THE CUBA REVIEW 21 



for that purpose. After these adjustments and after setting aside $1,750,000 for general 

 depreciation, the surplus account stands at $3,757,209.14, a gain of $1,006,729.50 in the 

 surplus account for this year. 



The United States Emergency Tariff Act which went into effect on May 27, 1921, 

 raised the duty on sugar from $1,256 per 100 pounds to $2.00. Inasmuch as Cuba 

 receives a differential of 20 per cent, the effect was to raise the duty on Cuban sugar 

 from $1 to $1.60 per 100 pounds. It was hoped that these extreme rates would be 

 modified when the Definitive Tariff was enacted. This expectation, however, was dis- 

 appointed and the Definitive Tariff act made a further addition to the duty on Cuban 

 sugar of 16c. per 100 pounds, the duty on Cuban sugar now being $1.76 per 100 pounds. 

 The Emergency Tariff Act went into effect at a time when there was an apparent sur- 

 plus of sugar and when this apparent surplus operated to make the market substantially 

 a buyer's market. The consequence was that the "change in prices necessitated by the 

 increase of 60c. per 100 pounds in duty was deducted from the price of raw sugar and 

 borne by the Cuban producer. By the time the Definitive Tariff Act went into effect 

 these conditions had changed and the market was, if not a seller's market, at any rate 

 a market in which a fair balance between buyer and seller had been established and conse- 

 quently the additional 16c. per 100 pounds was added to the price of refined and borne 

 by the consumer in the United States. 



At the present time with a duty of $1.76 on Cuban sugar, Cuban sugars are selling 

 in this market before payment of duty at 4c. per pound, and duty-free sugars are selling 

 at 5.78c. per pound. The American consuming public is thus paying on the 5,000,000 

 tons consumed by it annually, the sum of $197,000,000 more than it would be called 

 upon to pay but for the existing tariff. Of this $197,000,000 there goes into the United 

 States Treasury the sum of $98,500,000, being the duty on the 2,500,000 tons of Cuban 

 sugar consumed in the United States, while the remaining sum of $98,500,000 goes to the 

 beet sugar producers and the Louisiana, Hawaii, Porto Rico and Philippine cane sugar 

 producers, whose product carries no duty, but who get the advantages of the advanced 

 prices. 



Recognizing early in 1921 that normalization of the sugar trade required the 

 distribution of the accumulation of Cuban sugars over those portions of the world where 

 supplies had been depleted, the Sugar Export Corporation was formed by certain of the 

 American refiners. The purpose of the formation of this Company was to facilitate the 

 export of sugars by co-operation with the producers of raw sugars in such manner as to 

 make American refined sugars available in all portions of the world. Your Company 

 co-operated in the plan to bring about this much needed distribution which resulted in 

 the export of sugars from American refineries to 56 foreign markets, as follows: Argentine 

 Republic, Azores, Belgium, Bermuda, British Guiana, Bulgaria, Canada, Canary Islands, 

 China, Chile, Colombia, Cuba, Danzig, Denmark, Dutch Guiana, Ecuador, Egypt, 

 England, Esthonia, Finland, France, Germany, Gibraltar, Greece, Holland, Iceland, India, 

 Ireland, Italy, Latvia, Malta, Mexico, Miquelon, Newfoundland, North Africa, New 

 Zealand, Norway, Nova Scotia, Palestine, Panama, Roumania, Russia, Scotland, Serbia, 

 Siberia, Smyrna, South Africa, Spain, Switzerland, Syria, Turkey, Uruguay, Venezuela, 

 Wales, West Africa, West Indies. 



COMPARATIVE STATISTICAL INFORMATION 



For Crops 1916-17 to 1921-22 



Cane Ground 



The following table gives comparison of cane ground at your mills during the past 

 six years: 



