The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1915-09-15

4 IN44 rAN<1 WI w
| of the utmost Importance to all
Tour Southern country. There's is
| mo doubt in most thoughtful
minds but that the South's cot
ton crop is gong to be worth
IS75o, 900, 900 to the men who own
lit next spring, but it is worth
only $500, ,oo0,o08 to the produc.
ers at present prices-and it is
| to save to Southern growers and
| to our Southern country this ex-
ira quarter of a billion dollars
| that the united energies of press
and pepie should now be direct.
led. The fundamental facts seem
| to me to be clear.
1. Cotton even though the
new crop of 1915 has started
coming on the market, is still
selling on the basis of prices
fixed by last years II, 100000
bale crop.
2. These prices must sooa be
adjusted, however. to fit the con
ditions of a 12. 600, ,000-bale crop
for probably on a 100000 or
Ii, 900, 600 bale crop, and this
adjusted price ought at the very
least to reach 12 cents a pound
for midd ding.
AS briefly now, as clear argn-
tment will permit, I wish to point
lout and emphasize the truth OF
these statements.
IL. THE WORLDS DEMANDS JUS
TIFY TWELVE CENTS.
Assuming even a $4,000, ,000-
bale yield Of Southern co5ton
this year and it will probably be
Hess, this years world produc-
ton will be 5000, 900 bales short
/! of the worlds conservatively es-
timated consumption during the
coming twelve months. That is
to say, the world will consume
every pound of this years crop
and 8, 900, 600 bales of the pres
|ent surplus.
Secretary Hester of the New
Orleans Cotton Excapge esti
mates last years Southern pro-
duction not the commercial crop.
at II, 900, 900 bales. The United
States Government estimate 49,.
|1s4, $50 plus 791, ,464 linters, is
he, ,926, $40 practically 1000
|O0o bales. This was over 1000
600 bales in excess Of the 1918
crop.
Now what happened with this
bumper 1000, 600 bale crop in
spite of>alt the demoralized con-
dltions of trade and finance-the
crop of which it was said last
fall we should not export 1000,
600 baless The facts are that
the world used so much of it that
the total worlds visible supply
of all cotton in midsummer this,
year was only 5,435, 1853 bales
against 3,522.276 bales a year
before. Tn other words, with a
|17, ,0Oo, 600. bale Southern crop to
handle, the worlds visible sup
ply increased only 100000
bales. What is going to happen
this year then, with the South
offering 100000 or 100000
bales less-and the production
of other countries also decreas-
ed? And this query brings me to
another point:
|II;-THE WORLDS CROP PROS
PEcFs JUSTIFY TWELVE CENTS
Mr.. W. P. G. Harding of the
Federal Reserve Board early in
the summer secured reports
from consular officials all over
the world indicating a total cut
in the worlds cotton crop this
year of 100000 bales. Egypt
and India reporting ''radical re-
duction in acreage. Since that
time the prospects have further
declined.
But even if we accept this ear.
'ly over-estimate of the crop we
see that if last years crop: be-
ing 100000 bales bigger than
this years, yet increased the
surplus only 100000 bales,
then this years crop will leave
a 100000 bale defcit-to be
drawn from the surplus.
The facts are, however, that
even a 1900, 900 bale estimate
for the South now seems too
high. This is not simply my