THECUBAREVIEW 35 



THE SUGAR REVIEW 



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



Our last review for this Magazine was dated November 8th, 1915. 



At that date Cuba Centrifugal sugar of 96 test was quoted at 4.58c. per lb., and is now 

 S.20c. per lb., or say 62c. per 100 lbs. higher, and making the unusual and abnormal advance 

 of over l^^c. per lb. during two months time. 



The advance of the past month was caused by the same conditions as prevailed during 

 the preceding month, only these conditions were more largely developed in importance in 

 both the matters of insufficient available supplies and unusual absence of freight facilities 

 «ven at much higher rates of freight than the normal. 



With this report, however, it is highly probable that the high values resulting from these 

 conditions will be passed and the turn made again toward the normal. 



The Domestic Beet Crop has already gone into consumption to the extent of one-third 

 of the crop, or say 250,000 tons. The remainder of the crop say 500,000 tons will be made 

 and available for the market during the next 60 days, and as the value of sugar generally has 

 been advanced by circumstances far beyond all expectations, it is natural to suppose that the 

 Beet Crop will now be pressed as fast as possible upon the consuming public. 



With 500,000 tons Domestic Beet available, the amount of cane refined required to make 

 up the total consumption will be considerably reduced from the usual normal amount required 

 for the next 60 days. Hence refiners will eventually be more moderate buyers for the pur- 

 poses of domestic consumption, but some increased purchases of raws may be required to 

 meet any export demand from France and England that may come to the United States. 

 Of this demand it is difficult to anticipate figures, but it will not be of sufficient importance 

 perhaps to offset the growing production of the Cuba Crop from now forward. 



The same influence of present high values will work to make the manufacturing of cane 

 into sugar and its disposal as rapid as possible, hence from present value of Centrifugals at 

 5.20c. per lb., there seems certain to be a dowTiward trend to the market of more or less pro- 

 portions as to the way the actual conditions of supplies and demand shall develop. 



Early Cuba Crop deliveries being now for January-February nearly ^c. per lb., below 

 spot supplies prices of 5.20c., the larger decline will necessarily be in the prompt market 

 quotation rather than in the early 1916 deliveries, which latter values may also have some 

 decline provided the production of Cuba much exceeds the obligations of planters already 

 entered into for early deliveries to Europe and the United States. 



Looking forward through the campaign year 1915-1916 it is our opinion that prices for 

 the large Cuba Crop will be made under the influence of an imusually large demand for the 

 sugar, both from abroad and at home and hence that values will not decline at any time to the 

 low points of former years, and may, on the other hand, rise to relative high levels at some 

 time during the campaign year, always provided that the European War goes on. 



Refined sugar followed to some extent the advance in raws, cane granulated reaching 

 6.15c. less 2 per cent, at the present time, while the Domestic beet granulated has always sold 

 at quite irregular prices below the cane refined. 



At present writing the beet gramdated is offered for sale in New York Citj' and State 

 at 5.75c. per lb., as against 6.15c. for cane granulated. 



These are probably the high levels of refined, from which the turn downward will begin. 



New York, December 8, 1915. WILLETT & GRAY. 



MAN ATI SUGAR COMPANY CENTRAL AGUIRRE SUGAR COMPANIES 



The Board of Directors of the Manati A quarterly dividend of $2.00 per share has 



Sugar Company have declared the regular been declared upon the Preferred Stock of 



quarterly dividend of 13^% upon the pre- ^j^^ Central Aguirre Sugar Companies, pay- 



f erred stock of the Company, payable Janu- ,it ..,-.^,^, ^11.11 p 



o ir>i/. i 1 ij / / J i. 1 able January 1st, 1916, to stockholders of 

 ary 3, 1916, to holders of preferred stock 



of record upon the books of the Company ^-ecord at the close of business, December 



at the close of business on December 24, 1915. 28th, 1915. 



