Cotton

With the end of the season (July 31) fast nearing, cotton experts last week were busy examining facts & figures, trying to discover the niche which the year 1930 would take between the high of 1920 (average weekly price at New Orleans of spot cotton per Ib.: 33.05-c-) and the low of 1915 (average price per Ib.: 9.60-c-). Cotton (spot) last week on the New Orleans exchange was lowest for the year, reaching 12.36-c-, slightly more than half a cent lower than the week before.

P: 1,000,000 bales of old cotton were taken over by the Cotton Stabilization Corp. (operating under the Federal Farm Board) to clear the way for the new crop.

P: The Department of Agriculture estimated that the carry-over of U. S. cotton this year would be 4,474,000 bales, two million bales more than last year. Previous high carry-over was in 1921: 6,590,000 bales. The world's production of cotton for this year is estimated at 26,200,000 bales of which the U. S. will produce approximately 57% The maximum world consumption for the season ending this July was estimated at 13,700,000 bales.

P: In Bombay Indian cotton prices broke seriously. April imports of piece goods were reported as 165,000,000 yd. as against 215,000,000 yd. for April 1929. The cotton spinning of individual Gandhi followers was said to be seriously affecting the British cotton piece goods trade

P: In Japan, cotton mills were curtailing production. Recently, Great Britain passed a discriminatory tariff law in India giving preference to cotton piece goods manufactured in India or by Great Britain. Severely affected were Japanese mills which used to export large quantities of cheap piece goods to India.

P: In Egypt, 37,900 acres were considerably damaged by the pink bollworm.

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