 16.44 12.53 17.87 18.92 13.85

9.56 6.26 6;,~15

ll."!34 n .. ·so ll.14 13.69

7.93 8.,13

10.19

9.58 18.-01 l9.9l 19.97 20.24 22.70

Cents C~nts Cents

27.8 26.5' 29.02 28.48 23.6a 23.01 16.43 15.93 12 ... 60 14.15 I8 .• 81 20.09 18•59 17o91? l4 •. 82 14" 54;

9 •z ro o00

5.83 6o27

ll.65 ll.66 ll.l9 13.72

8.07 8.45 9.96

s. 92 5.26 8.30

11.06 12.0:3 11.37 12.93 8.08 8.59 9.81

10.1'3 11.48 18 •• 82 18 •. 78 20.13 20.09 20.24 19.80 20.20 20.51 23.59

26-.1 28.09 22.96 16.01 14.8J 19.68 18.04 14.02

7.69 4.62 8.90

1.1.65 11 •. 75 11;38 ],2 .<'.:.7

8 ... 28 8.68.

10.00

12.70 17.91 19.96 20.16 20.90

CenLs

24.8 27.53 23.34 lti. 4,;_ 15.49 21.02 17.75 11.92

Cerlts

22.88 28~69

22.91 - "19~61

12 ~47 20·.19 l7o98

'16. 78

8o45 9o46 5 .. 07 - 5.66

10o68 6o52 12.29 1/10.17 11.89~y12.36-12.62 .. ll.09 12.59 12.36 ~~sz 1/ 8.41 s-~89 I/ 8o60

llo60 --: 9e09

14.25 y 9.8~ 18.44 1'/17 .03 19.60 1"/19,04. 20.32 -.19e88 21.25 20._73

j Includes unredeemed loan cotton at estimated avernge loan value.

t"': ;.<>

1-:: ~ ,'CJ ~· l •J f--'

\.0 -I==' 0\

~ l .

Table 3.- Cotton: Parity price per pour:.d, United St::d~€c, Jo.nuary 192.3 to df\te

Year bee;inning August 1

Aug. : Sept.: Oct. : Nov.

-- ----:: Cr""cnts Cc:mts ----1922--••••• : --1923 ••• ~.; 26.71 19 24 ••• ~. : 20. 58 192 5 •••• ~: '20. 96 1926 ••••• ; 20.83 1927/.' •••• : 20~58 1928 ••••• : 20.83 1929 ••••• : 20.71 1930 ••••• : 19.72 1931 ••••• : 17.24 1932 ••••• : 15.25 1933 ••••• : 15.25 1931 ••••• : 16. 2,c;, - . 1925 ••••• : 16.00 1936 ••• ;.; i6.12 1937 ••••• : 16.62 1938 ••••• : ·i5.50 1939 ••••• : 15.13 19t.;;O ••••• : 1 s. 50 19S:i ••••• : 16.62 1912 ••• ~~: 18.72 19,~3 ••••• : 20.31 194~ ••••• : 21.08

19(5 ···~·= 21.~5

20.58 20.71

. 20.33 20.83 20.58 20.83 20.71 19.59 16.99 15.13 15.75 16.37 15.87 16.12 16.?-7 15.38 lb. 50 15.50 1G.99 18.85 20.34 21.08 21.58

Ccnt~--Cents -------

20.58 20.83 20.80 20.83 20.58 20.83 20.58 19.3'i: 16,136 15.00 15.75 16.37 15.87 16.12 16,2'i 15.38 15.50 15.50 17.24. 18.97 20 .~".6 21.08 21.70

20.58 20.83 20.83 20.71 20.16 20.71 20.58 19.10 16.62 L.88 15.75 16.37 15.75 16.12 16.12 15.38 15. EO 15. 50 17.18 19.10 20.58 21.20 21.70

. --------·-· --------

--:-Si:rn.p1e Doc. : J~n. : }eb. Frlr. : Apr.· : ~~~1y : June : Ju1y:Averac:o

. Ct..ntsCon'fs ----20.58 20.96 20.83 20.71 20.16 20.71 20 • .C6 18.97 16.G2 E.76 15.75 16.:.;7 15. 7b 16. 2,~ 16.00 Ei,38 15.50 1G.62 17.61 19.22 20.71 21.20 21.82

20.71 20.58 20.83 20.83 ?0,58 20.58 20.71 20.34 18.60 16,00 1 ~. H: 15.08 16.12 16.62 11.5.37 16.00 15.25 15. [-0

15.50 17.86 19.3-~

20.83 21.33 21.95

Con1f:Siecnts Cents

20.71 20.58 21.08 20.96 20.58 20.58 20,83 20. 3,~ 18.35 16.00 1-';:.E 15.62 16.21.: 15.62 16.62 16.00 15.25 15.50 lb. 50 18.10 19.59 20.96 21.33 22.07

. 20. 71 20. 71 20,71 20.58 21.20 21.20 20.96 20.96 20.46 20,58 20.71 20.-83 20.83 20,71 20.2120.09 18.23 17.98 15.75 15.62 E.Ql E.l4 15.75 15.75 16. 2,~ 16. 2,: 15.50 15.50 16.G2 16.86 lL. 87 15,87 15,2!) 15.25 15,62 15.62 lG.62 15,62 18.35 18.,'.8 19.72 19.81 20.96 20.96 21.,:5 21.15 22.32 22.44

. . . . . . Coiitc-CoC.rs- Cent" · Cents

20.83 20.58 21.20 20.96 20.58 ?0.83 20.71 20,09 17.86 15. ;:.8 1·~.1 1~ lf,, (\7 16.2,.:: 15.50 16.86 15.87 15.25 lb,(:i2 Hi. 75 18.GO 20. (;9 20. 0G 21.·15

20.83 20.-46 21.20 20.96 20.71 20.96 20.58 19.96 17.61 15.25 H.26 15.87 16.2:: 1[,.3g 16.86 15.7 5 15,25 15.62 16.12 18,GO 20.21 21.08 21.45

20. 7l 20.58 21.03

'20. 96 20.71 20. ~6 20. 58 19~84: 17 .·.::8 15.25 E.76 1E>, 87 16.12 15.75

20. 7,± 20.59 20.98 20~-91

20 .. 68 20 bd 20. 'i':i: 20.33 18.57 1E;.13 h. 55 15.70 16,26 15.o8

1tJ.7!.: 16.-:7 l5.G2 . 16.03 15.25 15.50 16.2<.:: 18.'72 20.31 21.08 2l.!i:5.

15.31 l5~·S_l_~ lS.61 ) 7.83 b. 50 20.77 21.30

0 (/l I

<---' 1-' 0

1-' 'Jl

I

Table 4. -Cotton: Farm price as a pcr.cent of parity, United States, January 192) to date f' _.....

~ ---·- --- )

Year -~ --- -- --;sinj_.iTe ~ : : : : : : : : : : : . .

""~

beginning :Aug. :Sept. :Oct. : Nov. : Dec. :Jan. F'E. b. : Mar. : Apr. : J'hy : June :July :Average : l:ci

August l : . : : : : : : : . : . f-1

:Pet-.- Pet. --·-· ---- .. ~--~- ---· . ·\.D --- ---·-Pet. Pet. Pet. Pet. Pet. Pet. Pet. Pet. Pet. Pet. i?ct.

.j:::"' m -- -- --. -- -- -- -- -- -- ~ -- -.

1922 •••• 0: --- --- --- ---- ---- 122 131 137 134 127 125 120 128

1923 .•••• 0 : 112 123 125 144 . 156 159 . 153 . 135 141 138 137 134 139

192.4; ••.••• : 135 107 111 109 . 106 109 -109 . 116 111 109 108 lll 112

1925 ...... : 112 108 103 86 82 81 82 78 78 76 76 71: -8-6

19 26 •.• 0 • 0 : 80 81 G6 53 49 51 56 61' 61 69 71 . 'f) 64

1927. •.•••• : 85 110 102 ' 98 92 '90 83 86 90 96 94: 10(} ~4 . 1928 •.•.••• :. 88 84 87 86 87 87 87 91 90 87 88 83 .. 87

1929 ••••• : 87 88 85 79 78 ·7·8 73 69 ?4 72 70 60 76

1930 ••.••• : 57 50 47 50 46 '47 51 52 52 50 44 4$ 50

1931 ·---·. 0: 35 35 31 36 33 36 z,7 40 3? 34 30 3~ 35

1932 0 ..... : 43 47 42 '. 40 36 10 39 44 44 59 62 n 47

1933 .•.•••• : 58 56 57 61 61 67 ?6 75 74 70 73 77 67 f-1

1934 ••••• : 80 80 77 76 '70 78 76 71 72 74 72 71 76 m

1935 ...... : 72 66 69 73 72 71 71 72 72 73 74 80 72 J .

1936 ••••• : 76 78 76 75 76 76 76 82 81 77 74 71: 77

1937 ooooo!, 64 55 51 51 50 49 49 . 50 f•l 51 53 53 52

1938 ••••• :. 52 54: 57 57 56 57 ' 56 55 55 5G 57 53 56

1939.~····=· 66 60 55 56 61 • 65 65 65 64 63 6{ 73 63

1940 o .•••• :. 59 60 61 61 60 60 62 61 65 73 79 83 6>'

1941. ooooo!, 93 104 97 91 9" '100 101 98 102 lOl 96 93 98 0

1942 ....... :. 96 99 99 101 . 102 102 100 101 10ili lOP 99 93 100

1943 ,o.o 0 •• :. 97 99 99 9,1 96 . 97 95 95 . 97 9~ 96 .93 96

194~1:. ...... 0 : •• 96 100 " 101 98 . 98 95 94 9·1 . 9,± 96 97 93 97

1945 ........ _: 99 101 103 104 I 105 102 lOll- 102 105.

---·-- ---- -----

Table 5.-Grade- and· staple length of up"land cotton ginned in the United States_ 1945-46 1/ __

G d !13/16"&: 7/8" : 29/32n : 15/16" : 31/32": · ·1 11 ·: • 1-1/32": l-l/16u : l-3/32tf . ':':J,-1 / 811 & : A11 lengths ra e • h t r• • • • • • • • •ronc-er .. -____ .s or e .. . . . __ • . . • · 0 -.:..,• =---~ __

. : Jl;Jni~~f!. Rnn:::in.:; 3:un::i:l:: ::t.unrd:l.r, Ru.ruiin;; Runnfn.::; Running :R1mnf;'l:-:· Rundnp- RUnning RunninP.: . Extra Wlutel 'ta es .1!.ille.s .lal.as J.;U.as 1;210s bales c~ baJes Jmles r8.les h.1es ·Pet.

G.M •. : -;-·:- -.:..--! - -:- - :-- 1: Tb! ]o9: .-2,701:-- l,)Q-_3-: l.J-85:- 4,915:.1 S.M. : -:- : - : ~: 24: 58: 852: 14,266: 46,397: 25,330: 12,746: 99,675!1.1-

M..• : - -: - : - ! 108: 235= 2,939! 33,177: 89,371! 55.769·: 19,2]3:· 201,432!2.3 S.L.M.- : 32: 54: - : ·528: 235: 4,229:· 24,064: 48,251: 30;024:- 12,g66:. 120,'383!1.4

L.M. : 178:· 283: - : 1,943: 2,475: 8,629: 10,616: 10,831: 2,563: 695: 38,213: ,4 S.G.O. : 377: 1,392: - ; 5,601= 3,076: ~,·244: 2,076: 1,144.: 51: 4: 17,962: .2

G.O. : 422! 2,481: 2: 4,108: 1,022: 1,032: 201: 101: 15: 10: 9,394: .1

White G.r-1: .. S.M.

M. S.L.M.

L.M.

: : : . . : t s

30: 200: 9301 ~70f. 58Q:' 29,438:

. . . g4S:.

54,807: 565.l15: 735.727: 2ll, 592:

: : 890! 420:.

64,222: 33,890: 493,945: 203,077: 628,174: 200,012: 139,g49: 40,164:

120: 13,300: 76,720: 70,718: 17,860:

: 4, 798: 2/

264,755: 3:-o 2' 125-,163~4. 2 2,803, 767:~ .o 1,161,886:13 .. 2

0 Cfl .:.. ...., 0

S.G.O. G.O.

10: 6go:

11,258: : 50,009:

41,945: 13,057: ~.713:

3,560: 34,380: 89,162: 92,004: 34,164: 18,247:

5,720: 39,220: 56,628: 63,582: 28,641: 9,240:

30~230: 28,898: 130,830: 173.7031 170,054: 235,839= 143,566: 147.912: 1o6,so9: 58,349: 123,245: 22,652:

396,915 567,444: 263. 41Q! ll5, 704: 101,587:

56,443: 36.1,81: .

22,753: 4,550: 6, 901: ' .750=

3.390: ' 1,250.: .

443,860: 5~1 1-'

324,766:3.7 --J

Spotte.Q, G.M. S.M.

M. S.L.~I.

L.M.

: .. . . .

570: 15,564: u. 4 .5, 82 : 32,777: 11,314: . .

.. . 540:

23,808: 55.953: 31,623:-11,531:

• . 300:

10,591! 20,600! 11,878:

3,600:

. . 1,314:

24, '779: 39.773: 26,111: 21,576:

952: 27,826: 42,902: 14,549:

5,287:

1,201: 51,884: 88,212: 24,043: 15,532:

. . 2, 845:

63,596: 71,685: •12,257:.

3,787:

. . 6,345:

26' 626: 27,533: l.t' 533":

761:

. 4, 368: 5,489: 4,330:

748:' 80:

. . . 1,176: 2,46o: 2,641:

46g: 100:

: I -. 19,611: .2

252,623:2.9 399,453:4.6 158,985:1.8

73.568: .8 . . ~ip.ged: : : : : : : : : : : : :

G.M. : - : 2: - : 9: 2: 32: - . : 16: 3': -:- · ! 64: g}_ s .1-1. : 72: 68: - : . 11:- ·48: . . 283': . . .250: . "23: :-. : . ..: ': 815: ?J

M. : hal: 215: 53: 232~ 234: 635: 364: 21: -:- : - : 2,155: gj S .L.H. : 273: 14?: '120: 108: 90: 231: 70: 10: -:- : - : 1,043~ £../

L.r4. : 410: 1,4oo: 9D~ :t,~9f.l=:· -- .. · .70-::- :· 6o1: so: - ::· - 4o:. . -. :· x :· : .. 4,181: ?) S ta"ned '/ • • • • · · Hr~· · · • ·• · · 6o · 1o·· · • · · • · - ·• 1~0 • 2 1

.1,. -"" • - • - • - • ' - .J.V • • .. -. - • • • ~ ~· . . - .• . - . . • . - ' .• I c.. • £./

Gray J./ : 64:: · 257: 1,210: · 4, 6g3;: · 4;,a.63~ 12,067.: 20.,2:14:: : 16.,282: : 2,332:: : 869:: 62,051: • 7 :Below ~rade: 3.1~1\15,420: ....:f-~0_: _ .§.8,39-}:- · 6·,163: 50,~og:___gs:,5'5T: · ~4·: _. . 66'2:· __3_,__192: . 181,751:2.1 All Grades :233,081: 16,715: 2~,o17t 9~.~75: .777.)11:1,742, 11:~,897:1,642,951: o16,210: ~o4: 8,777,39£_~ Rs:h- · · ! ___ 2•~• 4.7! 2.9! 1Q~3l ____§_.9; 19a9! _ 22.2! 18. 7! 7 eO! 2. 7: __ 100.0 ~~ttrrellminary. f2 sstthan O~OE ngrcent.A-~ Includes all grades. ~As re~orted by the-BUreau of ~ensus. o ton ~rancn o - ro uc 1on an~ MaT~e~1ng am n1strat~on. Grade Index 1.9. Ave. stnDle length 32.2

MA:Y.:.JlJNE 1946 - 18 ~·

Table 6.~Wearing apuaZel fibers: Per cauita con~i~n, United ~tates, 1913-~ Year 1/ : Cotton 2 :Rayon 3/ Wool4/ : Flax· 5 : ·Silk 6/ f Total_

Pounds Pounds Pounds . Pounds Pounds ~Pounds 1913 •••.•• : 27.87 .04 2.35 .26 .35 I 30.87 i

1914 .•••••• : .26.64. .05 . 2. 7~ .~3 .31 29.97 1915 •••••• : 28.96 .07 3-35 .10 .37 32.85'. 1916 • 31.36 .o6 3-55 .• l5 .4o '35. 52 . . . . . . . 1917 • 31. 73' .07 3-34 .18 .42 '35· 74 . . . . . . . 1918 • 28.46 .06 3.82 .18 .46 32.98 . . . . . . . 1919' •••••• : '27.22 .09 3.13 -~w ··. -· .• 52 31.06 1920 • 26.51 .08 2-95 .12 .36 30.02 . . . . . . . 1921 • 23-96 .18 3.16 .08 .-48 27~86 . . . . . . . 1922 . 26.45 .22 3.69 .11 .52 30-99 . . . . . . . 1923 • 27.89 .29 3. 77 ~ J,4 ... ·55 32~64 . . . . . . . 1924 • 23.10 .37 3.00 .07 .52 27~'66' . . . . . . . 1925 . 26.54 . 50 3.02 .ll .66 30.83· . . . . . . ' 1926 • 27.36 .52 2.92 .14 .65 31.59 . . . . . . . 1927 • 30.14 .84 2.97 .10 .71 34.76 . . . . . . . 1928 ........ :. " 26.43 .83, 2.77 ,.11 .. .72 30.86 1929 ...... : 28.11 1.10 3.02 .11 .so 33.+4 1930 . 21.13 .96 2.13 - .13' .65 25.00 . . . . . . . 1931 . 21.27 1.27 2.49 .o6 .70 25.79 . . . . . . . 1932 •••••• : 19.61 1.24 1.83 .06 .60 23.34 1933· ....... : 2.4.13 1. 72 2.51 .. , . .08 .. .56 29.00 1934 . 20.90 1.55 1.81 .09 .48 24.83 . . . . . . . 1935 •••••• : 21.57 2.02 3.26 '.10 - • 57 27.52 1936 . 26.93 2.50 3-15 .• 10 .52 33.20 . . . . . . . 1937 •••••• : 28.12 2.35 2.94 .11 .49 34.01 1938 .•.• ·-· •• : . 22.33. 2.52 2.18 .. .•• Q:J .• .44 27 .,50. 1939 • 27.54 3.48 3.01 .11 .42 34.56· ••••••• 1940 • 29.80 3.63 3.07 .• 09 .36 36.95 .. . . . . . . 1941 .. 38.72 4.41 4.83 .07 .19 48:.22 . . . . . . . 1942 • 41.56 4.58 4.54 .17 f~ 50'.85 . . . . . . . 1943

.. • . 38 ·37 .. 4.78 4'.54 .08 .. 4r.·n-. . . . . . .

1944 • 34.48 5-07 4.48 .07 11 44.10 . . . . . . . 1945 §../' •• • : 32.19 5;46 4.59' . ·.o5 .o1 42.30

--Pop~1~tion data ,f;r-o~ ~ureau .of the Census. Population July 1 used except· in· q9-se of flax for 1913 through 1917. 1/~~nr~ ~1')~~ fb.r.fi~' for i9i3· th~~ugb.' 1917 w~ich are fpr year ended June 30. y 1'"otal mill .conGunnt_icn -as reported 'by the' ~reau of the Census, Mill consumption of American cotton was computed by deducting 22 pounds for tare until 1939, in subsequent years the allowance has varied as·Teporrel by the Crop Reporting ·Board. ·For ·foreign cotton 3· percent· for· tare ·wa-s ·deduc'ted·. 1/ Compiled from Rayon Organon, ]Ublication of the Textile Economics Bure~u Incor~ para ted·. Data are based on· d'bme~tic shi-pments,· c-hanges in stocks and ·trade figures ~nd includes filament and staple fiber which have been separately reported iipce 192B. · ,i/"Include·g apparel and carpt>t 'wo·ol, on a s·cr:rured· basis·.--. Figures· for 1913' through 1917 are based on ~reduction plus net imports. No estimates of stocks' on c9-rry-over available. Figure's for 1918 to date a-re from Wool consulltpti.on, :rep.orts of the Bureau of the Census. 5./ eompiled from rep0rts of the Bureau of F0reign

\ and Domes tic Conun~rce ·and ·Bur·eau rif"P1ant In:du:s try. Ililports· for eon'Sump·tion·· p·lu-s ~stimated production. £/ Com~iled from reports of the Bureau of F0reign knd Do­mestic Commerce~. Im~orts minus. re-exports for l9l3. t~rough,l933, .i~pqr~s for cor sll.lnption 1934 to da.te.. 1/ Less than .005 pound~. ~/ Prelimi~..a:ry.. · . .

_;;. 0

Table 7.-P.roduction oi' cotton :in 'Q'ni ted St~tes 1 foreign countries 1 and world, 1920 to date-Continued T 1-'

- ----- . I--J : • , Foreign countries (continued) - o

Crop : Peru : Mexico : Ar..-entina : Ug. E'nda : .Anglo-Egyptian :K : T 1 : I· : Belgian • 1/ - · o · area ur cey ran •

year . : _ : : : : : Sudan : : : : Congo l,DOO 1,000 · 110.00 l,QOO 1,000 -1,000 1,000 ---r;ooo l,OOO,. qa:les 3/ bales 3/ bales y ba:J.,es y bul:es y ba'lesybales yba.1esy bales .ij

- J

1920 • '177 147 . ·26 ~8 26 101 30 5 3 1921 = 186 147· '17 40 20 '82 30 s 5 1922 : ;199 202 ·26 . 74 24 103 30 33 7 1923 : :212 • 175 '59 108 38 112 57 '65 16 1924 : '215 .. 196. <67 164 41 123 78 59 14 1925 : . 210 200. 135 151 106 123 126 84 16 1926 : 246 360 58 110 130 143 97 85 23 1927 : :24:6 • 179 115 116 111 133 54 75 28 1928 : 225 278 118 171 1~2 150 67 92 31 1929 : . 303 2~6 150 108 139 139 101 68 34

: - . {£; 1930 : . 271 178 · 139 ·158 106 148 74 ·17 67 I .

1931 • 234 210 169 .173 206 101 91 106 40 1932 : 242 102' •150 217 121 135 94 72 64 1933 : 278 260 '200 239 13:.:5 139 128 144 82 l934 ~ 342 . 225 '295 212 227 137 1 (4 128 105 1935 : 386 315 '373 269 201 lG9 241 1;~3 124 1936 : 376 397 144 283 268 119 236 171 147 1937 : 396 341 237 349 264 214 299 162 193 1938 : 378 307 327 263 263 188 306 18·~ 194 1939 : -~ 383 t12 362 2G2 .245 189 294 180 203

1~41.. : 329 302 232 310 268 168 ·3-±0 ~. 118 ·218 1~41 : 322 375 373 198 ·-- 234 184 297 . ~1 -185 1942 : 259 45.8 498 94 27'1 183 ..5·10 3-1 198 19·1:3 : 310 515 :J53 157 175 205 o25 -±Z 14:1 1944 : 325 620 332 228 -- 290 228 231 63 170 l:.g45 : 320 4.28 355 2 lf] 210 163 166 71

-- --·- J--__ -- ----

Co:lti::lued

e: iP'

Table 7.~ Production of cotton in United States, foreign countries, and world, 1920 to date rt ~ ~

--: . United :

\.0 . Foreign countries ~rop · ye~r Y : World +="

: States : j : : : . ---J\ . China 2/ . : : Total India Russia. Brazil Egypt t . . . . . . -· --- -

: l_pOOO 1,000 1,000 1,000 1,000 1,000 1,000 1,000 bales 3/ bales 3/ bales __ 3/ bales _3} bales 3/ bales 3/ bales 3/ bales 3/

19:D : . 21,350 13,429 7,921 2,978 58 2,406 4:$9 1,251 1·921 : 15,970 7,945 8,025 3, 719 43 2,197 459 902 1922 . 19,300 9,755 9,545 4,207 55 2,510 484 1~391 . 1923 . 20,020 10~140 9,880 4,282 19>7 2~4:06 552 1~353 . 1924 : 25,160 13,630 11,530 5,036 453 2,510 740 1,507 1925 : 28,2S:O 16$105 1~ ,135 5,132 782 2,458 561 1~650

1926 : 28,920 17,978 10,942 4,144 830 2,301 493 1~586 1927 :

24,890 12,956 11,934 4,934 1,096 2,824 1~261 : 464 1928 : 26,880 14,477 12,403 4,791 1,174 2, 720 430 1~672 [\)

1929 : 26,860 14,825 . 12,035 4,331 1,229 2,458 571 1,768 0

1930 : 26_,200 13,932 12,268 4,300 1,587 2_,615 483 1,715 1931 : 27,850 17,097 10,753 3~·325 . 1,845 2,092 555 1,317 1932 : 24,450 13,003 11~447 3~844 1,816 2, 720 '481 1;027 1933 : 26~920 13,047 13,873 4;189 1,887 2,981 1~014 1~777

1934 : 23~810 9~636 14~174 3,987 1,687 3,?43 1,328 1,566 1935 : 26,820 10,638 16i182 4,874 2i250 2~(367 1,757 1~7b9 1936 : 31,450 12,399 19i051 5,217 3,400 3,870 1,817 '1,887 1937 : 38,605 18,946 19 i659 4,788 3,.700 3~559 2,075 ' 2,281 1938 : . 29i090 11,943- 17-,147 .4,227 ;3 i800 ... 2~301 1,989 . 1, 728 1939

; 28,895 11,817 !, 17,078 4,108 4,000 1;883 2;141 ·1,.~01 . ..

) , i.. .

-- : ---~ - - -~ -. . ' : -- .. - ----··3-,ooa· 1940 : .30i5:3o 12_,566; 17,~Bi s;otr9 --- .2 ,354 .2 ,507 li900 1941

~

27~22'0 - .. .l0~_7:±_';i:_~ __ j§-6·~.76 ... 5,127 -~.-4/ .2,406 );8.44 1,7~5 : 1942 - : 2..7.,:02 ~-- .... 12' t?_l_7 ___ . l'h.c?.Q~ ·.3,,935 . ·. __ :;..,4'/ . - 4/ 2 ~l-'7-2. 877 1943 . 25,380 11,427 1&i 953 4,401 .... ---!/ '4/ 2·,?-00 740 . 1944 5/ : . '"24,-615 12 ~2.30. 12 '3.:8& 2~965 --- ·r.· 1;uob 2 1:;576 962 1945 5/ : 21~650 91)01!5 12,~635 2,900 --- '1,"660 . -1~·950 :1,091

05•110 ... 21 ..

Table 7- Continued

Production of cotton in United Sta*es, foreign countries, and world, 1920 to de. tcl

~Production for each coUntry in any 'given crop ~ear is credited to the marketin season (year beginning Augus·b 1) in which the bulk of the crop is normally harvested. · ~ Includes Manchuria. ·~ Bales of approximately 478 pounds net weight. -4/ Comparable data not available~ ~ Preliminary . The world and foreign countries totals are estimates based on such data as are available for individual countries and an overall estimate for other areas for which individua.i oountrJ• nata are not available.

Compiled from official sources, International Institute of Agriculture, credible ·trade sources,· and estj.mates of the Department of Agriculture.

MAY M""E 1946 - 22 ...

Tab 1 e 8.- STA:1' I STI CAL SUJYIMARY

------ Bnito;- ; __ ~1.942 :_-- : 1946--==-_:Per~ Item : : base : ~ . 1 : F _ b : Ma : A r :of -yer:r

. , . d . ~ pr:t • e • . • r"" - -~ ..• m -~ ! Aa"" o 1' -- -- -- --- --- ~~r];_Q__ -· -. ·- -·-- _ _____!:. ---~-~ __!.!:=. ---=t-

: . . •,

Prices: : lv1iddl2.ng 15/16-inch, 10 mar-:

ke t s ........ .,. ............. : : Farm, United States ••••••.• :

CAnt Cent

Parity ....... o•• ... •••••c••••(l•: Cent Farm, percentage of parity Premiurr. of 1-1/8 inch over basis ?) :

. : Percent

Memphis •••.•.....•.•••••. : Carol ina 11B" mill area ••• :

Cloth, 17 constructions ••.• : lHll rr.A.r<;iD (17 construe- ~

tions) ....••.....•........ : Cottonseed, far.L price .•••. : Cottonseed, parity •.••••••• : Cottonseed, farm, pet. of

Point Point

Cent

Cent Dollar Dollllr

parity ..••••..•.••.••..••. : PercPnt Cons1Lnrption:

All kinds durin.e; ~onth, total:l,OOO bales: All kinds cumulative, total.:1,000 beles: All kinds per day, total ••• : Bale All kinds, annual rate ••••• :Nil. bales American-Egyptian cotton, total ...•..•...•.. , •..•••• : Bale

American-Ecyptinn, cumu1a-

22~12

20.20 21,45

94

435 6oo

42.32

20.48 51.90 39.00

133

769.2 7278.6 37,242

9.5

3,761

"'

. '• ,: . ·' 25.84- ~6.79·: 27.70 23.01 22.70 -· 23.59 22.07 22.02 :22.44

104 iQ2 ' -- ~ ·: 105

129 115 108 356 ' - 350 -312.

45.04 48.93 - 50.37

19.49 50.30 40.10

125

747 .o 5154.2 37,9133

9.7

1,869

22.57 47.50 4o.6o

117

803.9 5958.2 3t,2B3

9.3

1,802

23.09 48.00 4o.so

113

61-3.7 6771.9 37,557

9.6

1,503

tive ...................... : Bale Forei~n cotton, total •••••• : Bale Foreign cotton, cumulative •. : Bale

Stocks, end of EJOnth:

32,240 12,262 14,064 15,567 10,273 16,0G3 15,106 19,299 85,853 ~7,861 115,967 135.266

Co~s~~in~ cstablish~ents ••• :1,000 bales: 21G8.2 Fubl ic s tor8.!?:e P.nd co:r.-

presses •..•...•.••...••••. :1,000 bales:11025.5 Totnl 3) ................... :1 i 000 bales: 13213.7 E~rptian cotton, total 3) ... : Bale 33,018 Ar:1crican-E~ptian cotton, :

2373.9 2358.7 2387.8

9418.2 8628.9 7605.7 11792.1 11017.6 9993.5 64~530 63.704 64,746

total 3) ............•....• : Bale Index numbers:

42,207 24,497 21,220

125.2 \._ 116.8 ' .. lOLL. 6 - 111.7

24,C 52,0

ns.o

112.7 92.5

104.6

105.3 93-0

100.8 101.1

4o.o

48.3 187.9 157.6

109.1

69.0 75-6

196.1

47.1

Cotton consumpti.on ......... : 193~-39=100: Prices p~J.id, interest, e.nd : :

taxes ..•..•...•.•.••..••.. :1910-14 ... 100: 173

146

160

144 100.7

181 104.6 . -- -- -- ---- -'------ -- -- ------ ---- --- --- -----Compiled from official sources. 1} Applies to last month for which d.F'.ta ,-:;_re P,Vn.ilrcble. ?) Premiu::.s for Middling 1-1/S bch based on near active month futures at New York 3) Includes only stocks in :nills u.nd }Ublic stora:2;e and ~'--t co:.1presses.