Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

most healthy and flourishing condition
since 1914.
From eleven and one-fourth million
bales in 1923-1924, world consumption
of American cotton rose to fourteen
and one-fourth million bales during
1924-1925, and. unless upset by some
unforeseen disaster, promises to reach
a new record during the current sea
son of 1925-1926. Preliminary esti-
mates placed the possible lint con
sumption in the neighborhood of four
teen and one-fourth million bales.
which. with linters, would carry the
total above the previous high figures
of $4,000 900 reached in 1915.
During the five years from 1911 to
1916 consumption averaged nearly
14.500.000 annually, so that, for the
first time since the war, conditions are
being restored to q pre-war normal
condition. This recovery is particularly
marked in such countries as Italy,
France, Germany, Japan and the
United States. The use of cotton in
the production of rayon and artificial
fabrics and in the automobile industry
now is on L scale unknown 10 years
ago, calling for similar expansion in
the growth of raw material.
According to the Department of
Agriculture the worlds cotton crop of
1925 aggregated 24,70O,000 bales, and
exceeded the preliminary estimate of
Z4.o0O,000 made a year ago at this
time. With a larger outturn in the
United States and increa sed acreage in
Egypt and India, as well as in Africa
ana South America, the figures NAV
readily reach 100000 bales this
wear The combined growth of the two
seasons promises to equal, if not ex-
coed, any two consecutive years in the
history of cotton culture and benefits
to the textile world are incalculable.
Price Stability Is Helpful.
Stability of prices. as contrasted
with the violent price changes coin
cident with crop failures and years Of
deficient production, permit orderly
processes of manufa cture to the extent
OF the purchasing power Of world in
habltants to consume. The course of
1925. therefore, has in great rnea sure
fulflled the promises held out at it's in
reptlon. The entire cotton industry
has become more stabilized, juStifying
"A general feeling of confidence in
profitable. though perhaps more mod
crate. returns from economic endeavor.
But II would be unwise to ignore a
possible element of danger contained
in this very sense of security The
combination of vision. hard work and
ern planter, with weather for two sea
sons which proved most unfavorab BILE
for weevil propagation, has produced
a surplus supply of ia W material over
and above current requirements
This supply must he financed, and
for retailers. wholesalers or spinners to
overlook or evade their proportionate
share in this distribution and to leave
the grower or the cotton exchanges TO
meet the emergency unassisted might
he attended with far-reachine conse-
uuenCeS.
While the law of supply and demand
IN its effect on prices is memorable. eff
iectS Of temporary emergencies can be
lessened by the facilities of modern
finance. A far-sighted policy, dictated
by a recollection of the dispiriting re-
suits of short-crop years, would call
for such wise and sane provisions now
as to avoid extremes, not only safe
guarding the great textile industry.
but securing for the planter a. return
sufficient TO prevent either present debt
or encouragement for the future
Copyright. 1929