30 



THE CUBA REVIEW 



THE SUGAR INDUSTRY 



465,000 tons twelve months previously, the 

 total home consmnption tor the year ended 

 December 31, 1915, having been 1,650,209 

 tons compared with 1,683,834 tons in 1914. 

 The arrivals from foreign countries durmg the 

 ear.y part of the month were very small, and 

 consisted largely ot American sugar, which had 

 suffered badly on the voyage from fire and 

 water. In producing countries the prospect of 

 a large crop in Cuba seemed, already likely to 

 be reached, judging by the numlier of fac- 

 tories at work, and the feverish haste to secure 

 the good prices obtainable. The pressure to 

 sell, however. l)y holders brought about a 

 sharp decline for 96% Cuban centrifugal, 

 though so far as the American stocks were 

 concerred they were at a low point, Isut so 

 were the requirements of their refiners. It 

 may here be remarked that the United States 

 consumption for 1915 was 3,802,000 tons 

 against 3,761,000 tons in 1914. The home de- 

 mand continued unabated and as the im- 

 ports of raw sugar and foreign refined con- 

 tinued small, the Commission for Sugar 

 Supply were compelled to raise their prices 

 2s 6d per cwt. for granulated and crystals and 

 this was followed by a similar advance in West 

 Indian crystallized. 



In February, which in noi'mal times is the 

 dullest sugar month of the year, the demand 

 remainded good, with moderate supplies and 

 higher rates, followed by a sharp reminder 

 from the Royal Commission that imports 

 would of necessity be fiu'ther reduced result- 

 ing for a time in a strong tendency to antici- 

 pate the effect of the above pi-onouncement . 

 A large lousiness in low brown Eastern sugars, 

 to be imported under license, had been done 

 for some time and now became further ex- 

 tended, while a speculative outburst in West 

 Indian crystallised raised values from 7s to 

 10s per cwt. Towards the close of the month, 

 larger imports of raw occurred, to the reiief of 

 the refiners who were very short of supplies. 

 On the 2Sth a further advance of 2s per cwt. 

 on certain kinds controlled by the Royal Com- 

 mission was made, while at intervals further 

 purchases of Cuban raws for Europe were re- 

 ported. 



In March, the position of sugar stocks in- 

 France caused the French Government to as- 

 sume control and to prohibit the private im- 

 portation of the article, while in the United 



Kingdom the Commission fixed the price of 

 West Indiian raw to prevent further specula- 

 tion. Diu'ing the month the arrivals of sugar 

 of all kinds were larger tlian hitherto, but the 

 operation cf making it ready for delivery was 

 so tedious that at no time was any great 

 quantity offered to the dealers. 



The following month of A pril contained the 

 new Budget, in which the duty on sugar was 

 advanced J^d per lb., necessitating an addi- 

 tion of 4s 73^d to cubes, and 4s 73^d to 4s 

 lOKd per cwt. to other refined. The new 

 basis for West Indian crystallized was fixed at 

 41s 7J^d for fair average quality with a vary- 

 ing range of Is 6d per cwt. up or down accord- 

 ing to quality. Towards the middle and end 

 of the month the Commission was rejiorted to 

 have made very large forward ])urchases of 

 white cane, at advancing prices, to the extent 

 of 450,000 tons. The tone of the foreign mar- 

 kets at this period was firm ever5'A\rhere, the 

 height of the Cuban crop having been reached 

 and passed some little time previously, owing 

 to a large falling off in the number of fac- 

 tories at work at the close of April. This was 

 reflected in the tone of the Ajnerican markets, 

 which had risen 2s per cwt. diu'ing the month. 



In May however a consideralale part of the 

 advance was lost, owing to the temporary sus- 

 pension of purchases on behalf of the United 

 Kingdom. 



Eariy in June the arrivals were heavier 

 totalling in the first week of the month some 

 61,000 tons of raw and refined (principally the 

 former), compared with about 15,000 tons in 

 the same period of 1915, but the stocks here 

 were too moderate to admit of any hope of 

 lower prices. Indeed early in the month a re- 

 newal of purchases of American granulated 

 on behalf of the United Kingdom and France 

 at a .slight advance was reported, while the 

 heme demand was fully capable of dealing with 

 the moderate quantity distributed. An event 

 of interest during this period was the arrival 

 of 4,500 tons of Canadian granulated, and 

 further large purchases of Cuban centrifugals 

 for shipment here and to France at a further 

 advance were reported the month closing as it 

 had begun with the importation of large quan- 

 tities of sugar. During the first six months 

 there had been received in the United King- 

 dom 566,713 tons of raw cane and 261 ,225 tons 

 of refined sugar, which together showed a sur- 



