necessary to declare a moratorium. In the following months prices continued 

 to fall and the moratorium was extended. 



Review of 

 the Sugar 

 Market 

 in 1921 



The year 1921 was unprofitable for the Cuban sugar industry 

 for sugar prices continued to decline and stocks accumulated 

 in large volume. In February of 1921, the Cuban Sugar 

 Finance Commission was created to take control of the sale 

 and shipment of the 1920-21 sugar crop. Prices, however, continued in an 

 irregular downward movement and liquidation of stocks was very slowly 

 accomplished. By the end of December the price of 96 centrifugal raw sugar 

 at New York with duty paid had declined to 3.42 cents. The advantages which 

 had been claimed for centralized control of the marketing of the 1920-21 crop 

 by the Commission were not fully realized and to the relief of nearly every 

 one concerned it was terminated December 31st. At this time there was on 

 hand in Cuba a stock of approximately 1,225,000 tons of sugar and a new 

 crop of considerable size was the immediate prospect. The sugar industry 

 closed the year in a state of acute depression. It was prophesied that it 

 would be at least two years before it could recover its normal position. 



Modern methods and equipment are used in this Cuban sugar factory 



28 



