The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1897-03-27

the size of a preceding years crop does
not uniformly affect the succeeding
crop in the same way; larger crop is
seen TO succeed a large crop in the
years 1879 and 1887 with an increase in
price, and a small crop is followed by
smaller one in 1874 with a fall in
price. The results of the years given
show 10 examples where the price does
not conform to the size of the Ameri-
can crop: and where the price does
move in the direction opposite to the
volume of our crop, it is not in that
relative proportion which is conclu-
sive. These facts indicate that the
American crop cannot deter mine it's
own value. nor the worlds prices of
cotton.
If then our crop does not absolutely
control the price OF cotton what will
be the probable effects of artificially
curtailing our supply by any of the
devices proposed? We do not mean by
reducing the crop one-half. as we find
discussed. Let any one seriously con-
slider for five minutes the direct effect
upon the South of a so per cent. re-
duction-but rather a moderate de-
crease of say 10 per cent. The Ameri-
can grower would lessen his cost OF
production; but allowing that an in
crease would follow the reduction,
which is not certain the improved
price would be upon a reduced pro-
duct, while the foreign growers would
receive the increased value upon a full
crop. A further effect would be an
increase of production in other coun-
tries, stimulated by the rise in price
Thus it appears that the natural result
of reducing the American crop enough
to raise values will be a gradual giving
up of our staple industry, not only 10
the foreign producers of cotton. but
also, as it will be possible to show, to
other industries. which are in hot COM
petition with the cotton industry.
2-EFFECT OF THE PRODUCTION
AND USE OF WOOL UPON THE
CONSUMPTION OF COTTON
In discussing the factors which bear
upon the production and value of cot
ton, it is imperative that the relative
production and consumption of wool
be considered. With respect to con-
sumption and values, this can be best
done by bringing those staples into
comparison in the great exchange mart
of the world. If we examine the i'm
ports of cotton and wool made by
Great Britain, covering the period
from 1880 TO 1891, we shall note a
gradual, but very notable, change in
the natural volumes of those imports.
The following figures, which are pre-
pared from official statistics of the
United States Department of Agricul-
ture, place this change before us:
Cotton-1SS0, pounds imported. J.,
62S, ,664 SIG; import price per h.. II
cents: 1891, pounds imported, 1994,-
SS5, ,312: increase per cent, 224: import
price per h., II cents.
Wool-1880, pounds impofted, 463,-
500,963 import price per lb., q cents;
1891, pounds imported, 720,140, ,070; in
crease per cent, 53.3; import price per
h.. IS cents.
In 1880 England's imports of wool
were little more than one-fourth of
those of cotton, and in 1880 we find
they are rapidly approaching one-half.
The example of conditions found in
Great Britain applied equally to the
whole of Europe. During the period
given the net increase Cby net H. meant
total imports less exports, most of the
European countries being exporters
as well as importers of wooD in i'm
ports of wool amounted to SO per cent,
while the increased imports of cot
ton for the same period were only a
little over 27 per cent. In connection
with the great increase in imports OF
wool is also noted great fall in the
price of that staple, which corresponds
with the present reduced prices of
cotton. If we return to 1871. when
cotton was worth twenty cents to the
planter, wool averaged from forty
five to fifty cents per pound" and in
1872 United States government re-
port on the sheep industry states that
"the finest Ohio woods made as high
as sixty-nine and one-half cents per
pound in New York Today cotton is
worth five cents, and the market coll
umns of the The Times-Democrat give
the values OF local wool as follows:
Louisiana clear-Spring clip II 10
111ac, fall clip 10 to 1015c. bury 6 TO
81ac,
The worlds production of wool, ac-