The Return to Normalcy 



The events of the past six months have proved that these prophecies 

 were unduly pessimistic. Seldom has a great industry recovered from an 

 acute depression with such rapidity as the sugar industry in recent months. 

 This recovery has evidenced itself in increased prices, in the liquidation of 

 stocks, in increased exportation of refined sugar from the United States and 

 in a phenomenal increase in our domestic demand for sugar. The extent of 

 this recovery in each of these respects may be briefly stated. 



The average price of 96 centrifugal raw sugar c. & f. in the 

 f period of 1909-13 was 2.704 cents. At the close of 1921 this 

 grade of sugar was quoted at 1.84 cents c. & f. or considerably 

 below the pre-war average. The improvement in prices, however, began in 

 January, and in succeeding months average prices moved steadily upward 

 and on October 16, raw sugar c. & f. was sold at 3.75 cents. This price is sub- 

 stantially above the average prevailing price in the pre-war period. In the 

 following table we present the average prices per pound for raw and refined 

 sugar in the pre-war and post-war years. 



Average Prices Raw Sugar Average Prices Refined Sugar 



C.&F. No Duty Paid Wholesale 



(1909-13) Average 2.704^ 4.880*5 



1919 Average 6.354 9.003 



1920 Average 11.337 11.390 



1921 Average 3.459 6.207 



1922 



Jan 2.05 4.95 



Feb 2.14 5.06 



Mar 2.31 5.28 



Apr 2.44 5.38 



May 2.44 5.43 



June 2.98 5.93^ 



July 3.54 6.63 



Aug 3.56 6.94 



Sept 3.17 6.47 



Oct. 1-17 3.60 6.62 



Liquidation The Cuban sugar industry closed the year 1921 with stocks of 



of Sugar raw sugar of the 1920-21 crop equal to approximately 1,225,000 



tons. This was a tremendous carry-over, for normally Cuban 

 stocks of raws are small at the close of the year. During the past six months 

 this stock has been rapidly liquidated and on September 30 there were only 

 7,918 tons of this old sugar on hand. Not only have these stocks been 

 liquidated, but to September 30 the industry had produced 3,971,694 tons 

 of 1921-22 crop sugars, of which it exported to this same date 3,421,703 tons or 

 approximately 86%. There remain on hand in Cuba after making allow- 

 ance for domestic consumption, only 430,409 tons of new and old sugars. 

 It is apparent that the Cuban industry will close the year in a very secure 

 position with only small stocks on hand. 



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