THECUBAREVIEW 35 



THE SUGAR REVIEW 



Specially wrilten fur The Cuba Review by Willetl & Gray, New York, X . Y. 



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



At that date Cuba Centrifugal sugar of 96° test was quoted at 3.7(x'.per 11>. duty paitl, 

 and is now 4.58c. per lb., showing an advance for the month under review of 13-16c. per lb. 

 and more than recovering the ^^c. per lb. decline noted in our last review for the preceding- 

 month. 



This unexpected large upward reaction to a declining trend market, generally expected 

 toward the end of every sugar campaign year, was brought about by certain abnormal condi- 

 tions that could not be foreseen. 



With the decision of the Hecreta'-y of Hip Treasury as announced on Octoljer 7th, and 

 included in our last review, that it was his intention to ask Congress on its assembling in 

 December to continue the ])resent duties on sugar after the 1st of May next, there came a 

 decided change in the program of the domestic beet refined sugar factories as to the disposal 

 of their product. 



From being anxious to sell as fast as made so as to be out of the market by May 1st, 191(i, 

 they l)ecame convinced that the low price obtainable l)y pressure would be greatly improved 

 by withdrawal from such markets as absorbed the freights to a large extent, leaving those 

 eastern markets to be supplied by the cane refiners sugar. 



This course opened up another new and abnormal condition, for cane refiners anticipating 

 a large and j^ersistent competition from the domestic beet interest for above reason had 

 allowed their supplies of raw sugars to run exceedingly low, and the necessity of renewing such, 

 at a time when the remaining balances of croi)s and stocks were largely in the hands of oper- 

 ators and strong sugar planters, became the immediate cause of the rather extraordinary 

 ri.se in raw sugar prices at a time when declines were more likely to he looked for. 



A c<mgested state of the trade in both raws and refined residted. It has l)een extremely 

 difficult to obtain prompt deliveries of raws to refineries either from store or from Cuba, and 

 equally difficult to make shipments of refined promptly to the countrJ^ The paying of ad- 

 vanced prices has not been sufficient to overcome these congested transportation difficulties, 

 and so long as they continue the higher level of values of both raws and refined must continue. 



At this writing there is but small desire to sell raw sugar at the current quotation of 4.58c. 

 l)er 11)., notwithstanding that new sugars from the Cuba croji are coming nearer every day, 

 and can be had for early deliveries of January at Voc. ])er lb. l)elow present market values, 

 which difference in market values must be equalized or disa])])car during the next month of 

 December. 



It is, however, not to be expected that the new Cul)a croj^ of early deliveries will ])e 

 bought I)y our refiners at much l^elow their ])resent values, inasmuch as Europe has already' 

 paid quite full prices free on board for January-March deliveries, which they would not have 

 done unless the prices bought at are less than they can seciu'e sugar at elsewhere in the cane 

 sugar world. 



Taking altogether the present outlook is for Cuban planters to have another phenomenal 

 level of high prices for their coming crop production of some 3,000,000 tons. 



Cane Refined Granulated advanced correspondingly with raw sugars from 4.90c. less 2% 

 on October 7th to 5.50c. less 2% at this writing. WILLETT & GRAY. 



New -York, November 8, 1915. 



AUTOMOBILES TO CUBA— YEARS ENDED JUNE 30 



Commercial AutoKiobilrs Passenger Aulotnobiles Auto Parts 



Number Value Number Value Value Value 



1914 1915 1915 1914 1915 1915 1914 1915 



Exported to Cuba . . 19 21 «35,000 297 1,359 $746,000 «48,00() $101,000 



