THECUBAREVIEW 33 



SUGAR REVIEW 



Specially written for The Cuba Review, by Willett & Gray, New York 



Our last review for this Magazine was dated June 7th, 1915. 



At that date Cuba Centrifugal sugar 96** test was quoted at 3 j>gc. per lb. cost and freight, 

 and 4.89c. per lb. dutj' paid. 



To-day's market quotation for Cuba Centrifugals is 3 15-16c. c & f, 4.95c. duty paid. 



From June 7th to June 30th the quotation remained unchanged for Cuba Centrifugals at 

 4.89c. per lb. duty i>aid, while free dutj' sugar of Porto Rico, which on June 7th was of the same 

 market quotation as the duty paying sugars of Cuba, though less than the market value of the 

 full duty paying sugars of other foreign countreis, declined on June 18 to 4.83c. and on June 25th 

 still further to 4.80c. basis, at which last sales were reported. 



The increased value of Cubas over Porto Ricos is caused by their special value in draw- 

 backs on sales from their refined product. Full duty sugars are also of higher value than 

 Cubas for the same reason; recent sales of the full duty being at 3%c. per lb. cost, insurance and 

 freight equal to 5.01c. per lb. duty paid. 



Transactions during the period under re\aew have been somewhat spasmodic, large on 

 some days and nothing doing on others, but generally with a maintenance of firmness. 



On June 29th some 80,000 bags free duty Porto Ricos which had been pressing on the 

 market for some weeks without purchasers at owners views were sold at 4.80c. per lb. These 

 sales relieved the market, and gave a firmer tone and tendency to it. Some Cubas sold at 

 37^0. c & f (4.89c), and late July shipment Cubas sold at 3 29-32c. c & f (4.92c). 



Our statistics to June 1st of the sugar conditions in Great Britain indicated a needed 

 demand for refined from America, which received confirmation on the 29th of June by pur- 

 chases of some 55,000 tons refined for export, understood to be in part at 4.65c. net cash f.o.b. 

 in bond for granulated. 



This export business acting as a prevention of anj- congestion in our local refined sugar 

 market strengthened the whole sugar situation very considerably, and sellers on June 30th 

 advanced their views to 4.00c. c &: f (5.02c) for further sujjplies, but accepted 3 15-l(3c. c & 

 f (4.92c.) for Cubas. 



On July 1st several retiners entered the market and cleaned up about 150,000 bags of 

 various July shipments Cubas and July 20th clearance Porto Ricos at 3 15-16c. c & f and 

 4.95c. duty paid, followed by further sales the next day of about 50,000 bags Cubas at same basis. 



Of interest to your readers will be the reported sinking recently, of the British steamship 

 ■"Welbury" off the coast of Ireland tjy a submarine. This steamer was bound from Cuba to 

 England and was said to have about 5,000 tons of Raw Sugar on board. 



A matter of much importance was opened up recently when the Court of Customs Appeals 

 •decided that the Congressional Act allowing 5% discount on sugar imported by American ves- 

 sels, or vessels of treaty nations would make necessary the reliquidation of entries of sugar by 

 such vessels since the act went into effect. This would change the present duty on Cuban 

 sugar from 1.0048c. per lb. to .9495c. per lb. from March 1, 1914, to the present time. 



However, the Government has appealed to the United States Supreme Court, which ac- 

 cepted the appeal and will give its decision later. In the meantime, Cuba sugar entries will 

 ■continue to be liquidated at the 1.004Sc. basis without the 5% discount, and later be reliquida- 

 ted with the 5% deduction if the Supreme Court so decides. 



On June 22d Mess. Guma-Mejer advanced their Cuba Crop estimate 145,000 tons to 

 2,500,000 tons for final crop estimate. The receipts at shijjping i)orts in recent weeks have 

 ceased showing increases over last year, but the visible crop is now 2,342,013 tons against 

 2,405 223 tons at same time last year. 



Australian advices by mail are important as showing a shortage in crop estimate of about 

 100,000 tons sugar, and the}- expect to obtain from Java any deficiency needed for consumption. 



The general conclusion of the sugar situation must be that it is strong and indicative of 

 somewhat higher values for the remainder of the Cuba crop. 



Refined sugar has held steady at list prices of 6.10c. less 2%, but at selling basis of 6.00c. 

 less 2%. 



