74 COTTON PRODUCTION 



foreign supplies. In 1894 the production of unginned 

 cotton was estimated at about 104 million lb., but 

 in 1906 the output had fallen to about 13 million lb. 

 The crop of ginned cotton for 1908 was estimated at 

 about 3 million lb., and since that date the production 

 has tended to undergo still further diminution. 



The manufacturing trade has grown remarkably 

 of late years, the amount of cotton consumed having 

 increased from about 350 million lb. in 1900 to 

 455 million lb. in 1909. Of the 425 million lb. im- 

 ported into Japan in 1908, about 200 million were 

 secured from India, 106 million from the United 

 States, and 87 million lb. from China. 



Considerable attention is now being devoted to 

 the cultivation of cotton in Corea. American Upland 

 types have been introduced, and it is anticipated that 

 before long the country will be able to supply a fair 

 proportion of the raw material required by the 

 Japanese mills. In 1913, the area planted with 

 American cotton was 36,152 acres, and cotton to the 

 value of nearly 50,000 was exported to Japan. In 

 addition to this, it is estimated that over 100,000 

 acres were devoted to the native varieties. 



COTTON PRICES 



The prices of the different kinds of cotton are 

 governed more or less by that of a standard grade 

 of American Upland cotton known as " middling " 

 American (see page 53). The average value of this 

 grade in Liverpool during the period 1899-1914 

 was about 6d. per lb., but the price is subject to 

 violent fluctuations ; in 1894, it fell below 3^. per lb., 

 whilst in 1904, owing to the creation of a corner by 

 American speculators, it rose to nearly gd. per lb. 



The comparative values of some of the principal 

 kinds of cotton, when " middling " American is yd. 

 per lb., can be judged from the following prices which 

 were quoted in the Liverpool Cotton Association 

 Weekly Circular of the 6th March, 1914. 



