THE CUB A RE VI EW 35 



ll Sugar Review 



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



I Our last report was dated May 3, 1923, and during the period under review the 



markets have been much disturbed by influences outside of regular sugar conditions, 



such as the U. S. Government's suit against the N. Y. Coffee & Sugar Exchange, 



the so-called boycotts and other press agitation. This, of course, has had a disturbing 



effect and prices have been more or less irregular, occasionally resulting in sharp 



declines, at which moderate amounts of sugar were sold. Although the injunction 



asked for by the Government against the Sugar Exchange was denied by the U. S. 



I Circuit Court of Appeals, nevertheless there were further attempts on the part of 



I Government officials to look into the books of various operators and brokers who were 



I members of the Exchange. However, during most of this period the majority of 



I holders in Cuba maintained a firm attitude and at no time were sugars pressed heavily 



I for sale at any of the sharp declines, but they have held their sugars at from 6^c to 



I 6>^c. c. & f. At the time of our last review the market had declined to 6c. c. & f. and 



this was followed by a further decline to 5^c. c. & f. The market then advanced 



to 634c. c. & f. and then to 6j/^c. c. & f., at which basis quite a heavy business was 



done in Cubas, transactions totalling fully 100,000 tons. After this business conditions 



became unsettled again and Cubas declined to 6'y&c. c. & f., but today, with some 



renewal of confidence, refiners have bought moderately 6j>'2C. c. & f. There are 



further sellers at this last quotation but several of the refiners are showing more 



interest in the situation and we look for additional business at this basis. 



In Canada there was an amount of agitation similar to that occurring in the 

 United States and the Government, to alleviate conditions, reduced the duty on raw 

 sugar 40 points and on refined sugar SO points, the new rate of duty on Cuban raws, 

 96° test, being 1.28712c. This is considerably less than the American duty on Cubas 

 and, hence, allows Canada to pay a higher c. & f. or f. o. b. Cuba basis than can be 

 afforded by the United States. 



Cables during the month report that growing conditions in Europe for the beet 

 crop are more favorable than otherwise, but that warmer weather is desired. The 

 sowings of Germany have been increased somewhat, the acreage now being estimated at 

 344,000 hectares, compared with 337,000 previously estimated and 364,000 hectares 

 the preceding year. The crop of Germany is estimated to outturn 1,500,000 tons with 

 normal growing seasons. 



The markets in the United Kingdom have also been more or less disturbed by 

 the conditions here, but business has taken place to a moderate extent. 



That some of the operators in sugar anticipate a shortage in the supplies toward 

 the end of the year is evidenced by the fact that quite round lots of full duty paying 

 sugars have been purchased for shipment later on. Brazilian sugars have been traded 

 in for July/November shipments and Java sugars for July /August. These sugars 

 will be available for either Canada or the United States, wherever there is the better 

 demand. 



The refined market was more effected by the boycotts and press agitation, etc., 

 than the raw situation and the demand for refined during practically the entire period 

 has been very light. Refiners, in the meantime, have kept up quite large meltings 

 and, hence, have large quantities of refined sugar ready for the trade to take during 

 the summer months. Prices have not shown much change, but there has been con- 

 siderable selling of second hands at prices below that of refiners' quotations. The 

 greater part of the business in second hand sugars appears to have been done at 9.25c. 

 compared with the refiners' prices of 9.50c. to 9.90c. 



The export trade has been only moderately active. For a time there was a 

 possibility of sending American Sugars into Canada but a modification of the new 



