492 



COCOA 



CHAP. 



ARRIVALS, IN BAGS OF ABOUT 70 KILOGRAMS. 



The favourable and cheap conditions of sale prob- 

 ably account for the great increase in importance of 

 Hamburg, while the unfavourable or, at any rate, less 

 favourable selling and handling conditions of London 

 must be responsible for the decline of its cocoa market. 



The sale on the Hamburg market may have been 

 favoured by the situation of the port in regard to 

 countries on the Continent. Both in Germany itself, 

 and also in Russia and Austria, cocoa manufacture 

 has made great progress. Also the great increase in 

 importance of the German merchant-fleet must have 

 favoured the Hamburg market. 



The New York market is only important for the 

 sales in the United States. Nearly all the cocoa brought 

 to the New York market is sold for consumption 

 in North America. Its importance is therefore almost 

 wholly dependent on the consumption within that area. 



The purchase of cocoa takes place in various ways. 



Either it is bought by the manufacturer on one of 

 the world markets, or directly in the country of pro- 

 duction, this latter mode being greatly on the increase. 



The cocoa destined for sale on the world's market, 

 for instance at Hamburg or Havre a manner of buying 

 indicated by the term "loco" is imported by the 

 merchant and stored in sheds or store-houses, and the 

 manufacturer buys it there from the importer either 

 directly or indirectly. 



When the manufacturer purchases the cocoa from 

 the country of production, he can do it either directly 



