TEE He COUR BA alien. TEV 35 
Sugar Review 
Specially written for THE CUBA REVIEW by Willett & Gray, New York, N. Y. 
The upward trend of the raw sugar market which was mentioned in our last review 
was not maintained, and a number of declines have since been registered until the 
quotation is now on the basis of 4c. duty paid at New York, which figures nominally 
2.40c. c. & f. for Cubas and 2c. ¢.if. for full duty sugars. The quotation for Cubas is 
entirely nominal as no sales have been reported for a long period, these holders being 
absolutely withdrawn from the market. The principal sales during the period under 
review have consisted of Porto Ricos, Philippines, and various full duty sugars. In 
view of the fair demand being experienced for export refined sugar, the full duty raws 
have also sold at a premium over the nominal parity, as is shown by sales reported 
this week at 2c. ¢.if., equal to 4.50c. duty paid, same being a premium of 50c. over 
the parity of Porto Rico sugars. 
As mentioned above, there has been a good demand for refined sugars for export, 
but the demand for local consumption has continued only moderate although with the 
sudden spell of hot weather now upon us, this demand is slowly increasing to more 
normal proportions. The refined market has continued unsettled following the course 
of raws and prices are on the basis of 5.40c. f.o.b. refinery. With, however, a better 
demand for refined and a firmer tone now obtaining in the raw market, it would seem 
to us that prices are very close to the bottom. If the demand for refined continues to 
increase and sugars uncontrolled are rapidly absorbed, it will become necessary for the 
refiners to again enter the Cuban market, and as the ideas of Cuban holders are much 
above the present parity, a recovery may be looked for in the near future. 
Conditions in Cuba remain about the same having shown practically no improve- 
ment. The 172 Centrals on which we have the final outturn figures have produced 
3,273,690 tons of sugar against 3,110,794 tons in 1919-20. The number grinding has 
now been reduced to 19. 
Since our last review, the President has signed the Emergency Tariff Bill, and same 
has now become a law. Under this new bill the schedule of tests is as follows: 
Differential Duty. Differential Duty. 
20% off on 20% off on 
Basis On Full Duty Cuban Sugar Basis On Full Duty Cuban Sugar 
Test Cents per Degree Cents per Degree Test Cents per Degree Cents per Degree 
100° 2.16 1.728 87 1.64 1.312 
99 2.12 1.696 86 1.60 1.280 
98 2.08 1.664 85 1.56 1.248 _ 
97 2.04 1.632 84 1.52 1.216 
*96 2.00 1.600 83 1.48 1.184 
95 1.96 1.568 82 1.44 12152 
94 1.92 1.536 81 1.40 1.120 
93 1:88 1.504 80 1.36 1.088 
92 1.84 1.472 79 1.32 1.056 
91 1.80 1.440 78 1.28 1.024 
90 1.76 1.408 77 1.24 .992 
89 2, 1.376 76 1.20 .960 
88 1.68 1.344 75 1.16 .928 
*Standard Basis. 
Little of interest is reported from abroad, the markets, in the United Kingdom 
particularly, appearing to be as much depressed as our own market. Raw sugars are 
quoted at 15s 934d, and English granulated at 57s 6d. The Java market is again lower, 
sales of 20,000 tons Java white sugars being reported at 12 florins, equal to about 3c., 
f.o.b. Java. Mr. Licht has issued an estimate of European beet sowings for 1921-22 
which shows an increase of about 130 hectares for 1920-21 sowings, totals being as under. 
