:u THE C U R A R E V I E W 



SUGAR REVIEW 



Specially Written for The Cuba Revikw by Willclt & Gray, of New York 



UNITED STATES ON A NORMAL SUPPLY BASIS — IMPROVED CONDI- 

 TIONS IN EUROPE — CUBAN CROP LOOKS LIKE l.T'.Mjlc. TONS 



Our last sugar review tor this magazine was dated May 10. lUU). 



Centrifugals !Ki test were then 4..)0c. per 11). and are now 4.24c. per 11). Cuba 

 Centrifugals for shipment were tlien rsc. for Maj', :? 1-1 6c. cost and freight for June 

 and are now 2 15-16c. c. & f. for June, and 2 ni-:52c. cost and freight for July. 



These changes show little variation for the time under review. 



The course of the market here has been and is largely influenced by the course of 

 the markets in Europe. Reets have fluctuated from 14s. 11 '^d. on I\Iay 10th to 14s. iVjd. 

 to I'jS. iVjd. on May 2.'5d, the high point of the campaign thus far, receding to 14s. 4^/^d. 

 on June rid and closing to-day at 14s. SVid. per cwt. f. o. 1). Hamburg, equal to 5.13c. 

 per lb. in Xew York for centrifugals, against 4.24c. the present quotation. 



This V. ide difference continues because the United States is on a normal supply basis 

 of raw sugars, while luirope is at an alinormal liasis by reason of expected delicient 

 supplies. 



The latest news coming to rs by cable of the world's supplies tends to improve the 

 conditions in Europe. The total stocks of sugar in the world we estimate at 2,.")2S,,")72 

 tons against 2.()S.'?,S2:] tons last year. The United States and Cuba together hold ()!H»,.572 tons 

 of these stocks, leaving for Europe 1,S29,0(I0 tons stocks against 2,020,000 tons last year, a 

 decrease of l!il,000 tons for Europe. All the United Kingdom figures, however, are 

 admittedly erroneous by reason of the fact that last year large amounts of imported 

 sugar were passed into the consumption figures by payment of duties in anticipation of 

 a raise in duty and remained in the invisilde stocks for some months. The corrected 

 figures would show a larger deficiency in stock than given above. 



The Cuba crop, by latest advices, seems to be creeping up weekly above the 1,750,000 

 ton crop estimate. The visible supply to June 1st is 1,()1 2,814 tons, and if the same re- 

 ceipts be added as were made last year after June 1st the crop would show 1,794,716 

 tons, which is more than is admitted by anyone yet, but still possible. 



Our recent cables make several changes in crop estimates. Java will be a little 

 smaller than last year, notwithstanding an increase of 4 per cent, in acreage. The Porto 

 R'co crop estimate is increased .">,(;00 tons to 2S.'),000 tons. The Philippine crop is reduced 

 15,000 tons to 112,000 tons and will not prove an important feature in imports here this 

 season, although it will make a larger showing the next and following years. 



The new European beet crop is coming on favorably in spite of the dry season 

 abroad, and more interest attache^ to the weather of the future. 



There is no change to note in the prospects of the domestic cane and beet crops, 

 which promise smaller than last year. 



Looking ahead, we see no change of importance in prices mitil it becomes more 

 evident that late in the season a persistent demand must 1 e made for supplies in Europe 

 and po.'^sibly in this country also, which will make the closing days of the campaign some- 

 what exciting for a time. 



The refined market is still at 5.15c. less 1 per cent, for list prices of granulated, but 

 the general business has been done at concessions from list prices down to 5.0.")C. less 

 1 per cent, by all refiners, so that the margin between raws and refined in actual business 

 has been kept low- down. 



The close is at 5.1.5c. less 1 per cent, for granulated, the list price of all refiners, but 

 no new business doing, as buyers are well supplied with contracts at the lower selling 

 basis. 



Xew Jork, June 9, 1910. 



The old company of the Central Caracas, Emilio Terrv & I'.ro. The new company 



which consisted largely of the Terry sugar takes over all the sugar mill, land and 



interests, has been dissolved and a new railroad interests of the former company, 



company formed under the firm name of (Sec picture of mill on page 33.) 



