172 



COMMERCE, INTERNATIONAL. 



the manufactured product, in the second four 

 years 42 - 6 per cent., and in the last four years 

 only 37'5 per cent. During the period of twelve 

 years, while the value of the aggregate manu- 

 facture has declined about 10, and the cost of 

 materials about 11 million pounds, the actual 

 production has been increased about 10 per 

 cent. The price of raw cotton has fallen in ten 

 years from 11 T V^ to 5fd. per pound. The 

 price of middling uplands was quoted in the 

 month of October in each of the five years from 

 1874 to 1878 as follows : 1874, Sd. ; 1875, 7 T V-! 

 1876, 6fd; 1877, 6|f<Z.; 1878, G&d. The 

 price of 40-mule yarn at the same dates was 

 Z. per pound in 1874, lOfd. in 1875, 10-J-d. in 



1876, lOfd. in 1877, and 9%d. in 1878; the 

 price of 39-inch red-end cloth was ll$d. per 

 pound in 1874, 10$d. in 1875, 9J<Z. in 1876, 9f d. 

 in 1877, and 8d. in 1878. The margin for the 

 cost and profit of manufacture has been re- 

 duced in the five years from 4d. to 3J<Z., or 

 nearly 24 per cent, on yarn, and from 3JJ. to 

 l|d., or over 42 per cent., on long cloth. 



The present consumption of cotton in the 

 different countries of the world, both in the 

 form of raw material for manufacture and in 

 imports of cotton fabrics, the latter being the 

 products of British factories, with the con- 

 sumption per capita in the several countries, is 

 as follows, in millions of pounds : 



The following table, showing the average 

 quantities of raw cotton consumed in Great 

 Britain and in the parts of the world whose 

 competition she fears, as well as the percentage 



of the total supply taken by each for the differ- 

 ent years designated, will illustrate the prog 

 ress that has been made outside of England in 

 cotton manufacturing : 



WOOL. The trade in fine colonial wool 

 was moderately satisfactory for the first eight 

 months of 1878. At the close of the Septem- 

 ber sales a declining demand reduced the level 

 of prices. The subsequent occurrence of sev- 

 eral heavy failures caused a panic which drove 



prices far below their normal level. In low 

 grades of wool the market was stagnant and 

 depressed during the whole year, and accumu- 

 lated stocks were piled up without buyers, 

 while prices remained exceptionally low. 

 The value of the exports of wool to Europe 



