40 THE CUBA REVIEW 
SUGAR REVIEW 
Specially written for The Cuba Review by Willett & Gray, New York, N. Y. 
The principal item of interest since our last review has been the announcement 
of the formation of a committee in Cuba to control the balance of the Cuban crop 
of 1920-21, 
In this connection a sub-committee has been formed in New York and offerings 
are being made to our refiners with sales of some 80,000 tons of sugar reported and 
having the effect of advancing the market to the basis of 4%c c, & f. 
Owing to the uncertainty in regard to our supplies on account of the above Cuban 
control, our refiners have been reluctant sellers of refined sugar and an advance has 
been established to the basis of 7.75¢ f. 0. b. refining centers for granulated with 
some refiners entirely out of the market at this writing. The Emergency Tariff Law 
now in the hands of President Wilson is also lending to the uncertainty and until 
the status of this bill is definitely settled same will continue. 
In the meanwhile, the crop in Cuba is making satisfactory progress with 186 — 
factories now grinding, although the visible production to date is over 400,000 tons 
behind last year, The following are the terms included in the law now in effect which 
supersedes the moratorium : 
Cuspan Moratortum.—The following are the terms included in the Moratorium 
Law recently passed in Cuba: 
Commercial Bank 
Obligations Payable Obligations Payable 
15% in 15 days 15% in 15 days 
25% in 45 days 15% in 45 days 
25% in 75 days 20% in 5 days 
35% in 105 days 25% in 105 days 
: 25% in 135 days 
With regard to the above mentioned Cuban control the following is said to be 
the form of contract covering sales and shipments of Cuban sugar under the proposed 
Commission plan issued New York, February 17, 1921: 
To THE SUGAR FINANCE COMMITTEE: 
The undersigned for and on behalf of (here insert name of Cuban producer— 
giving location of factory in Cuba) during season of 1919-1920 Made............. - bags 
of sugar and expects during season of 1920-1921 to Make............ bags of sugar, 
all of which will belong to the above companies, does hereby accept in the name of © 
the foregoing sugar companies, each and every one of the provisions of the decree 
No. 155 of February 11, 1921, and further does hereby agree to sell for the account 
of the foregoing sugar companies the entire production of the foregoing centrals for 
the 1920-1921 crop, less the amount already sold or covered by special written agree- 
ment of the character set forth in article fifth of the said decree as per schedule 
hereto annexed, through the sugar finance committee constituted in and by the afore- 
said decree, and does hereby authorize and empower the said sugar finance com- 
mittee to sell the same upon the following terms and conditions: 
1. The amount to be sold and shipped from time to time and the price thereof 
shall be such as said committee may decide in their sole and exclusive judgment and ~ 
discretion; but all sales made by the committee from the date of the operation of 
the said decree and all shipments shall be allotted amongst all the producers parties 
to this agreement, pro rata according to their production as estimated by the sugar 
finance committee, which estimate shall be subject to revision by such committee from 
time to time as the crop progresses and subject to final adjustment upon the com- 
