THE CUBA REVIEW 



27 



The above figures show that there is practically nothing the matter with the con- 

 sumption of the United States during the first half of 1923, even in the face of very 

 much higher prices than existed in 1922. Nevertheless, while the consumption has been 

 very close to that of the previous year, the chief sufferers, as regards shortage in the 

 volume of business done, have been the Atlantic and Gulf refiners, who this year have 

 had approximately 500,000 tons less of export business than they had in the same period 

 the previous year. When we made up our indicated consumption figures a year ago for 

 the first half of 1922, owing to the slowness with which the United States Government 

 issues their statements of exports, it was necessary for us to estimate the exports of 

 May and June, 1922, two months of heavy shipments, with the result that the figure 

 used by us was less than that which actually was shipped out of the country, and our 

 figure of the indicated consumption, therefore, was that much larger than it should 

 have been. In making comparison in the above tables we present to our readers this 

 year the corrected figure for 1922 based on the actual exports for that period. 



While, as remarked above, the consumption during the second half of the year is 

 usually less than that of the first half, the decrease is not often large. Hence, using 

 this as a basis, it is not unreasonable to assume that from July 1 to December 31 the 

 country will need about 2,400,000 tons sugar, raw value, to finish up the year. This 

 would be calculating on approximately a 5% decrease in the full year's consumption 

 for 1923 in comparison with 1922. This in the face of our records, which show an 

 average yearly increase of 5.403% over a period of 100 years. There is only just about 

 this amount of sugar available without calling on countries for sugars that pay full duty. 



From the above outlined situation, the market, from a statistical viewpoint, is more 

 bullish than otherwise. — Weekly Statistical Sugar Trade Journal. 



Brokers Issue Own Promedios 



It was reported in correspondence of 

 last December that the college of brokers 

 of Havana intended to appeal to the Su- 

 preme Court to test the constitutionality 

 of the executive decree regarding the 

 calculation and declaration of the sugar 

 promedios. This action was taken, and 

 the court has rendered an opinion that 

 "neither the commercial code nor any 

 other legal authorization gives to the 

 colleges of brokers power to specify the 

 official sugar promedios," but that "these 

 organizations shall give out daily a note 

 regarding the current exchange and con- 

 cerning the prices of merchandise, includ- 

 ing sugar." 



Counsel for the brokers' college, upon 

 examination of this finding, has given the 

 opinion that no authorization exists where- 

 by promedios given out by another body 

 may be legally substituted for those de- 

 termined by the colleges of brokers, and 

 advises that, inasmuch as a large number 

 of sugar mills pay for cane supplied by 

 the colonos according to the promedios 

 fixed by the college, semi-monthly and 

 monthly promedios be issued and certifi- 

 cates requested by the courts or by any 

 person or firm be supplied. 



Accordingly, promedios for the second 

 half of May have been announced by the 

 college as well as by the Department of 

 Agriculture, the two sets of figures differ- 

 ing as the following comparison shows: 



Cents per Pound 

 Official Brokers 



Havana 5 .9054254 5 .904835 



Matanzas 6.0251499 6.0245475 



Cardenas 5 . 9330965 5 . 932503 



Sagua 5.9770906 5.976493 



Manzanillo 5.911351 5.91076 



Cienfuegos 5 . 9399476 5 . 9393537 



For the entire month the corresponding 



sets of prices are as follows, also in cents 



per pound: 



Official Brokers' 

 promedios promedios 



Havana 5.8602816 5.8620402 



Matanzas 5.9662176 5.968008 



Cardenas 5.8788511 5.8806152 



Sagua 5.9078063 5.9095791 



Manzanillo 5.8495302 5.8512855 



Cienfuegos 5.8960409 5.8978102 



The strike of employes of the Cardenas 

 refinery mentioned last week, has been 

 settled by the granting to the strikers of 

 practically the full amount of the wage 

 increases demanded. 



