The news and herald. (Winnsboro, S.C.) 1877-1900, 1895-11-14
Worlds
11,59+,860

s,s72,7ss l:S; ! 81 pr ct. increase $3.50. 900
1856.
7,s0S,7OO 14,786,766
The figures for 1866 are from your
supposition that this years crop will
not exceed that of lSS9-90. And sup
posing that the increase in consump-
Iion this year over last year viii e3aal
that of last year, lS9+-95, over the con-
sumption Of the year before, what
then do we sec2 With normal crop
conditions and q steadily increase of
consumption up 10 1888 80 the crop OF
that year exceeds the crop Of the year
before by 5 per cent and brings 1O3
cents per pound. Rut last year CS94.95)
the crop exceeds that of the year be-
fore by 81 per cent, while con5unnp'
ton hsd increased by much smaller
percentage. Cons .Queatly there was
3 larger surpiusage Of the crop OF
1S94-e5 left over, and unless YOU can
show that this surplusage is much IT.
sufficient to make up for this years
short crop, you will have 20 abandon
your position as untenable.
In l894-95 the increased production
over lS93-94 was 81 per cent, while the
increase of consumption was I per
cent. leaving g visible supply of 2,700,-
900 bales. Now add this visible sup
ply to this years crop, and unless the
same ratio with consumption holds, as
held, in 1SS9-s0, prices should not COM
pare.
We calculate to keep pace with the
increased demand the normal crop Of
1S94-95 was 7,S03,571 bales, whereas
the actual crop promises 10 be about
7,SO0,7Oo bales. When we add to this
years promised crop the surplus
brought over from last year We have
an actual supply 9,289,S75, which is Il
per cent above the normal supply Of
S,O9S,749 bales to maintain the 'S7 and
go prices. Deductipg then II per
cent from the prices of 1890, Eve have
lO1 minus Il per cent=9.OS, which
should be the average price of this
years crod (1S95-96) in New York, as
regulated by the ration Of supply aud
demand.
OF course, other considerations, as
Gepreciation of currency, influence of
panics, increase in Egypts crop might
enter to lower this estimate Of 9.O3
cents.
We feel safe in saying that we have
seen our highest prices for this years
crop.
This article was written prior to
November I, 1885.
Yours truly,
John W. Lemast.r
RidgeTay, Nov. II, 1895.
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