n about a level
with American cotton.

For some ten years Greece has taken the leading place as an importer.
Before the war, Cyprus cotton went chiefly to Marseilles and Greece,
some also to Trieste. Only a very insignificant quantity goes to
England. The freight to Marseilles was about 25_s._ per ton, to Trieste
about 15_s._ per ton, while to England it averaged 50_s._ per ton. The
market prices at Marseilles and Trieste were approximately the same, but
at Marseilles they were subject to a discount of 1-1/2 per cent.,
whereas at Trieste a discount of 3 to 4 per cent. was made. The Trieste
market, being small, was subject to sudden fluctuations and was
therefore risky and less favoured by Cypriot exporters.

For several reasons the Liverpool market has not been so attractive as
that of Marseilles. At Liverpool and Manchester quantities of not less
than, say, 100 bales are preferred, whereas Marseilles would take
smaller consignments of 20 or 40 bales. Uniformity of type is required
by Manchester spinners, whereas the French factories are more ready to
handle different types, including the shorter staples. Cyprus merchants
make no distinction as regards the varieties of cotton, whether
"Orleans," "Sea Island" or other kinds, and indeed they are scarcely
competent to do so, as this requires special knowledge and experience.
They buy in small quantities from many peasant growers and mix the
produce in order to make up a fair consignment.

In normal times there was always the further difficulty of obtaining
direct transport to England, whereas to Marseilles, Trieste and also to
Greece the opportunities were more frequent.

Since the war Greece has become much the largest buyer. Owing to
shortage of cotton on the Greek market this commodity was purchased from
Cyprus rather than from Liverpool, as the freight was lower and war
risks much less; apart from the almost impossibility of obtaining
tonnage. It was the practice before the war for Cypriot merchants to
sell c.i.f. Piraeus, but they could not continue this under recent
conditions and now sell f.o.b. Cyprus, and this practice is likely to
continue. This f.o.b. Cyprus price has lately been about the same as
would ordinarily be obtained for c.i.f. Liverpool. Greece has many small
filatures willing to take consignments of even 10 bales, and the
shipment direct or via Alexandria is easier.

A Cyprus bale weighs about 150 okes.

The following figures, showing average a