30 THECUBAREVIEW 



SUGAR REVIEW. 



August Market Quiet — Stocks Decreasing and Prices Advancing — Good Prices 

 Anticipated for the New Crop. 



Specially written for The CUBA REVIEW by WiUett & Gray of New York. 



Our last review for this magazine was dated August 4, 1909, when quotations for 

 Centrifugals, near by, were 4.05c. duty paid for 96 test, the equivalent of 2 ll/l6c. 

 c. & f. for Cuba Sugars, and, when Javas were being sold to the United Kingdom 

 at equal to 10s. 9d. c. & f. to New York, or, say, 4.06c. landed basis 9b test. 



Throughout the month of August the market was quiet, with a strong under- 

 tone, stocks steadily decreasing, offerings very light and prices slowly advancing. 



On the 11th, spot Centrifugals were sold at 4.08c. and Cubas for September 

 clearance at 2%c. c. & f. equal to 4.11c. landed. On the 18th some 90,000 bags 

 Cubas for prompt and September shipments were sold at 2^c. c. & t., equal 4.11c. 

 landed. On the 23d an independent refinery paid 2 25/32c. c. & f. (4.14c. landed) 

 for a small lot of near-by Cubas, but the next day a lot of Porto Rica Centrifugals 

 sold at 4.11c., at which price the market remained steady without change until tne 

 close, when sales of Cubas for prompt shipment were put through at 2 25->52c. c. & f., 

 equal to 4.14c. landed, with buyers willing to go on and with a strong tone to the 

 market. 



On the 6th two cargoes of Javas were reported sold to New York refiners, 

 one shipped in July and the other for July-August shipment, each at lis. c. & f., 

 equal to 4.12c. landed basis 96 test; no further sales of Javas to American refiners 

 are reported except that of a cargo which arrived at the Delaware Breakwater 

 unsold and was finally accepted by New York refiners on private terms. Mean- 

 while further sales of Javas to the United Kingdom were put through at lis. VAd. 

 c. & f. to lis. 6d. c. f. i., making a total of eight cargoes thus far this season taken 

 by English buyers, or 52,000 tons, being an unusually large quantity and due to the 

 fact that Javas, even at these prices, are relatively cheaper than European beet 

 sugars for prompt delivery. 



The exports from Java during June, July and August were much smaller than 

 for the same time last year; the big Cuba crop is practically ended and all but 

 about 75,000 tons has been absorbed by the United States, leaving stocks no larger 

 than at the same time last year and little if any more sugar coming rrom Porto 

 Rico this season. 



The interesting question is, where will the necessary supplies be obtainable to 

 tide over the intervening period from now until the new Cuba crop comes to 

 market? Buyers are resisting the payment of a further advance as prices are now 

 high, but there may possibly be a time during the next two or three months when 

 the temporary scarcity of supplies will cause a moderately higher level of values. 



On the 5th of August the new tariff bill was finally passed, leaving the duty 

 on raw sugar from Cuba and foreign countries unchanged and reducing the duty 

 on refined sugars .05c. per pound. The new tariff permits the admission of 300,000 

 tons Philippine Islands sugar free of duty each fiscal year. 



Since the new tariff went into effect there were sold three sail cargoes of 

 Philippine sugars, afloat, on private terms, understood to be around 3.40c. landed, 

 basis 88 test, no duty, and one or two steamer cargoes for August-September ship- 

 ment have also been placed. 



European markets during August have been active and excited, with a squeez- 

 ing of shorts and an advance on prompt beet from 10s. 8^d. to lis. 9^d., and 

 to-day September beet is quoted at lis. 6^d.; October beet, however, is now 

 quoted at 10s. 45/d., the parity of 4.19c. for Centrifugals at New York. The new 

 European beet crop has recovered somewhat from its backwardness. 



Thus far no sales are reported of European beet sugars for shipment to the 

 United States, but it is just possible that some supplies may have to be drawn from 

 Europe before the new Cuba crop campaign opens. There are still three centrals 

 grinding the old crop of sugar cane in Cuba, and the visible production of sugar 

 to date'is 1,465,000 tons, making the largest crop on record; the growing crop is 

 very promising and may considerably exceed the old crop. 



Louisiana cane crop and the domestic beet crop reports continue to be 

 favorable. 



The indications are that good prices will be paid for the first new Cuba crop 

 sugars. 



New York, September 1, 1909. 



