TABLE E. Foreign Trade, 1911-20.
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Raw Cotton Imports, (million Ib.)
American .... Egyptian Indian Other British .... Peru Brazil Other foreign ....
1911
1912
1913
1914
1915
1916
1917
1918
1919
1,682-4 364-3 79-4 14-6
22-7
25-6 18-1
2,164-9
491-3 56-6
2I-I 29-1 25-8 17-0
1,584-8 402-7 51-3
2O-6
38-4
61-8 14-7
1,284-4 336-I 104-3 23-6 37-o 54-7 24-0
2,022-4
448-5 94-0
24-4 38-4 8-7
II-2
1,646-9
356-7 80- 1 18-9 44-6
i-3 22-5
1,186-2 277-9 76-0
22-8 23-6
10-3 26-3
976-0
388-5
59-5 14-1 41-2 3-2 66-6
1-370-7 416-9 63-6 24-1 46-5 5-1 3i-3
TOTAL Values (million .)...
2,207-1 71-2
2,805-8 80-2
2,174-3 70-6
1,864-1 55-4
2,647-6 64-7
2,171-0
84-7
1,623-2 110-6
1,489-1 I50-3
i,958-3 190-8
-Re-exports Values (million .)
291-2
10-7
323-8
10-6
257-6 9-1
216-3
7-4
343-6 0-6
237-5
9-8
111-4
7-7
0-4
O-O2
121-1
ii-4
Yarns Exports, (million Ib.)
Germany Holland Switzerland .... Rumania .... Turkey France Others
54-5 43-2 7-2 10-3 9-2 4-6 28-1
54-8 45-1 7-9
IO-I
13-6 4-9 30-4
51-9 39-3 9-5 7-1 9-8 5-o 19-1
32-4 43-1 6-1
6-5 5-9 3-5 17-2
59-7 9-3
2-2
o-3
3 8-I I 5 -6
64-2 6-4 0-06
O-OI
26-5 19-7
3'-7 6-0 0-3 0-03
33-7 13-6
O-OO7
6-9
0-08 66-5 3-3
3-o 40-8 8-9 4-2
5-4 49-9
27-4
TOTAL EUROPE ....
I57-I
166-8
141-7
114-7
125-2
116-9
85-3
76-8
139-6
India, etc .......
39-3 8-1
44-8
IO-I
40-5 9-0
39-9 7-4
39-6
7-4
28-9 7-4
19-8 7-2
9-6
3-8
IO-I
3-6
Other British
TOTAL EMPIRE ....
47-4
54-9
49-5
47-3
47-0
36-3
27-0
13-4
13-7
U.S.A. Other foreign
5-8 13-5
6-0 16-1
5-4 13-5
5-8 10-7
6-1 9-9
8-7 10-3
10-3 10-5
4-0
7-5
3-9
5-4
GRAND TOTAL
223-8
243-8
2IO-I
178-5
188-2
172-2
I33-I
101-7
162-6
Values (million .)
'5-7
16-2
15-0
I2-O.
10-3
13-4
16-7
21-4
33-9
Piece Goods Exports, (million yards.)
Germany Holland Turkey (including Asiatic) . Switzerland France Others
92-7 58-9 467-7 83-2
13-9 229-7
88-7 70-7
394-4 81-7 14-1
237-4
76-4
84-3 360-7 80-0
12-8
188-7
42-2
59-3 270-8
5i-3 17-8 208-4
48-1
IO-I
60-8 220-4 170-7
69-8
12-2 70-2 I2O-2 169-3
26-0
3i-4 82-0 123-6 143-9
I-O
38-5
75-2 I83-5
78-3
52-3 58-5 332-7 116-6 90-2 558-9
TOTAL EUROPE ....
946-1
887-0
802-9
649-8
510-1
441-7
406-9
376-5
1209-2
Egypt British Africa German Africa Belgian Africa French Africa Portuguese Africa Other African
326-6 205-5 13-7 9-5 67-8
25-7 119-4
263-6 236-1 13-2 10-8 65-2
21-6
152-3
266-6 235-6 9-6 6-8 75-2 21-4 95-6
202-3 202-5
5-6
3-4 53-6 15-8
99-7
243-1 24I-5 0-7
, 6 ' 5 62-9
9-0
129-0
289-7 292-5
7-1 15-5 126-1 20-5 139-4
3I9-5 290-3 6-9
31-4 119-8 17-6 . 124-0
361-6 297-3 5-4 16-3 149-6 16-2 129-1
183-2 159-6
5-4 9.4
63-7
IO-2 83-2
TOTAL AFRICA
768-2
762-8
710-8
582-9
692-7
890-8
909-5
975-5
5H-7
EAST East Indies China Japan Persia India (British Possessions) .
410-9
564-9 94-9
51-3 2,543-o
452-7 427-8 82-5 61-0 2,944-4
497-2 573-5 56-7 40-6
3,247-9
406-7 469-9 29-2 39-8 2,761-4
355-8 318-8
20-1
47-2 1,992-1
448-9 289-9 17-5 24-9 2,055-3
425-9 248-3 12-7 33-2 2,001-6
329-4 170-0
I I'D
24-5 1,009-7
202-3 259-7
10-7
15-9 826-3
TOTAL ASIA
3,665-0
3,968-4
4,4'5-9
3,707-o
2,734-0
2,836-5
2,721-7
1,544-6
1,314-9
Australasia Other British Other Foreign
223-6 13-0 23-3
224-1
13-5 23-8
212-4 12-5 19-3
219-8
22-4
14-4
247-2 20-9 6-0
295-4 17-0
8-4
191-2 14-4 5-4
208-5
12-2
5-9
97-2 7-9 7-6
TOTAL AUSTRALASIA, etc. .
259-9
261-4
244-2
256-6
274-1
320-8
2II-O
226-6
112-7
U.S.A. Canada West Indies Latin America
57-i 78-2 127-0 752-2
48-1 89-6 I5I-9
743-7
44-4
II2-6
107-0 637-4
59-9 76-7
85-3 3I7-5
47-1 67-1 96-4 327-0
66-3 78-0 84-5 535-6
67-7
73-2 83-2 505-0
29-3 35-1 57-3 454-3
40-8
22-9
31-7
276-8
TOTAL AMERICA ....
1,014-5
1,033-3
901-4
539-4
537-6
764-4
729-1
576-0
372-2
GRAND TOTAL
6,653-7
6,912-9
7,075-2
5,735-7
4,748-5
5,254-2
4,978-2
3,699-2
3,253-7
VALUES (million .) .
90-5
91-6
97-8
79-2
64-7
88-9
II2-8
138-5
179-1
Other Cotton Goods ....
12-4
13-0
12-8
n-i
IO-I
14-8
15-7
19-5
25-1
TOTAL VALUES (million .) .
102-9
104-6
no-6
90-3
74-8
103-7
128-5
158-0
194-2
Capital. Much attention was attracted to the great move- ment in 1919-20 for the recapitalization of the British industry, which was to some extent inevitable. Owing to the demand for machinery and the high cost of production during the war, the book values of the mills represented only a fraction of the actual market value to which they had risen. The process of writing up the nominal capital of the companies to something approaching the actual market value of the plant was in itself harmless; but when the inevitable reaction came, those who had invested in the industry at the top of the wave seemed likely in 1921 to find it difficult to secure a normal rate of dividend on what had come again to be regarded as inflated values. The
table on next page, founded upon Mr. F. W. Tattersall's list of 100 typical joint-stock companies in the Lancashire industry, gives an interesting indication of the earnings of the trade.
It is obvious that the later dividends, and especially in 1919- 20, were extraordinarily high, even after allowing for Excess Profits Duty, but in 1921 the reaction was in full swing.
Cotton-seed. Since 1910 a great change has come over the relative position of cotton-seed among the innumerable com- modities which contribute to the supply of the vegetable and animal oils and fats. Until then oils were classified pretty rigorously, on the one hand as soft and hard, and on the other as edible and non-edible. Soft or liquid oils, such as linseed,
