COTTON SHORTAGE

Southland Times, Issue 18938, 11 May 1923, Page 6

COTTON SHORTAGE

CONSUMPTION EXCEEDS SUPPLY BIG RISE PREDICTED (By Telegraph!—Press Assn. —Copyright.) (Australian and N.Z. Cable Association.) WASHINGTON, May 8. The Department of Commerce has issued an estimate of the existing world stocks of cotton, indicating that when the year ends on July 31 there will be carried over for the following j’ear only half as much cotton as was carried over on July 31, 1922. This is due to the increased world consumption. There was available for the current year 27,291,000 bales arid world consumption during the first eight months totalled 15,281,000 bales. Thus if consumption continues at the same rate during the last four months the total consumption will be 22,922,000 bales, and there will remain for the following year 4,370,000 bales compared with 9,536,000 balee 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 the carry-over of stocks at July 31, 1923. will be only 1,529,000 bales. The Department statee that this indicates the world is facing a most serious shortage of cotton. The figures have caused great excitement on the New York cotton exchange, prices going up four dollars per bale within a short time.