T II E C D B A R E V I E \V 33 



SUGAR REVIEW 



Specially written for "1 he Cuba Review" by Willett & Gray, New York. 



Since our last review of the United States sugar markets, dated July 28th, Interest 

 has been generally centered In new crop Cuba sugars and while definite Information 



is lacking in connection with the am tl of business done, the opini f the trade 



seems to be thai a minimum of 50,000 tons has been placed, and the figure of 100,000 

 tons has been accepted by several as the quantity sold, the larger pari on the basis 

 of GVkc f. o. b. Cuba. A large portion of the quantitj sold has been secured for the 

 purpose of having the Cuban raws defined on a toll basis by certain New Xork refiners. 



The toll basis agreed upon has nol been divulged, but is in the neighbor] i of -.one 



per pound. The demand at t lie G^c f. o. b. basis has now ceased and the general 

 conditions regarding the market for these sugars are much easier. The offerings al 

 6y 2 c are very large, and while there is nothing actually offered below ibis basis there 

 are intimations that lower prices mighl be accepted. Old crop conditions are un- 

 changed and there is little of interest to report with quotations continuing on the 

 basis of 5.88c c. & f. or 6.90c duty paid, but for which refiners pay 7.28c al the refinery. 

 The number of centrals grinding in the Island has been reduced to four; the 19] 

 centrals which have finished the crop to date have outturned 26,176,426 bags of sugar 

 against 26,275,1 u:u bags estimated for these factories by our Cuban correspondents, 

 Messrs. Guma-Mejer, in January. Visible production has now reached the figure of 

 3,632,126 Inns, and based on the estimated figures for the factories still working, the 

 final outturn of the crop should be between : > ,,900,000 and 3,950,000 tons, figuring 

 roughly on the basis of seven bags to the ton. During the month of July production 

 in the Island exceeded any previous figure for the same mouth, amounting to 210,218 

 tons. The strike of marine workers in United States ports, which prevented the 

 ships from going to Cuba and loading sugar, was reflected for a couple of works in 

 the light exports and small arrivals here, which prevented our refiners here from 

 working at capacity, and it has been necessary to close down in instances. However, 

 the exports are now getting bade to normal, and the figure for the past week showed 

 a good increase over the previous one, the exports amounting to 94,549 tons, of which 

 66,598 tons are destined ports north of Hatteras. 



Some 12,000 bags of Cuban refined sugar have arrived at New York, for shipment 

 abroad, during the past week. Mr. Ilimely, the Federal Sugar Refining Company's 

 agent in Havana, writes in part under date of August 11, 1919: 



"There is a plan on foot to try to have a Governmental decree issued forbidding 

 the sale of any new crop sugars at a lower price than 6%c ('. o. b. The plan presents 

 so many and such serious objections we doubt that it can be put through. Should 

 foreign buyers disapprove of such a measure and find that they were able to refrain 

 from buying Cuban sugars for a time, the position here, at the commencement of ;l 

 very large crop, would be an embarrassing one and planters might find it difficult to 

 negotiate loans on their sugar. Then again, if a planter is willing to sell at <"»%c or 

 6%c, and is hindered from doing so by a Government decree, and the market should 

 drop after that, who would pay him for his loss? It seems to us that such a decree, 

 if it were issued, could not stand long, but would have to he repealed." 



Concerning our domestic cane crop in Louisiana, while favorable weather for 

 the development has prevailed recently, the indications continue to point to a very 

 short crop, especially as there will he, no doubt, a tendency to plant generally for next 

 year, entailing a large reservation for seed. 



The domestic beet crop is making satisfactory progress, with weather conditions 

 showing some improvement over those prevailing earlier in the season. The campaign 

 is well under way in California, although the crop in that stale is poorer than it has 

 been in recent years. The United States Sugar Equalization Board has purchased 



