CHAPTER IV

THE POSITION OF THE UNITED STATES

1. COTTON PRODUCTION AND CONSUMPTION

Ever since the Civil War the United States has produced more than half of the world’s cotton crop. From 1860 to 1900 about one-third of the annual crop was consumed by the domestic industries, and from that time domestic takings have increased, except for 1921, to an average of about 50% in the last few years. During the same period the actual size of the annual crops increased enormously. If we take the figures from the present back to 1790 it will give a rough idea of the progress since that time.

Year Crop in bales Exports % of dom. takings (of 500 lbs.) 1790 3 1 66 1850 2,136 1,854 13 1860 3,841 615 84 1870 4,024 2,922 28 1880 6,356 4,453 30 1890 8,562 5,850 32 1900 10,266 6,806 33 1910 12,005 8,205 32 1915 12,122 6,405 47 1917 12,428 4,587 64 1919 12,028 6,760 44 1921 8,351 6,479 23 1922 10,369 5,049 52 (Expressed in thousands of bales)

THE INTERNATIONAL ACCEPTANCE BANK, INC. AND THE COTTON TRADE

THE INTERNATIONAL ACCEPTANCE BANK, INC., offers to COTTON EXPORTERS a unique service. It is not only equipped to finance shipments to all parts of the world, but, because of the fact that it has as shareholders the leading banks and bankers of Europe, it is in a position to obtain unusual service, advice, and information for its clients.

THE INTERNATIONAL ACCEPTANCE BANK, INC., is constantly in touch with conditions abroad, and maintains extensive credit files on European cotton merchants and spinners. It not only finances millions of dollars of cotton exports every year for its domestic clients, but opens credits for an even larger amount in favor of American shippers by order of its clients abroad.

THE INTERNATIONAL ACCEPTANCE BANK, INC., deals actively in foreign exchange, and by reason of the large orders it receives from abroad, is often in a position to purchase foreign currency drafts of cotton shippers at exceptionally fine rates.