=CONSUMPTION OF COTTON.= =1853.= =1854.= =1855.=
Pounds, 331,708,000 295,716,000 415,648,000 Less than 1855, 83,940,000 119,932,000 Average consumption of lbs. per week, 15,600,000 14,000,000 19,600,000
"Though the crop in the United States is short up to this time, Great Britain has received 12,400,000 lbs. more of the crop of 1854 than she received to the same period of the crop of 1853. Thus, in spite of the war, and in spite of a short crop of cotton, in spite of dear corn and failing trade to Australia and the United States, the consumption of cotton has been one-fourth in excess of the flourishing year of 1853, and more than a third in excess of 1854. These facts are worth consideration.
"It is reasonably expected that the present high prices will bring cotton forward rapidly; but as yet this effect has not ensued. . . . . Thus, it will be seen that, notwithstanding the short crop in the States, (at present, they have sent us more in 1855 than in 1854, but not so much as in 1853,) the supply from other sources, except Egypt, has been smaller in 1855 than in either of the preceding years, and the supply from Egypt, though greater than in 1854, is less than in 1853." [From India, the principal hope of increased supplies, the imports for 1855, in the first four months of the year, were less by 47,960,000 lbs. than in 1854, and less by 64,000,000 lbs. than in 1853.[34]] "We may infer, therefore, that the rise in price hitherto, has not been sufficient to bring increased supplies from India and other places; but these will, no doubt, come when it is seen that the rise will probably be permanent in consequence of the enlarged consumption, and the comparative deficiency in the crop of the United States."
After noticing the increasing exports of raw cotton from both England and the United States to France and the other countries of the Continent, from which it is inferred that the consumption is increasing in Europe, generally, as well as in Great Britain, the _Economist_ proceeds to remark:
"A rapidly increasing consumption of cotton in Europe has not been met by an equally rapidly increasing supply, and the present relative condition of the supply to the demand seems to justify an advance of price, unless a greatly diminished consumption can be brought about. What supplies may yet be obtained from India, the Brazils, Egypt, etc., we know not; but, judging from the imports of the three last years, they are not likely to supply the great deficiency in the stocks just noticed. A decrease in consumption, which is recommended, can only be accomplished by the state of the market, not by the will of individual spinners; for if some lessen their consumption of the raw material while the demand of the market is for more cloth, it will be supplied by others, either here or abroad; and the only real solution of the difficulty or means of lowering the price, is an increased supply. This points to other exertions than those which have been latterly directed to the production of fibrous materials to be converted directly into paper. Exertions ought rather to be directed to the production of fibrous materials which shall be used for textile fabrics, and so much larger supplies of rags--the cheapest and best material for making paper will be obtained. But theoretical production, and the schemers who propose it, not guided by the market demands, are generally erroneous, and what we now require is more and cheaper material for clothing as the means of getting more rags to make paper.