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THE CUBA REVIEW 31 
The difference between the price paid for raw sugar and the price at which the 
refined sugar is sold is called the “spread” and amounts to a very small fraction of the 
final cost of the sugar, yet the volume handled is so large that this small “‘spread,”’ besides 
paying the cost of refining, means a large aggregate profit. 
Since sugar began to come into common use, the increase in the world’s supply has 
been rapid and the growth and expansion of sugar refining has been one of the most 
striking developments of modern industry. In 1840 the total sugar production was but 
1,150,000 tons; by 1870 the amount had increased to 2,416,000 tons; and the estimated 
1919-20 crop is 12,261,000 tons. 
According to one authority, ‘It would not be surprising if a production figure of 
much over 20,000,000 tons will be necessary within a few years to inaugurate a free supply 
of sugar for all localities, such as prevailed in pre-war times.” 
The United States consumes 30% or more of the sugar of the world and, domestic 
production being only one-fourth of consumption, three-fourths of our supply of raw 
sugar is imported, largely from Cuba. Cuba has been for the last five years the leading 
sugar producer of the world, having reached an output of 4,000,000 tons a year, which 
is about one-third of the world’s production. 
In the United States the consumption of sugar has been rising for many years— 
at the end of the eighteenth century it was only 714 pounds per capita; by 1830 it had 
risen to 814 pounds; during the ’80’s it was 48 pounds; in 1915 it had reached 86 pounds, 
and in the year 1919, in spite of the difficulty of obtaining sugar, the per capita consump- 
tion was the highest in the history of the country, being at the rate of approximately 90 
pounds per capita. 
Our consumption, both in volume and per capita, is larger than that of any other 
nation, the pre-war average per person being 81 pounds, that of the United Kingdom 
74, Scandinavia 60, Germany 45, France 38 and Italy 12. 
The total sugar consumption of the United States, amounting to 4,000,000 tons, 
exceeds that of any other country, and yet this consumption is constantly increasing. 
Prohibition should add materially to the demand for sweets in this country, and it 
is reasonable to believe that the $2,000,000,000 which was annually spent on alcoholic 
beverages will in part now be spent for candy, and other sweet products, which to some 
extent take the place of alcohol. 
A large part of our sugar is used in various manufacturing industries, the greatest 
amounts going into candy, soft drinks, condensed milk and ice cream. It is used in 
limited quantities in many unexpected ways, such as in tobacco and soap. 
Because of the destruction of sugar beet fields in France and Belgium and the aban- 
donment of their cultivation in Germany, the world’s supply of sugar has been decreased, 
while the demand has increased. Until these fields can come into full production again, 
which must be a question of some years, the United States and Canada will be important 
factors in the European sugar market. Coupled to this decrease in supply is the constant 
increase in local demand both from natural causes and the growing demand for sweets 
caused by prohibition, so that it would seem that for a number of years to come the 
demand for American sugar will greatly exceed the supply. 
The West India Sugar Finance 
Corpcration 
At a regular meeting of the Board of Di- 
rectors of The West India Sugar Finance 
Corporation a dividend of 2% on the out- 
standing Preferred Capital Stock of the 
Company was declared payable December 
Ist, 1921, to stockholders of record at the 
close of business November 21st, 1921. 
Checks will be mailed; books will not be 
closed. i 
The Cuban-American Sugar Company 
PREFERRED DIVIDEND 
The Board of Directors has declared the 
regular quarterly dividend of one and three- 
quarters per cent. (134%) upon the out- 
standing Preferred Stock of the Company, 
to be paid January 3rd, 1922, to stock- 
holders of record at the close of business 
on December 15th, 1921. 
The Transfer Books will not be closed. 
Checks will be mailed. 
