The new cotton crop is expected to approximate only 11,988,000 bales, as compared with 18,946,000 pales a year ago. Yet with the addition of a carry over from last year of 12,955,- 000 bales, the United "States will have a total of 24,943,000 bales available as a year's supply of cotton.
Both foreign and domestic consumption of United States cotton last year, however, aggregated only 11,177,000 bales. Even if world consumption is increased by 1,500,000 bales in the next year, the United States would still have an unconsumed surplus of more than 12000,000 bales on August! 1, 1939. exports over imports by £20,516,000 against net exports to the value of £15,509,000 for the previous week.
Imports during.the period under review amounted to £18452000 and included shipments from the following principal sources: Switzerland £867,000; British Africa £273,000; the Netherlands £404,000; Belgium £7,- 661,000; France £9,004,000; Mexico £97,000; Peru £66,000; Luxemberg £25,000; New Zealand £21,000 and Sweden £20,000.
The previous week's imports totalled £5,835,000, including £158,000, from Switzerland; £207,000 from British Africa; £962,000 from the Netherlands; £3,902,000 from Belgium; £55,000 from British India; £456,000 from Australia and £31,000 from Venezuela.
Exports of the precious metal during the period under review were given as £38,968,000, including shipments valued at £389,000 to the Netherlands; £32,779,000 to the United States; £379,000 to Switzerland; £997,000 to Eire; £3,268,000 to Canada; £979,000 to Sweden and £118000 to South Africa.
The previous week's exports totalled £21,344,000, of which £334,000 was taken by the Netherlands; £16,- 731,000 by the United States; £3,119, 000 by Switzerland; £993,000 by Eire; £24,000 by Finland; £43,000 by France and £28,000 by Morocco—Reuter. alf U.S. Silver Imports New York, Oct. 7.
Silver to a total-value of $10,182,000 was imported by the United States during the week ended September 30 compared with $1,299,000 dv=i-~ the previous week.
Consignments. of the white metal during the period under review were received from the following principal sources: Canada $213,000; Mexico $497,000; the Philippines $12,000; Chile $8000; England $4,586,000; France $4,300,000; Ecuador $3, British Malaya $101,000; Japan $64,000 and Peru $398,000.
Imports during the previous week came from the following principal! countries: $273000 from Canada; $464,000 from Mexico; $10,000 from the Philippines; $2,000 from Chile; $398,000 from England; $54,000 from Honduras; $7,000 from Bolivia; $2,000 from Hongkong; $4,000 from Turkey and $13,000 from Australia—Reuter.
Wheat Yield The case of wheat is even more significant. The crop of winter and spring wheat is forecast at 955,989,000 bushels this year, or the second highest in history, and compares with 783,993,000 bushels last year.
Alarmed at the near-record wheat yield, the Department of agriculture has fixed 55,000,000 acres as the limit for wheat production in 1939, or 26,- 000,000 acres below this year's seeding. The department estimated that this would produce 660,000,000 bushels, or about 20,000,000 less than the do-mastic average. But even this prospect failed to encourage official optimism.
Text read from the printed page and cleaned; old type leaves the occasional error.