36 THECUBAREVIEW 



tener lugar este ano, como lia sucedido siempre en anos anteriores, y como continuara 

 sucediendo hasta que la produccion total de azucar de este pais y de las posesiones 

 insulares ascienda a una cantidad tal de azucar, incluyendo Cuba, que llene por completo 

 los requerimientos de los Estados Unidos. 



SUGAR REVIEW 



Specially Written for The Cuba Review by Willett & Gray, of New York 



Our last review was dated April ].■>, 1912. 



At that time the quotation of centrifugals 96° test was 3.98c. per lb. duty paid and is 

 now 3.92c. per lb. duty paid, the lowest point of the campaign. In the meantime, the 

 fluctuations have been small and the principal sales of Cuba centrifugals have been 

 made at the basis of either M.OS or 4.0.')C. per 11)., with 4.11c. the highest point. 



The European fluctuations, however, have been on a wider scale, running from 

 13s 2i/4d to 14s, to 13s,7V_'d, to 13s 9d, to 13s :>^ii(\. to 13s 6%d on the 7th of May, 

 declining rapidly to date to 12s 4M;d, equal to 4.(i2c. per lb. for centrifugals in New York. 

 The parity difference is now 7pc. per 100 lbs. below Hamburg for 96° test centrifugals 

 again S2c. per 100 lbs. at our "last writing. At this difference recently Great Britain 

 has been a further purchaser of Cuba sugars for shipment to a considerable extent, 

 until finally it appears as if the United Kingdom has secured sufficient sugars from 

 various sources to make them feel comparatively independent as regards future supplies 

 up to the next beet crop and hence the explanation for the continued recent decline going 

 on in prices over there. Also, the European beet crop news is favorable for a con- 

 siderable increase in amount and, under those circumstances, the market prices for the 

 old crop and the new crop are coming together more rapidly than usual. 



Influences in the United States have ceased to be effected by the prospects of free 

 sugar legislation. We can safely say that the House of Representatives' bill for free 

 sugar will not pass through the Senate and that if any legislation results at this session, 

 it will comprise only a comparatively small reduction from the present schedule of 

 sugar duties. Three measures are likely to be discussed in the Senate, the first the 

 report of the Republican members of the Finance Committee, retaining present duties, 

 but eliminating the Dutch Standard and the differential of iViC. per 100 lbs. on refined. 

 The second measure is the Democratic minority of the Finance Committee reducing 

 present sugar schedule 33 1/3% all through. .\n independent rneasure is introduced 

 by Senator Bristow of Kansas reducing the tariff from l.S2iL'C. to 1.62V,c. per 100 

 degrees and, also, doing away with the differential and Dutch Standard. The Bristow 

 Bill stands the best chance of passing the Senate, but will hardly be agreed to in con- 

 ference with the House, so that it is an even chance whether any legislation, whatever, 

 on sugar is completed at this session. 



No further special news from European beet crops as to estimates than what we gave 

 in our last review. 



Heavy floods in Louisiana have caused destruction on many sugar plantations, re- 

 ducing the crop prospects somewhat, but to what extent is unknown at this writing. 



Refined sugars kept very steady over the time under review, between 5.20c. less S 

 per cent and 5.05c. less 2 per cent, closing prices by Arbuckle at 5.00c. less 2 per cent, 

 and by all other refiners 5.10c. less 2 per cent, with a very moderate demand. 



Regarding the future of sugar prices, for the remainder of the crop season, very 

 much will depend upon whether the Cuban crop finally exceeds our original estimate of 

 1,800,000 tons and upon the amount from this crop, which is eventually taken by the 

 United Kingdom. Any further considerable large amount so diverted from the 

 United States supplies would cause the United States refiners to go abroad for suffi- 

 cient sugar to meet the full consumption, for which amount more or less they would 

 be obliged to pay the world's price at Hamburg, which, as noted above, is now 70c. per 

 100 lbs. above Cuban parity. Cuban planters could keep back a certain amount of their 

 crop to meet this later rise should it come again this year as it always has done in former 

 years and will continue to do until the total production for our domestic and insular 

 possessions amount to as much sugar, including Cuba, as will meet the total require- 

 ments of the United States. 



