THE CUBA REVIEW. 27 



March opened with Centrifugals 96 test at 3.86c. per lb. duty paid, and 2^c. c. & f., 

 the same parity as spots. On the 3d, prices advanced to 3.87^c., and the next day to 

 3.89c., and on the nth to 4.05c. per lb.; on the i6th to 4.06c., the i8th to 4;^c., and on 

 the 20th to 4.36c. per lb. On the 23d the first reaction came to 4.25c., quickly recovering 

 on the 24th to 4.36c., and remaining steady to' the close of the month. At this writing, 

 April 13, the market shows further improvement, with Cuba Centrifugals for shipment 

 sold up to 3 i/i6c. c. & f. for April and 3^c. c. & f. for May shipment. 



The month began with the full number (168) Centrals working, and they continued 

 to work until the 17th, when a rapid closing of estates began, ending the month with 

 135 at work, since reduced to 97 at this writing, giving promise of a final autturn of 

 crop of 925,000 tons only, against 1,427,000 tons last year. 



Of course, such a result has a marked influence on the European markets, where 

 the resulting rise has been phenomenal, with only slight reactions from time to time. 

 Beet sugar opened March at los. %d., which proved the lowest quotation of the month. 

 By the 20th, beet sugar rose to lis. 4>^d. without reaction. After three days' delay and 

 recession to lis. ^d. the advance began again, and on the 30th crossed the previous 

 high level, closing the month at lis. 554^., since advancing to lis. od. at this writing. 

 During the month Cuban Centrifugals advanced to the parity of beet in Europe, resulting 

 in the purchase there of some 150,000 tons beet sugars by our refiners. Added to these 

 were purchased ten or more cargoes of Java sugars early in the month, and some 20,000 

 tons of Philippine sugar. 



It will be seen from the above that what we said in beginning this review, March 

 was probably the most important month of the campaign, and it will be noted that 

 American refiners, after grasping the situation, lost no time in securing abundant sup- 

 plies for several months ahead, still all conditions fully warrant the advance already 

 made and a further rise later on. 



Refined sugar naturally followed the course of raws in keeping about 90 cents per 

 100 lbs. above the parity of raws. The jobbers and grocers filled their stores and 

 warehouses and absorbed all the 30-day contracts they could carry. With requirements 

 so well filled for months to come any further immediate rise is not likely to receive 

 encouragement from this source. German granulated can be imported at cost of 30 

 cents per 100 lbs. under American, but no one seems interested in bringing it into the 

 country in any large way. 



EL AZUCAR EN MARZO. 



Escrito expresamente para la CUBA REVIEW por Willett & Gray, de Nueva York. 



El mes de Marzo ha resultado ser uno de los mas importantes en la actual campafia 

 azucarera, pues durante su curso han tenido lugar acontecimientos que dieron lugar y 

 siguen dandolo a una serie de subidas en los precios del azucar, como no ha ocurrido 

 por muchos afios. 



Al comenzar el mes se calculaba que la zafra de Cuba ascenderia a unas 200,000 

 toneladas menos que el ano pasado, y al terminar el mes dicho' calculo era que la zafra 

 actual seria de 500,000 menos que la anterior, cosa que a penas se comprende en una 

 zafra 'de un promedio tan pequefio como la de Cuba. En Europa, una zafra de azucar 

 de remolacha de 6,000,000 de toneladas puede variar en 500,000 toneladas en un afio 

 ya de aumento ya de disminucion, sin que el hecho cause muchos comentarios, pero 

 que eso res'ulte en una zafra como la de Cuba cuyo promedio es de 1,200,000 toneladas, 

 es en realidad sorprendente. 



De todos modos es un hecho que se va demostrando, y sus efectos son un tanto 

 anormales en cuanto se refiere a la influencia que ejerce en to'do el mundo azucarero, 

 pudiendo asegurarse que semejante disminuci6n en la zafra es una grandisima desventaja 

 para Cuba, pues con todo lo ganado en precios del azucar sobre afios anteriores, los 

 resultados finales de la menor zafra con precios mas altos son miucho menores que 

 los que serian con la mayor zafra anterior a precios mas bajos. Si hubiera sido posible 

 preveer el resultado de la zafra en la fecha en que los hacendados estaban aceptando 

 40 centavos por las 100 libras menos que el precio equivalente en los mercados europeos, 

 quizas hubiesen podido determinar un cambio muy grande en su favor con solo haber 

 esperado un poco para realizar las ventas. 



Mas lo pasado no tiene remedio. El resto de la zafra que esta por vender ayudara 

 algo a los pocos que aun tiene azucar, pero las transacciones verificadas durante Febrero 

 y Marzo han determinado por manera inmutable los resultados finales. 



Marzo comenzo cotizandose las rrntrifu'^^s r'^hriz^rion 96° a 3.86 cents. l"a libra, 

 incluso los derechos, y a 2^/2 cents, costo y flete, 6 sea el mismo precio de los azucares 

 a_ entregar inmediatamente. El dia 3, los precios subieron a 3.87^ cents. ; al dia 

 siguiente a 3.89 cents.; el 'dia 11 a 4.05 cents, la libra; el dia 16 a 4.06 cents.; el dia 

 18 a 4^ cents, y el dia 20 a 4.36 cents, la libra. La primera reaccion ocurrio el dia 23, 



