T H E C IT H A R E V I E W 33 



SUGAR REVIEW 



specially written for The Cuba Review, by Willett cfc Gray, New York 



Our last review for this magazine was dated March 9th, 1915. 



At that date, centrifugal sugar 96° test was quoted at 3 ll-16c. cost and freight (4.70c. 

 duty paidj for Cubas and -l.G-lc. per lb. for Porto Ricos. 



The present quotation for 96"^ test centrifugal sugar is 3 19-32c. c & f , 4.61c. duty paid. 

 Up till to-day, however, the quotations had been well sustained, the decline since April 6th 

 being from 3.77c. to 3.61c. per pound or o-32c. per pound. 



There were strong periods to the market at times. On March 11th purchases were made 

 at 3 23-32c. c & f (4.74c. duty paid), at which time it was reported that the British Government 

 would prol^ably remove its embargo against imports about May 1st. 



This report led to a further advance on the 12th to 3 J'gc. c & f (4.89c. duty paid). 



A liberal disposition to avail of this quotation to sell upon was followed on the 16th by 

 business at a concession to 3 13-16c. c A: f (4.S3c. duty paid), and on the 17th to 3?4C. c & f 

 (4.77c. duty paid), at which decline liberal purchases were made by refiners, and sellers asked 

 an advance, which was granted on the 20th by purchases made of Porto Ricos at 4.83c. per 

 pound and of Cubas for April shipment at 3 J^c. c & f (4.89c. duty paid). 



About these days reports from Cuba of remarkable heavy rains or even cyclones, as some- 

 times reported, caused surprise and anxiety to buyers, and as much as 3 15-16c. c & f (4.95c.) 

 was paid on the 24th to secure future supplies. Speculators also awoke to the situation and 

 added to the buying, which also included April and second-half April shipments at 4c. c & f 

 (5.02c. duty paid). 



The advance stopped, however, without reaching 5.02c. for the market quotation for 96^ 

 test centrifugals, but for futures only. 



On March 26th the market eased off a little to 4.92c. and 4.95c. for futures of April. 



The turn downward had begun and 4.89c. was quoted on March 27th, 4.86c. on ISIarch 30th 

 and 4.77c. on the 31st. The Easter Holidays intervened and closed the market from April 

 1st to the 5th, the quotation remaining nominal at 4.77c. without business until the 7th, when 

 4.70c. became the quotation, and to-day, the 8th, as stated above, 3 19-32c. c & f (4.61c. duty 

 paid) becomes the market quotation. 



The principal influence for the decline is the increased Cuban production shown by 

 Messrs. Guma-Mejer's figures to April 1st, 1915, showing only 193,584 tons less than that to 

 the corresponding date last year. 



The entire absence of demand thus far in April for new business with Great Britain and 

 France, when it had been looked forward to has a depressing influence on holders for the ad- 

 vance. This demand will no doubt come to some extent at least when Great Britain removes 

 its embargo against imports. Purchases of refined sugar in the United States may be ex])ected 

 and possibly some buying in Cuba, in addition to the about 130,000 tons already waiting ship- 

 ment to Great Britain, to complete past purchases. Great Britian, however, has recently 

 increased its future supplies bj- purchases of 200,000 tons from the next Java crop for shipment 

 from June to September. 



The following table of the British supplies may be of interest just now. 



Tons 



Total purchases Cubas last fall 150,000 



Shipped to March 15 (Himely) 55,000 



(Shipment since March 15 considered afloat) 



Afloat and to be shipped 95,000 



Cubas (additional bought March 1-5, April-May shipment) 60,000 



155,000 



Javas recently purchased 200,000 



355,000 

 Stock in United Kingdom March 15 450,000 



Total supply 805,000 



The consumption per month is about 125,000 to 150,000 tons, so that the above supply is 

 about sufficient for 5^2 months, or until September 1st. 



Some disappointment is felt here that the large contracts for delivery by refiners to jobbers 

 throughout the country have not resulted in more prompt actual shipments than they have. 

 The withdrawals of refined for consumption are so much less than expected, making the 

 accumulated stock of refined still in refiners' hands undelivered, although sold, that all re- 

 finers are quite urgent for shipping orders, which buyers are holding back from necessity. 

 Thus new business with refiners is almost none and their requirements of raw sugars are not at 

 all urgent. 



