THE CUBA REVIEW 35 



Refiners have not been buyers of raw sugars for the reason that the refined demand has 

 been at a standstill during practically the whole period covered by this review, not only 

 locally, but for foreign use as well. Not having a demand for their refined product, 

 refiners of course, were not interested in raws, and hence, gave no support to the raw market. 

 The demand for refined has been so poor, that refiners have accumulated a stock of refined 

 sugar and have now shut down several refineries and are only working light with those in 

 operation. 



The purchases by the U. K. of Java and Mauritius sugars recently made, are now arriving 

 quite freely in the U. K. and which suppUes that country and France with some reasonably 

 cheap sugars and they are apparently in position now to wait until our markets come nearer 

 to the level of the far Eastern markets. While, of course, we expected some reaction from the 

 low point of 3%c. c. & f., it seems to us as if all hope is lost of touching the previous high prices 

 estabhshed during the first six months of the year. 



The statistical position is good for a reasonable improvement, but there is enough sugar to 

 go around and it would seem reasonable to beheve that if any fair advance is established from the 

 low point that the holders of sugar will dipsose of the balance of their holdings as wanted by 

 buyers. They will also, no doubt, be influenced by the excellent reports of the crops now grow- 

 ing ; for instance, the domestic beet crop soon to star t harvesting generally, the Louisiana crop 

 and the Cuba crop. If we have excellent weather during September <i.nd October, Cuba will 

 show an increase o\er last year's crop, to what extent, it is too early to say. Louisiana will 

 outturn one of the best crops in its history and Porto Rico is also planning to increase its crop, 

 so that generally the indications point to ample supplies for the next campaign. 



Refined sugars have been remarkably quiet, prices ha\e been somewhat irregular and held 

 considerably above the usual parity, but on September 6th, our refiners generally reduced 

 their quotations to 6.25c. less 2%, which is a normal quotation with raws at 4.00c. c. & f. This 

 reduction in refined sugar, putting raw and refined on a normal basis, has tended to improve 

 the general situation, and there has been a better demand experienced at the decline than has 

 been the case for a long period. It seems to us that if holders of sugars would meet the demand 

 as it occurs from day to day from the refiners at the 4.00c. to 43^c. c. & f . basis, and continue 

 to maintain this policy, we look for a good, steady market from now until the middle of October, 

 when beet sugars are freely offered throughout the country. If the sellers withdraw from the 

 market and compel refiners to pay an advance in raws, it will necessitate refiners to make a 

 corresponding advance in refined, and any such advance in refined sugars in the face of the 

 commencement of the new beet campaign, we think will destroy the faith of the country in 

 refined sugars and cause the market to again drop back into its dull and decUning position. 



WILLETT & GRAY. 



New York, September 7, 1916. 



REVISTA AZUCARERA 



Escrita especialmente para la Cuba Review por Willett & Gray, de Nueva York. 



Nuestra iiltima resena para esta publicacion estaba fechada el 8 de agosto de 1916. 



En esa fecha el aziicar centrifugo de Cuba polarizacion 96° se cotizaba a 4 15-16c. la libra 

 costo y fiete. La cosa de mayor importancia que ha ocurrido durante este periodo ha sido la 

 baja tan grande en aziicares crudos. Como es natural en un mercado de alcistas, practicamente 

 todos son compradores, y cuando les llega la ocasion a estos compradores de revender aziicares, 

 hallan que todos los manipuladores se hallan en la misma posicion, es decir, tambien con 

 aziicares que vender, lo cual, por supuesto, significa escasez de compradores. Empezando en 

 la Bolsa de Aziicar, en que los tenedores de opciones para septiembre decidieron terminar 

 sus opciones antes de verse obligados a aceptar aziicares de actualidad, fue dificultoso hallar 

 compradores y se ofrecieron los aziicares concesion tras concesion. La baja en el aziicar 

 fue rapida en la Bolsa, a veces hasta He la libra al dia. Como algunos de estos bolsistas 

 habian tambien retenido aziicares de actualidad en almacenes de Nueva York contra sus 



