THECUBAREVIEW 33 



CHART COMPARING FLUCTUATION IN PRICE OF CENTRIFUGAL SUGAR 

 AT NEW YORK DURING THE EIGHT WEEKS FROM JUNE 20th TO 

 AUGUST Uth, 1915, ONE YEAR AFTER THE OUTBREAK OF THE WAR 

 AND THE CORRESPONDING PERIOD IN 1914. 



OUR HOLD ON CUBAN TRADE 



Cuba's trade has naturally suffered from the war. Therewere causes in operation, however, 

 before the war broke out, which has impaired the purchasing power of the well-to-do classes, 

 and would probably have reduced importations in any event during the autumn of 1914. 

 These causes were the low prices received for the sugar crops of 1912-13 and 1913-14. Xot only 

 did these low prices prevent the full liquidation of the indebtedness of some of the planters, 

 and diminish their ability to buy luxuries, but they checked the importations of machinery 

 for the development of the plantations. The sugar crop for the current year is proving more 

 profitable. Therewas naturalh a moment of fright and hesitation on the immediate outbreak of 

 the war as to the ability to dispose of the crop. The evidence, however, that the beet-sugar 

 product of France and Germany would be largely out of the market was soon reflected in the 

 price of Cuban sugar, which rose to a favorable quotation in New York. 



The result has been that sugar has been exported freely, and while merchandise exports 

 as a whole during the last half of the calendar year 1914 showed some reduction, the value of 

 exports to the United States has not been materially reduced in absolute figures and has risen 

 gradually in ratio to total exports. The following table shows the growth in Culjau exjjorts of 

 all classes during the past nine years: 



Total Exports Percentages 



Fi.scal Year: PJxports to U. S. to U. S. 



1905 .$101.16t>,000 .$85,869,000 84 . 5 



1910 144,039,000 122,201,000 84.8 



1914 170,797,000 136,936,000 80.2 



1914 (last 6 mos.i 72,443,000 64,540.000 89.9 



On the point which is more important to American e\i:)orters— the importation of .\merican 

 products into Cuba — the figures show a more uniform improvement. Cuba has never accepted 

 payment for her exports to the United >States in full in American merchandise, taking a part of 

 the payment in the form of exchange for goods purchased for Cuban con.siimption in the 

 United Kingdom, France, Germany and Spain. Gradually, however, the proportion of im- 

 ports received in Cuba from the United States was increasing even before the war. The latter 

 event inevitably paralyzed trade witli Germany and has checked consideraljh tliat with the 

 United Kingdom and France. 



In the case of Spain, the figures for the last six months of 1914 show imports into Cuba of 

 $5,157,729, which is practically the same ratio as for several 3'ears past. Exports to Spain, on 

 the other hand, which were only §1,100,000 for the entire fiscal year 1914, rose to S2, 015, 493 

 for the last six months of the calendar year, or a rate equal to about four times their usual 

 volume. This is obviously due to the fact that Spain is a neutral country and has become a 

 channel for a large part of the exports which formerly went directly to France. 



The manner in which the United States has gained ground in the volume of imports of its 

 products into Cuba is illustrated by the following figures. 



Total From Percentage 



Fiscal Year: Imports the U. S. to U. S. 



1905 $92,957,000 .$37,825,000 40.7 



1910 103,446,000 49,981,000 48.3 



1914 134,008,000 71,420.000 53 . 3 



1914 (last 6 mos.) 58,567,000 38,481,000 62.3 



The figures speak for themselves and represent tangible i)rogress. — Wall Street Jourtml, 

 New York. 



