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) [Illustration: WORLD’S COTTON PRODUCTION 1908] [Illustration: WORLD’S COTTON PRODUCTION 1922-3] [Illustration: WORLD’S COTTON CONSUMPTION 1908] [Illustration: WORLD’S COTTON CONSUMPTION 1922-3] 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. PART TWO WOOL By JAMES PAUL WARBURG Vice-President INTERNATIONAL ACCEPTANCE BANK, INC. Photographs by courtesy of The American Woolen Co. [Illustration: _Grading fleeces_] CHAPTER I THE RAW MATERIAL 1. SHEEP RAISING [Sidenote: _Early History_]