THE CUBA REVIEW 35 



1923 1922 



Tons Tons 



Less Exports from all U. S. ports *169,800 1659 265 



Indicated Coxsumption 6 Months 2,603,591 12,671 953 



Decrease 68,362 



Decrease 2.56% 



*Estimated. jCorrected figure for 1922. 



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

 tion 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 approx- 

 imately 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 per cent 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 per cent 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. 



The unsettled refined sugar conditions not only affected the market here, but also 

 caused some disturbance in the United Kingdom. Several consignments of refined sugar 

 sent to the United Kingdom not meeting readily at sale were offered at concessions. 

 In fact, this competition became so keen that the English refiners made a radical cut, 

 for some deliveries as much as 3s per cwt. This had the effect of stopping export busi- 

 ness, and it also led to the returning to the United States unsold refined sugar from 

 the United Kingdom. This quantity did not amount to much but it had a depressing 

 effect on the situation here. 



The refined markets during the month followed closely the trend of raws. On the 

 improved situation in raws, the demand improved quite materially, but the minute raws 

 eased off, the demand for refined stopped as well. Prices have been fluctuating quite 

 rapidly and, at this writing, the Federal quotes 8.35c., with Arbuckle 8.50c. and the other 

 refiners 8.75c. seaboard basis. 



American Beet Crop, First Estimate 1923-24. — We have just completed a compila- 

 tion of the acreage of sugar beets in the United States for the coming season, and give 

 herewith the results as obtained by us from the reports of the factories. 



1923-24 1923-24 1922-23 1022-23 



Maximum Possible Acreage Sugar 



Acreage Outturn Harvested Produced 



Tons Tons 



Ohio 45,700 35,000 25,600 22.901 



Michigan...!'.".;'. ■.■.■.;■.'. ■.....'. 129,701 105,000 94,020 84.184 



