82 THE CUBA REVIEW 



'•In view of the rcci'iit very serious ilocline in sugar i»ricos, we reeoynizo the 

 dltticulty of the situation now confronting many of you wlio Irnve untilled contracts 

 for refined sugar purcliased from us at 2'2V2C per pound. We, liowever, art' in the 

 same situation, for we liave purchased raw sugars at correspondingly high jtrices to 

 fill your contracts. In addition, we have to face large losses on our own unsold 

 Inventory, also purchased at high prices. We are obliged, therefore, to ask you to 

 carry out your contracts with us promptly. 



■•We desire, however, to be of as much sei'vice to you as possil)le in this crisis, 

 and accordingly we are offering the following plan which we believe will be heliiful to 

 the trade and will meet with its approval. To those of you who have not ))een in a 

 posiiinn to withdraw all sugars upon your outstanding contracts, we offer, in the 

 manner herein statt-d, delayed shipment and terms of payment for such sugars as 

 are not yet withdrawn, in lieu of the present contract terms. 



"We make this otTei- to you so that as you require sugars for your needs you may 

 send yoiu- specifications upon contracts which you now have with us. and may make 

 settlement for the same upon the following terms of payment and of shipment: 



"Y(»u may settle for each invoice — after deducting the usual cash discount 

 at '2 per cent. — on part cash and part trade acceptances ba.sis ; the cash 

 payment is to be equal to our f. o. b. refinery pi'ice in force at the opening 

 on tin; day of shipment ; in the event that we are withdrawn froin the market, 

 the cash payment is to be equal to the 'market quotation net cash duty paid' 

 for granulated sugar as given l)y Willett & Gray in their Daili/ Suffar Trade 

 Journal issued on date of shipment. Such cash payment is to be remittt>d 

 for within seven days after the arrival of the sugar, except that in the case 

 of customers to whom we ordinarily make delivery on a cash basis, then the 

 part cash payment is to be made as usual upon delivery of the sugar. For 

 the balance of the invoice you may give us your trade acceptances, bearing 

 interest at the rate of G per cent, per annum, payable as follows : 

 2.5 per cent, in three months 

 2."» i)er cent, in six months 

 27) per cent, in nine months 

 2.J per cent, in twelve months. 

 "If you desire to avail yourself of this offer you will be expected to 

 furnish your specifications and complete one-half of your withdrawals upon 

 youi- i.resent outstanding contracts by .Taiuiary 1st, 1921. and the balance 

 l>riui til April 1st, 1021. 



-These terms will not apply to any new sales of refined sugai-. nur to invoices 

 bearing date prior to October 14th, 1920. 



"Unless this offer is accepted all of the terms of your contracts as entered into 

 will remain in full force and effect. You will appreciate that this offer cannot remain 

 open indefinitely and, accordingly, we would reciuest that you notify us, at your 

 eai-liest convenience, if you desire to avail yourself of the terms of this offer. In the 

 meantime the offer is made subject to withdrawal as to any customer without further 

 notice." 



From abroad there is little of interest. In England the ration has again ijeen 

 reduced temporarily to six ounces per person per week on account of the coal strike. 

 Our correspond««nts in Germany report that the stand of the beet crop on the average 

 is very favorable, tlie only worry being the shortage of coal. The German Government 

 has announced that restrictions on the sugar business will be removed in the autumn 

 <'f 1921. Reports from Czecho-Slovakia are to the effect that crop prospects continue 

 favorable, although the weather during the past few weeks is not quite what it 

 <.ught to be. On this account it is likely that the outturn of sugar will be nearer 

 T.-fi.(.!<;0 tons raw value than the 800,000 tons previously estimated. 



New York, N. Y'., October 2Sth, 1920. 



