The Commercial Cotton Crop of 1903-4 (Classic Reprint)

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Excerpt from The Commercial Cotton Crop of 1903-4The exports. Though not so large as in either of the previous three years, were over S.100, 000, 000 more valuable than ever before.The visible supply of American cotton at the close-of the season was the smallest for many years, The season (1903 - 4) demonstrated the fact that the world's consumption of cotton had overtaken the supply, the close of the season showing an actual deficit in supply amounting to approximately bales. It was also demonstrated that to meet the world's requirements a crop of no less than 11 000 000 bales per annu-m must be produced in the United States.Another notable event of the year, brought about bv the short American crop and the ever increasing demand for cotton, was the incorporation in England of the British Cot-ton Growing Association, with a capital stock of 000, for the purpose of extending the growth and cultivation of cotton in the British colonies, dependen cies, and protectorates. The prospectus of the association makes the following statement: It is an admitted fact that the world's consumption of cotton has overtaken the supply, and the danger of the situation is intensified by the fact that American requirements have enormously increased in recent years, namely, from bales in 1891 to bales in 1902, and will no doubt go on increasing. 'it is estimated that the normal increase in the world's consumption of cotton is bales per annum. It is therefore evident that unless new cotton fields are Opened up in other parts of the world, most of the mills in this country will have permanently to work short time, and may be closed entirely. Even should the present American crop (1904 - 5) prove to be a favorable one, the efforts of the association must in no wav be relaxed, for future years are most doubtful, and with the increase in con sumption it is almost certain that within a comparatively short period there will be another shortage.In 1901 and 1902 many cotton mills in this country were unable to run full time, owing to shortage of cotton. In 1903 most of the Lancashire mills ran short time for a period of four months, and it has been estimated that the spinners, manufacturers, and operatives suffered in that year a direct loss of apart from'the losses consequently entailed upon merchants and others indirectly interested in the welfare Of the cotton trade. In the present year (1904) the majority of the mills have been compelled to run short time for eight months, and it is impossible to estimate the loss to the whole Empire of the serious diminution in the productive and earning power of the most important manufacturing industry of the world.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.