215 
suraer in direct connection with each other by which the costs of 
transaction have been not a little reduced. 
These big companies are satisfied, with a net profit of 6% on the 
huge capitals with which they work. 
The following figures will shew how the expenses have decreased 
in the last years. In New Orleans they fell from 3!?% of the har- 
vest value to 12 ; in Memphis from to 4 ^% ; in Charleston 
from 7% to 2$%. 
In conclusion a few words on the costs of transportation. 
This varies according to the kind of thing; the place, the route 
and the freight charges. 
Yet. although freight has generally become cheaper, it presses on 
the cost of production and this is especially felt when the price of 
cotton is low. 
The cotton manufacturers in the land where the cotton is grown, 
have here the advantage as they can procure the raw material 
cheaper than the foreign cotton spinneries. 
Yet one feels inclined to think that the freights are of little im- 
portance to the manufacturer, as the woven articles must be ex- 
ported back again but then one overlooks the fact of the difference 
between the freights of the raw material and of the things made 
out of it. Where the freight for the raw material if 75 cents, per 
50 kg., this is in the case of the woven goods / r.175. 
From the following figures can be seen what a difference the 
heights on the total cost at different cotton prices can come up to. 
f he cost of shipping raw cotton to Liverpool from cotton grow- 
ing countries on the Atlantic Coast amounts to f 12.86 per bale of 
500 lbs. 
Assuming for instance that one pound of cotton costs 12.5, 20, 
or 27.5 cents, then the costs with the tare as P% included will be 
respectively /16.61, /18.86 and f 21.10 or expressed in percent- 
ages of the prices 24, 18, 15% respectively. 
Let us once more consider all the expenses which have to be 
paid on the cotton from the time it leaves the farm till it comes to 
Liverpool into the hands of the cotton spinner. 
The expenses of cultivation up to the flock-mills amount to 14.45 
cents per lb on the average. Presuming that the costs of the 
cleaning are covered by the value of the cotton seed, then {here 
remain the expenses from the flock-mills to Liverpool. ’ 
These amount to, at a cotton price averaging 20 cents per lb., 
3-77 Ct. 
W e then come to the conclusion that America can deliver the 
product at 18.22 cents per lb. 
THE COTTON-CULTURE IN EGYPT. 
From times immemorial, the cotton plant has been grown in the 
t pper Nile territories, especially so in Abyssinia. Seeds of this 
cotton variety were imported into Lower Egypt about the year 1820 
and the export of Egyptian Cotton to Europe dates from that time! 
lie export of cotton from Egypt does not annually increase in the 
