THE CUBA REVIEW 33 



Sugar Review 



specially written for THE CUBA REVIEW by Willett & Gray, New York, N. Y. 



Our last review was dated December 15th and at that time the market was quite 

 easy on the basis of 3^c. c. & f., and it was generally expected that the market from 

 that point would slowly decline to meet new crop conditions. However, the practical 

 exhaustion of raw sugar stocks in the hands of refiners and a comparatively good demand 

 for refined sugar necessitated the refiners' entering the market again, and as stocks in 

 Cuba were quite reduced and, as mentioned above, their own stocks being exhausted, 

 they had to pay an advance to obtain sufficient supplies and toward the end of December 

 the market advanced to 3%c. c. & f., but this point proved to be the top of the market. 

 The situation then being influenced by the rapid increase in the number of Centrals 

 grinding in Cuba, and the corresponding increased offerings of new crop sugars, had a 

 tendency to ease off the market and quotations declined until at the time of this writing, 

 January 15th, quotations are on the basis of 3 9/16c. c. & f. Advices from Cuba state 

 that the crop is going along nicely except that the yield continues low compared with 

 last year, but latest advices state that the weather is cooler and this has a tendency 

 to increase the sugar content. 



The United Kingdom has recently been receiving large purchases of Perus, Brazils, 

 Mauritius and Java sugars which had been bought some time previously, and hence 

 have showed little interest in the nearby sugars in the shape of Cuban raws or Amer- 

 ican Granulated, and we have had no support from this market during the period under 

 review. Occasionally, however, for February/March shipments they would take a cargo, 

 the last sales being at 16s 3d c. i. f. U. K. ports. 



French and Canadian markets have also been following a course similar to the 

 United Kingdom, that is to say, purchasing an occasional cargo on a scale downward. 



The greater part of the Louisiana crop has been sold, but occasionally small lots 

 of Refining grades have been coming to market and have been disposed of to New 

 Orleans refiners, chiefly the American, at prices about equivalent to prevailing New 

 York spot quotations. 



The refined market did not follow the declines in raws owing to the fact that some 

 of the refiners had high priced raws and, hence, were reluctant to dispose of their 

 refined at prices that might show no profit, or possibly loss, but rather appeared to 

 decide on another policy in the endeavor to stimulate trade rather than reduce prices; 

 hence, they have been allowing buyers concessions of every kind in the way of guaran- 

 tees against declines for long periods of time, occasionally two or three months. Prices 

 have now declined somewhat, the quotation for Granulated sugar on January 15th being 

 6.762c. net cash. 



We have completed our Annual Statistics for the year, the most interesting, of 

 course, being our careful calculation of the consumption of the United States, these 

 figures being official reports from the various refining and producing centers. As some 

 of your subscribers may not have seen this interesting table we append same herewith. 



CONSUMPTION OF SUGAR IN THE UNITED STATES 

 Refined and/or Consumption V.a.lue 

 Tons 2,240 lbs. 



1922 1921 1920 

 Meltings of the U. S. Atlantic Ports (New York, Boston, Phila- 

 delphia and Baltimore) 3,388,866 2,403,9-46 2,744,246 



Of which were from Louisiana Crop 2,827 3,71 7 



3.388,866 2,40L119 2,740,529 

 Deduct Exports of Refined from Atlantic Ports 725,086 373,256 330,000 



Consumption through United States Atlantic Ports 2,663,780 2,027,863 2,410,529 



Consumption of Foreign, Porto Rico and Hawaiian through New 



Orleans, La 493,947 279,459 427,031 



