THE C U n A K E \ 1 E W 35 



cane. Tho jjiofitahlc dovolopiiiont of this Yaquc Kivor, which is the only available 

 enterprise will depend largely, however, \ipon source from which the nccesssary water can 

 the successful installation of a system of irri- be secured. It is planned to utilize the 

 gation, elaborate plans for which are now "Laguna Kincon," which is situated a short 

 under contemplation. A force of engineers is distance west of the river, as a reservoir, and 

 on the grotmd engaged inmaking the necessary it is estimated that the work necessary to in- 

 preliminary surveys, and it is expected that as stall this system and prepare the estate for 

 soon as their work has been sufliciently ad- the purpose tho company has in mind wil 

 vanced a formal ai)plication will be made to involve an outlay of $I,();)b,0:)9 to $1, .500,001) 

 the Covermiieiit for i)er.i ission to tap the —Consul ClmKi, I S. Eihniuh, SntdoDnminqi, 



SUGAR REVIEW 



!-inci'ill!i written for The Cuba Renew hi/ Willelt tt (irty, Xew York, .V. Y. 



Our last review for this magazine was dated June 8, 1917. 



At that date Cuba centrifugal sugar of 96° test basis was quoted at 4%c. per lb. cost and 

 freight and is now 5 He. showing net advance of %c. per lb. during the time under review. 

 Sugar from store and August shipments from Cuba sold up to 53^c. c. & f. on June 2«th. 



The changes in the quotations were as follows: June 8th, 4J^c.; 20th, 4 15 16c.; 

 25th, 5c.; 26th, 5i^c.; 27th, SJ^c; 28th, 53^c.; 29th, 53^c. The 5J^c. c. <K: f. spot quotatiori 

 remains nominally unchange 1 although the tone and tendency of the market th(> past few 

 days has been towards an easier condition. 



The Finance Committee of the U. S. Senate has reported the revenue bill to the Senate 

 where it is now being considered for final action there before the Bill goes back to the House of 

 Representatives for confirmation or conference. As reported to the Senate the Bill calls for the 

 rescinding of the present drawback of Ic. per lb. allowed on all sugar exports and imposes an 

 excise or internal revenue tax of l^c. per lb. on all raw and refined sugar delivered for con.sump- 

 tion. The Bill is not quite clear as to whether the }4c. per lb. is to be added also to sugars ex- 

 ported but we think not 



Our regular con.sumption figures for the first 6 months of 1917, show very favorably giviag 

 2,366,542 tons consumption, against 2,i;37,733 tons for corresponding 6 months of 1916, an 

 increase of 10.7%. Full details of the six months business in sugar are given in our Statistical 

 Sugar Trade Journal of July 5, 1917, a very valuable compendium, worthy of special study but 

 too long to include herewith. 



The British Commission have continued buying sugar both in Cuba for raws and in the 

 United States at advancing limits, in fact their marking up their bids in Cuba from about 

 4.40c. to 5c. f. o. b. was the cause of the rise which our American refiners have had to pay 

 recently for supplies 



At length, however, the absence of demand in Java for the big crop of l,800,0tK) tons 

 no%\- maturing, owing to the difficulties in the way of transportation, has caused a large 

 decline in their market values with pressure to sell by leading operators in Java. Such 

 sugar offered for s le here had to be declined because of tonnage conditions, but latest reports 

 indicate that the British Sugar Commission have been buying sugars from Java to an extent 

 of about 150,000 tons. Such purchasing in Java will tend to relieve the pressure of buying in 

 Cuba and the U. S. and no doubt give Europe more full supplies from October onward. Pur- 

 chases in Java made now can hardly reach Europe in September, in any sufficient quantity to 

 influence the values of the nearby months shipments from Cuba to a considerable extent. 



However at SJ-^c. c. & f. for Cuba contracts, the market seems to have reached a high point 

 to call a halt, if not a partial reaction. 



Befined sugar has been in good demand at irregular prices. Just now the quotations for 

 granulated are: Arbuckle 7%c.; Federal and Warner 8c.; American and Howell T^c., all less 

 2 % for Cash. Our consumption figures for the six months show that the country in general has 

 ample stocks of sugar and indicate a quiet spell in the buying of refined for home consumption 

 un il about September. WILLETT & CRAY. 



Xew York, July 9, 1917. 



