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mately follow each other, but , their mutual position on 

 the market may be slightly different in different years. 

 The market prices ruling at Havre for " Trinidad" 

 and "Guayaquil" cocoas for the years 1890 to 1900 

 will give some idea of the fluctuations in those years 

 (the prices are in shillings per 50 kilograms) : 



The rise in 1892-1893 was followed by a fall in 

 1894-1896, which must be regarded partly as a con- 

 sequence of the enormous increase of the stock. An 

 increase of the consumption of cocoa (a consequence of 

 the low price) and a small crop in 1896 were the natural 

 cause for the rising of the market in 1897-1898. 



It must, however, not be forgotten that prices are 

 also influenced from time to time by speculation. As 

 an instance may be quoted the fall of prices in 1904- 

 1906. In 1906 the most important plantations in San 

 Thome and some bankers in Lisbon combined to fight 

 the speculators ; a capital of 600,000 enabled them to 

 retain large quantities of cocoa and to keep them in 

 stock. This obliged manufacturers to offer higher 

 prices and the consequence was a hausse. The price 

 for San Thome, for instance, which was 48*60 marks in 

 the summer of 1906, rose to 6 9 '50 marks in November ; 

 Trinidad, which was 54*90 marks in the summer, rose 

 to 75*00 marks in November. Here again speculation 



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