36 THE CUBA REVILEW 
= : 
Sugar Review 
Specially written for THE CUBA REVIEW by Willett & Gray, New York, N.Y. 
At the time we last wrote you our market was quiet on the basis of 3.00c. cost and 
freight for Cuba Sugars and 4.50e. ¢. i. f. for Porto Ricos and Philippines. After sales of 
Philippine sugars as low as 4.00c. c. i. f. New York the market again reacted some- 
what and quotation today is on the basis of 4)c. ¢. i. f. for Porto Rico and Philippine 
sugars with Cubas quoted nominally at 3.00c. c. & f. The market might be called a wait- 
ing one as its future is dependent upon the stand taken by the Cuban Committee in 
regard to the price on Cuban sugars, the Committee now having been withdrawn for a 
considerable space of time. It has been expected that an announcement would be made 
any day and it is generally believed that a price might be named of 2M%c. ec. & f. which is 
the equivalent of the present market on outside sugars and in fact the Committee has 
shown some willingness to meet market prices as far as European markets are concerned, 
having during the past week offered sugars at 17s 3d down to 16s 6d ec. i. f. U. K. ports. 
With the raw sugar market stabilized on about this basis it seems likely that a buy- 
ing movement might result as refiners here are carrying practically no stock of raw sup- 
plies but are dependent upon the steamers as they arrive from time to time. With the 
supply of outside sugars daily becoming smaller, such a demand would bring our refiners 
into the Cuban market, such supplies of outside sugars, Porto Ricos, Hawaiian, Philip- 
pine and various full duty probably not amounting now to over 75,000 tons or less than 
two weeks meltings at the present rate at,which our refiners are working. 
In view of the unsettled conditions in the raw sugar market, buyers and refiners are 
proceeding very carefully and refined sugar is moving only on the hand-to-mouth basis. 
While most of the refiners throughout the country quote on the basis of 5.65c. f. 0. b. 
refining centers they are meeting the competitive price of 5.60c. named by two of our 
refiners here, Arbuckle and Federal. With beet sugars quoted at 5.45c. in eastern ter- 
ritory and 5.55c. in the West, the trend of the market is downward, following the course 
of raw prices, in fact concessions have been made on sugar for export, sales having been 
made this week as low as 3.60ce. in bond for shipment to Europe. 
While Congress has reassembled after its thirty-day recess, no immediate action is 
expected in regard to tariff legislation on sugars and little of interest has happened since 
our last report, the hearings on sugar being postponed until a later date, while the Senate 
Finance Committee takes up other matters. The Cuban Mission which has been in Wash- 
ington has returned to Havana after presenting a memorandum giving in detail the pres- 
ent status of the sugar industry and requesting a return to pre-emergency rates, or in the 
event that this is not likely, that the present twenty per cent reciprocity allowance be 
increased to fifty per cent so that the new duty on Cuban products would not exceed the 
rates payable under the old Tariff Act. 
In the Island of Cuba only two Centrals are now at work on the 1920-21 crop, 
these two being the ‘‘ Preston” and ‘Santa Lucia.” The 196 factories which have fin- 
ished their crop have produced 3,803,101 tons of sugar and as the two Centrals remaining 
at work expect to produce over 100,000 tons of sugar, our estimate of 3,900,000 tons for 
the crop will be fully realized. The stock in the shipping ports now stands at 1,205,000 
tons, with probably 500,000 to 700,000 tons yet remaining on hand at the factories. 
Regarding our domestic crops the estimated production of cane sugar in Louisiana 
during the coming season is now estimated at about 198,000 tons. Leading refiners have 
made an effort during the past week to dispose of some 5,000 tons of the old crop Louisiana 
sugar and some effort has also been made to interest refiners in the new crop sugar, har- 
vesting of which will be started about the middle of October. 
