Supply and Consumption of Cotton [pp. 396-403]

THE FUTURE.
the consumption in Great Britain to be 36,000 bales weekly, or for
the year, say.................................. 1,900,000 bales
The consumption on the continent of Europe will not
suffer so large a proportional diminution. In Ger many, although there was a greater prostration of
commercial confidence than in any other part of Eu rope in the latter portion of 1847, still owing to the
great increase of manufacturing power in that coun try, consumption will be better sustained than in
Great Britain or the United States. In France the
diminution will be comparatively limited. We have
deducted from the consumption of the Continent,
therefore, about 15 per cent. from the average of the
last three years.............................. 850,000 bales
The consumption of the United States will have been
reduced much more than in any other part of the
world where cotton is extensively consumed. It is
estimated at nearly two-thirds less than last year.
There has been a large destruction of manufacturing
capital and a general closing of factories. The ex ports to the Northern ports have fallen short of those
of last year to the same time 369,250 bales, six months
of the season having elapsed. For these reasons the
consumption of the United States cannot be suppos ed to exceed................................. 300,000 bales
Making the total consumption.................... 3,050,000 bales
Comparing on these data the entire supply with the to tal consumption for 1858, assuming the stock in Eu rope to have been 625,000 on the first of January,
1858, (in Great Britain 452,000 and on the Conti nent 172,500,) the following would appear to be the
result as the probable excess of the supply beyond the
consumption on the 31st December, 1858. Stock in
Europe January 1, 1858....................... 625,000 bales
SupLply from the United States................... 2,900,000 "
" East Indies............................ 700,000 "
" Brazil, Egypt, &c....................... 300,000 "
Total Supply................................ 4,525,000 "
British Consumption............. 1,900,000 bales
Continent of Europe............. 850,000 "
United States................... 300,000 "
3,050,000 bales
Excess of supply beyond consumption............. 1,475,000 "
So that if the consumption should be increased from one to two
hundred thousand bales, and the supply lessened in the same ratio, the
margin of excess is sufficiently ample to cover any increase on the
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