THE CUBA REVIEW 31 



SUGAR REVIEW 



Specially written for -The Cuba Review" by IVillett & Gray, New York. 



Our last review for this magazine was dated March 10, 1919. 



Since that date there has been no material change in conditions as they existed 

 in the New York Sugar Market. Quotations continue on the basis of 5.88c c. & f. for 

 Cuba sugars and 5.64c c. i. f. for full duty sugars, both equal to 6.90c landed at New 

 York, but which are turned over to refiners by the Equalization Board on the basis of 

 7.28c, which latter is the price of Porto Ricos, Hawaiian, St. Croix and Philippine 

 sugars, the Equalization Board deriving no profit on the sale of these latter. 



The situation has been hampered during the period under review by a strike of 

 the harbor men in the port of New York, same interfering with the delivery of raw 

 sugars to the refineries and also the delivery of refined to the steamers on those 

 orders destined for export. The domestic business was also threatened for a time 

 owing to the fact that it was impossible to move the car floats from the refineries to 

 the railroads, but the men handling these have now returned to work, and as there 

 have been desertions in the ranks of those others who still remain obdurate to the 

 terms of settlement, the situation is now showing general improvement. 



The amount of export business done for the neutral countries is still very small, 

 owing to the fact that our quotations are much above the parity of Javas and other 

 sugars in foreign markets, but notwithstanding this fact the Sugar Equalization 

 Board has seen fit to consent to a further increase in the export price, which is now 

 based at 7.88c net cash, in Bond, f. o. b. New York for lots of less than 1,000 tons, 

 the former quotation of 7.82c still obtaining on lots of 1,000 tons or more. The ship- 

 ments for account of the Royal Commission are still much behind owing to the ton- 

 nage situation, consequently our refiners are carrying large stocks of sugar, part of 

 which, of course, belongs to the Royal Commission, but it is likely that the month of 

 April will see a much larger movement from this port of these sugars. The domestic 

 demand for refined is only light with the quotations on the basis of 9c less 2% for 

 cash, although for a few days this week one refinery in Philadelphia shaded their 

 price to the basis of 8.95c in order to move some of their accumulation. 



Since we last wrote you, further importations of Java sugars have been made by 

 the Equalization Board in lots of 3,531 tons allocated to Howell, 4,052 tons allocated 

 to the American, and a smaller lot of 2,000 tons which has not yet been allotted to 

 any refinery. These importations account for the 10,000 tons of Java sugars under- 

 stood to have been purchased by the Equalization Board several month ago. The 

 Peru sugars previously reported as sold to San Francisco are confirmed as being for 

 the Vancouver, B. C, refinery. The Sugar Equalization Board has excluded the im- 

 portation of Javas and Perus, but will now approve licenses for the import of Vene- 

 zuelas, Surinams and other full duty sugars for private account. 



Our cable from the Philippine Islands reports no exports of these sugars to the 

 Atlantic Coast during February, and only 1,200 tons to San Francisco. 



By cable from British India, we have a new estimate of the crop which is now 

 placed at 2,337,000 tons as against our previous estimate of 2,950,000 tons. It can be 

 readily seen that the loss is a serious one and same will undoubtedly have to be over- 

 come by heavier importations of Javas or other sugars into India this year. 



Our last cable report from Java gave shipments during February of 196,000 tons 

 of sugar, of which 84,000 tons are destined to European Countries. Of the remaining 

 112,000 tons, 87,000 tons are for the Far East, 18,000 tons to Australia, 5,000 tons for 

 Vancouver and 2,000 tons for New York, the latter having already arrived here. Our 

 correspondent gives us the outturn figure for the 1918-19 crop as 1,669,637 tons. 

 This crop may now be regarded as sold out, and according to our reports a brisk busi- 

 ness is doing in new crop sugars for May-June shipment. 



