American consuls in Russia, and the cotton experts of that country, estimate that Russia consumes annually nearly $50,000,000 worth of American raw cotton, an amount nearly equal to the total export to Russia of all American goods, according to United States government figures. That the government figures are misleading is due to the fact that they are figures of direct business only; and direct trade between the United States and Russia is, for geographical, transportation, and financial reasons, more or less hampered. American cotton is bought for Russia in London, Hamburg, Antwerp, Copenhagen, and other great European markets. The exports are credited in the United States to the ports mentioned, and while the ultimate destination does not affect the totals of American foreign trade, it does lead to wide-spread confusion as to the comparative value of the various foreign markets for American products. This is particularly unfortunate in the case of Russia, a country with which the United States has recently had some difficulty in the matter of a treaty of mutual trade and friendship. Judging from United States government statistics, American trade relations with Russia might be regarded as almost negligible; whereas in fact they are already of the greatest value and importance, to say nothing of the brilliant prospects of possible trade expansion in the near future. Even the government figures show a direct sale to Russia of nearly $50,000,000 worth of American goods, deducting the direct sales of cotton. With a known consumption of $50,000,000 worth of American cotton, this gives at least $100,000,000 as the value of American sales to Russia. Cotton, however, is not the only merchandise sold indirectly, and if other goods are handled in the same way to an equal amount, it is possible that the annual sales of American goods to Russia amount to nearly $200,000,000, or four times the amount allowed by United States official figures.