498 COCOA 



CHAP. 



played an important role, and the conditions remained 

 favourable for the speculators in the first half of 1907 

 in consequence of the small stock. 



Also in consequence of speculation, a gradual rise 

 of the prices which took place in the first months of 

 1907 was followed by an enormous and quite unusual 

 rise in July 1907. In August, September, and October 

 this unusual situation, for which no natural cause could 

 be found, remained. As much as 102 to 106 marks w r as 

 current for "Accra " on the Hamburg market, and 107 

 to 114 marks for "San Thome." A sudden fall in 

 November was a return to more normal conditions, 

 but it was accelerated by the financial crisis in America, 

 the sellers being afraid to do business with America 

 and preferring to sell at low prices. 



In 1908 large crops in several of the principal 

 countries (Ecuador with an increase from 20 to 29 

 million kilograms, Bahia from 21 to nearly 30 million 

 kilograms, etc.) formed the natural cause of the fall in 

 price in that year. 



1909 from a commercial point of view was a very 

 quiet year. Almost the same prices were paid the whole 

 year through. On the Hamburg market, for instance, 

 the prices were all through 57 to 58 for " Arriba," 54 to 

 55 for "Machala," 50 to 51 for "Bahia," 50 to 52 for 

 " San Thome," 47 to 47^ for "Accra." This may 

 partly be attributed to the very large production. As 

 mentioned, the stock amounted in the beginning of 

 1909 to no less than 48 per cent of the world con- 

 sumption ; with such a large stock, enough to meet the 

 demand for almost half a year, there was no room for 

 speculation. 



Also in 1910 the cocoa-market was quiet and prices 

 remained low. Only a slight rise took place. On the 

 Hamburg market the prices were in January 47 for 

 " Accra good," 50 for " Bahia fair," in December 48 for 

 Accra, 51 for Bahia (in marks for 50 kilograms). 



In 1911 again a slight hausse occurred, but in 

 December prices were about the same as in January ; 



