THECUB A REVIEW 35 



SUGAR REVIEW 



Specially written for The Cuba Review by Willett & Gray, of New York 



Our last review for this magazine was dated ]^Iarch 13, 1914. 



At that date Cuba centrifugals 96° test basis were quoted at 1 31/32c. cost and freight 

 for prompt shipment and 2.98c. per lb. duty paid. 



Porto Ricos had the same value as Cubas duty paid. 



European beet sugar was at the low point of 9s l%d. 



Quotations have not changed much in the meantime, and are now 1 31/32c. per lb. cost 

 and freight and 2.9Sc. per lb. duty paid. 



The high point of the month was 3.01c. on March 19th. From March 2.5th to April 2nd 

 the price was 2.95c. per lb. From April 3rd to' 9th the low point of 2.92c. was made, 

 changing on April 13th to 2.98c., and closing steady and firm. 



European beet sugar made many small fluctuations from day to day, from 9s ll-id to 

 9s 2i/4d to 9s iy2d to 9s 3d to 9s 0%d, the low point, to 9s 2^ d to 9s iy2d to 9s 3d at 

 the close. Cane 96° test at London was comparatively strong at from 9s 3% d to 9s 4:^2 d 

 to 9s 5%d to 9s 3d to 9s 5^/4d at the close. 



The trend of the London market which is now shown to be upward, should have an 

 improving effect on the Cuban market in connection with the beginning of reduction in 

 centrals working, and hence reduction in receipts at shipping ports. Heavy rains in some 

 parts of Cuba are also strong tendency to an improvement from the extreme low basis 

 of values so long prevalent for this season's crop, on account of its expected large size. 



From now forward, however, we may not expect to see a continuance of values below 

 2c. cost and freight for very long. 



The indications for a better market do not show themselves to any marked extent as 

 yet, but still they do show to a small extent at least, which is the beginning of a gain in 

 the right direction. 



The season for sowing the beet crops of Europe has not been altogether favorable for 

 field work thus far by our cabled reports, and field work started later than usual. The 

 sowings as compared with last year's are expected to be a little larger in German}', 

 slightly smaller in France, Holland and Belgium, imchanged in Austria, and with a 

 large increase in Russia. 



Cuba made the largest production in ^larch than of any month in its history, 546,029 

 tons. 



The Cuba visible crop to this date is 1,655,381 tons against 1,415,979 tons last year to 

 corresponding date. All published estimates of final outturn promise to be realized. 



Our local refiners have not settled down to any positive paying' policy for the year, 

 but seem inclined to renew the unsatisfactory conditions of 1913. 



Thus far they have overestimated the consuming capacity of the country, and over 

 produced to a large extent. 



An attempt to sell such surplus by some refiners by cutting prices resulted in a tem- 

 porary demoralization of the refined market, the cutting refiners breaking the price from 

 3.90c. less 2 per cent down to 3.75c. less 2 per cent, and even to 3.65c. less 2 per cent in 

 certain sections of the country. The principal refiners, however, maintained their selling 

 price at 3.S5c. less 2 per cent, cut down their production instead of their prices, and left 

 the demand to be supplied by the cutting refiners. 



At the close the varying prices for Fine Granulated are by the American, Warner and 

 Howell 3.S5C. less 2 per cent; Arbuckle 3.75c. less 2 per cent; Federal 3.S0c. less 2 per 

 cent and 1 per cent extra trade discount for cash. 



In some towns near New York ?>VAhs,. of granulated sugar are being sold to house- 

 wives for 14c. — 4c. per lb., showing a more remarkable cheapness to consumers of sugar 

 than in any other country of the world. Of course, this cheapness means increasing con- 

 sumption, and an outlet from all the sugar Cuba makes, and can afford to sell, at near 

 the cost of production. 



The fruit season is coming near, and several months of improved trade in refined are 

 now looked forward to. 



New York, April 14. 1914. 



