the quantity spun, but those periods are infrequent, very short, and are followed by others when the aggregate not only reaches the old total again, but passes beyond it in a greater per centage than the estimated increase in population would warrant.

There was a time when it seemed as if the growth of this industry in Great Britain had reached its limit. In 1871-72 the cotton consumption of the United Kingdom was 3,015,000 bales of 400 lbs. each; in 1878-79 its consumption was but 2,843,000 bales of same weights, while during the intervening years the total was in no year much above the three million limit. All that time, however, the Continent increased its consumption so rapidly that the aggregate for the whole of Europe at the latter date (1878-79) not only showed the loss in Great Britain had been made good, but that the total for Europe had reached 5,439,000 bales of 400 lbs. each, against 5,072,000 bales of 400 lbs. each in 1871-72, the earlier date. That set-back and situation in Great Britain was, however, special. Since then the enterprising spinners of Lancashire, in spite of protective legislation on the Continent, of wide fluctuations most of the years in silver bullion and India exchange, and of other adverse incidents from time to time, have managed to increase their use of cotton very considerably; the current year, ending with October 1, 1896, the consumption has been a little larger than it was last season -probably the total for Great Britain this year will reach not far from 4,160,000 bales of 400 lbs. each. The Continent has likewise been almost constantly enlarging its spinning power; this year it has probably manufactured 5,200,000 bales of same weight, so that the aggregate consumption of cotton in Europe in 1895-96 has approximated the very large amount of 9,360,000 bales of 400 lbs. each.

For a correct understanding of the comparison with a year ago it is necessary to state that last October Mr. ELLISON, in preparing his annual review, found his current weekly estimate of the consumption for the year ending with October 1, 1895, had been too large for Great Britain, and that he consequently reduced the weekly average to 78,461 bales of 400 lbs. each. Made up on that basis the cotton consumption in Great Britain in 1894-95 was 4,080,000 bales of 400 lbs. each, and on the Continent was 5,096,000 bales of same weight, making the total in Europe for that year 9,176,000 bales and the weekly average 176,461 bales. The current year, ending with October 1, 1896, if present expectations are realized, will show when the returns are all in a weekly consump tion in Great Britain of 80,000 bales, and on the Continent of 100,000 bales, making, as stated above, the twelve months' total 9,360,000 bales for the whole of Europe, with a weekly average of 180,000 bales.

Since the season now closing opened the trade has improved, the latest months having been the best, especially in Great Britain, notwithstanding the falling off the last half of the season in the demand from the United States. It will be remembered that, from the producers' point of view, the year ending with October 1, 1895, although the distribution of goods was large, was an unsatisfactory

one.

The business was done under such unfavorable conditions as to pay the manufacturer poorly. We may state as a rule, having but few exceptions, that a constantly declining market for the raw material, the chronic condition in 1894-95, makes a bad market to sell goods on. Though the outlook in Europe to-day is much more promising, yet from October, 1895, to December, 1895, inclusive, current events did not favor the manufacturer. Prices for the raw material advanced faster than the prices for goods, and, consequently, the margin for profit was very slight. In this case the trouble in large part arose out of a restricted demand for goods from India, England's largest market. This was due to an impending change and settlement of India's import duties. But other matters which interfered more or less with trade development were the situation in Turkey, the unfortunate Transvaal affair and the Venezuela episode. After the announcement in February of the modified duties in India, demand from that quarter noticeably improved, and generally during the last half of the season manufacturers have had little to complain of. All the year through the home trade of Great Britain in cotton goods has not only equaled last year's, but has increased somewhat concurrently with the development in general business there.

The modification of the Indian import and excise duties, it is freely admitted, have removed many of the obstacles heretofore existing to an expanding trade with that country. At the same time the 33 per cent. tax levied upon woven cotton goods, imported or produced on power looms in British India, is claimed to act as a protection to cloths made on hand looms in India and Burmah, as these latter pay no duty. The weaving of cloth on hand looms in India reaches much greater proportions, if current statements are correct, than is generally known, it being asserted that not far from 200,000,000 pounds of yarn is thus annually woven. It is, therefore, not surprising that this provision is disappointing to power loom manufacturers in India as well as in Lancashire, for it is argued that if so large an amount of yarn could be turned into cloth on hand looms under previous conditions of competition, an important increase in production can be reasonably expected under present arrangements.

Taken altogether the year shows that the shipments of goods by Great Britain to foreign countries has increased. During the first quarter, from October to December, the movement, for reasons already stated, compared unfavorably with the same three months of 1894, but the succeeding quarters have in each case shown a balance in favor of the current year. It is possible that the full year's total will be the heaviest on record. A noteworthy feature has been the larger amounts both of goods and yarns which have found their way to China and Japan. Takings by India also show in the aggregate a small addition to the previous year's total, while in the shipments to South America there is an excess of about 10 per cent. over 1894-95. Political and other complications have interfered materially with operations on Turkish account; as a result the movement in that direction shows an appreciable falling off.

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Overland and Crop Movement.-There has been a loss in the volume of cotton carried overland the past year. This is not at all surprising with so considerable a reduction in the aggregate yield of the staple, nor is it strange that the ratio of decline in the rail movement should be greater than in the total crop, as the greatest falling off in yield was in those portions of the belt from which the overland traffic is mainly secured. The actual decrease from last year in the all-rail movement is 676,805 bales, or 36 per cent., whereas the crop of 1895-96 falls below that of 1894-95 by but about 29 per cent.

This year's overland is, however, much below some previous years, when the yield was less than in the current season. But this peculiarity is explained by the fact that through the opening of new railroads in the South a considerable amount of cotton which formerly sought a market overland has in late years found an outlet by rail to the Southern seaboard.

While the various routes have quite generally shared in the decreased movement this year, they have done so in a widely different degree. Through St. Louis the roads have carried fully 41 per cent. less cotton than in 1894-95, and the rate of loss via Parker City has been about the same. The route via Cincinnati shows a falling off of a little more than 30 per cent., and via Cairo and Louisville the decrease in traffic has been about 27 per cent. The Evansville roads, however, show the heaviest decline-over 100 per cent.--the amount of cotton passing that way this year having been but 1,681 bales, whereas in 1887-88 they carried 109,752 bales.

With regard to the proportionate marketings of the crop through the Southern outports the changes in part reflect the alteration in yield of the different sections. For instance, while in the season just closed about every section produced less cotton than a year ago, the decrease was greater in some cases than in others. In the Southwest the loss was heaviest, and this is confirmed by the receipts at New-Orleans, Galveston, etc. The variations that have occurred in the last ten years are shown in the subjoined statement :

=

PER CENTAGE OF CROP
RECEIVED AT

Wilmington, &c.,.....
Norfolk. &c..

Florida,.

Charleston, &c......

Savannah, &c.,..

Mobile,

New-Orleans,

Galveston, &c....

New-York, Boston, &c.,.

02.78 02.71 03.03 02.80, 02.29 02.97 02.33 03.13 03.31 03.02 06.92 07.79 10.20 07.39 09.54 11.85 10.42 14.05 13.91 12.51 05.19 05.93 05.61 04.35 05.18 05.95 04.50 05.76 06.30 05.98 12.56 11.00 14.12 13.78 13.22 15.32 15.24 13.71 13.70 12.82 00.48 00.32 00.50 00.47 00.30 00.59 00.52 00.49 00.49 00.42 02.77 02.43 02.64 02.55 02.95 03.43 03.37 03.09 02.96 03.32 25.27 26.12 25.15 23.87) 27.71 24.00 26-99 24.47 25.36 27.08 15.60 17.54 14.19 16.43 13.27 12.23 12.03 10.2: 09.83 11.57 03.75 05.84 04.05 04.67 04.73 04.45 04.95 05.07 03.97 04.94

Total through all ports,.... 75.32 79.68 79.49 76.29 79.19 80.79 80.35 79.99 79.83 81.66 Overland, net,

Southern consumption,.

11.89 11.69 10.90 12.79, 13.27 12.21 12.14 12.99 13.86 12.21 12.79 8.63 09.61 10 92 7.54 7.00 7.51 7.02 6.31 6.13

Total United States Crop... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

In the above table we have figured only what is called the net

overland, as the remainder of the gross amount is counted at NewYork, Boston, Philadelphia, etc., or at the Southern ports where it first appears in the receipts. At the same time the entire gross overland reaches a market by some all-rail route; hence in measuring the total overland we can do so correctly only by using the gross figures. To indicate, therefore, the progress made for the last ten years, we give the following:

In determining this year the portion of the crop forwarded by each of the different overland routes, we have followed our usual method:

First. Of counting each bale of cotton at the Southern outport where it first appears.

Second. Of deducting from gross overland all cotton shipped by rail from Southern outports to the North.

Third. Of deducting also from overland any amounts taken from Southern outports for Southern consumption.

Fourth. Of deducting likewise arrivals by railroads at New-York, Boston, Baltimore and Philadelphia, all of which have been counted in the receipts from week to week during the year.

With these explanations nothing further is needed to make plain the following statement of the movement overland for the year ending September 1, 1896:

851,788 1,157,251 820,490

Leaving total net overland,*......bales,

Weight of Bales.-The average weight of bales and the gross weight of the crop we have made up as follows for this year, and give last year for comparison:

According to the foregoing, the average gross weight per bale this season was 502.03 lbs., against 507.38 lbs. in 1894-95, or 5.35 lbs. more than last year. Had, therefore, as many pounds been put into each bale as during the previous season, the crop would have aggregated only 7, 086,948 bales. The relation of the gross weights this year to the previous five years may be seen from the following comparison :

New Crop and its Marketing. It is, as usual, difficult at this date to give any definite indication of the extent of the growing crop. Certain facts are well known. They are (1) that the acreage planted this year is considerably in excess of the previous season, and about equals the planting of 1894; (2) that the plant had an excellent start, and that the early growth and development was about as satisfactory as in the best seasons; (3) that up to near the close of July the reports received with regard to condition, development, etc., continued in the main favorable.

Since the 1st of August, and a little prior to that date, complaints of damage from various causes, mainly from excessive heat

* This total includes shipments to Canada, &c., by rail, which, during 1895-96, amounted to 66,828 bales, and are deducted in the statement of consumption. + Including Florida.