THE COTTON TRADE
WORLD SHORTAGE PREDICTED. - SHARP INCREASE IN PRICE. Frees Association—By Telegraph—Copyright WASHINGTON, May 8. The Department of Commerce has issued an estimate of the existing world, stocks of cotton, which indicate that when the year ends on July 31 there will be carried over for the'following year only half'as much cotton as was carried over on July 31, 1922. This is due to the increased world consumption. There were available for the current year bales, and the world consumption* during the first eight months totalled 15,281,000 bales. Thus, if the consumption continues at tho same rate during the last four months, the total consumption will be 29,922,000 bales; and there will remain for tho following year 4,370,000 bales, compared with 9,536,000 bales remaining at July 31, 1922. The American carry-over of stocks at the last named date was 5,123,000 bales, and it is estimated that the carry-over of stocks at July 31, 1923, will be only 1,529,000 bales.
The department points out that this indicates that the world will be faced with a most serious shortage of cotton.
The publication of these figures caused great excitement on the New York Cotton Exchange, and prices went up 4dol per bale within a short time.—A. and is .Z. Cable.
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Bibliographic details
Otago Daily Times, Issue 18859, 11 May 1923, Page 8
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209THE COTTON TRADE Otago Daily Times, Issue 18859, 11 May 1923, Page 8
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