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Analyses of fluctuations in cotton consumption based on pre-1940 data must be modified in the light of recent experience. In particular, rayon has now become a highly important and measurable influence on the consumption of cotton by domestic mills. This article presents estimates of the effects on cotton consumption of cotton prices, rayon consumption, and industrial activity, during the years 1921 to 1940 and 1947 to 1950. The paper also considers problems of measuring and forecasting the growth of rayon consumption itself.


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