International Cotton Advisory Committee

Extract

The seventeenth plenary meeting of the International Cotton Advisory Committee was held in London June 2–8, 1958. Following discussion of a document on recent developments in the world cotton situation prepared by the standing committee and the secretariat's annual review of the world cotton situation, the meeting made the following statements. The world production of cotton during 1955–56 was an all-time record of 42.7 million bales; the production during 1956–57 was reduced to 41.3 million bales. Although there was an increase in production outside the United States in 1957–58, the reduction of about 2 million bales in the United States brought world production down to 39.3 million bales. The consumption of cotton exceeded production by about 1 million bales during 1956–57 and the current year's estimates pointed to a further disappearance of about 2 million bales in excess of current production. Delegates discussed cotton production in the United States, noting the drastic decline in production due to a reduction of acreage and, to a smaller extent, unfavorable growing conditions, the responsible and careful manner of surplus stock disposal, and the advantages which would follow from a lowering of the domestic cotton price. During the discussion reference was also made, inter alia, to the undesirable effects of dual pricing systems, export subsidies, and special currency arrangements.