THE CUB A RE VIE W 35 



Sugar Review 



specially written for the Cuba Review by Willett & Gray, New York, N. Y. 



The raw market during practically the entire period under review has shown 

 considerable activity. At the time of our last review, quotations were on the basis 

 of 2^0. c. & f., but this was followed by a reaction and the market declined until a low 

 point was established on the basis of 2c. c. & f. equal to 3.61c. duty paid at New York, 

 although Porto Rico sugars were sold as low as 3.54c. c. i. f. At this point, the 

 market turned and large sales have been made at the advancing prices. At the 234c. 

 c. & f. basis, holders in Cuba saw their way clear to sell sugars freely and at this 

 level, a heavy business was done; with the large offerings, however, the market eased 

 off to 2}4.c., and is now quoted at 2 3/32c. to lygc. c. & f. 



The demand from Europe has been very active and business has been reported 

 almost daily on either the f. o. b. Cuba basis or c. i. f. European port terms. The 

 chief business done on the f. o. b. Cuba terms ranged from 2.02c. to 2.05c. and the 

 c. i. f. terms lis 6d to 12s. Sales also included a fair quantity of San Domingo 

 sugars for April shipment at 12s c. i. f. to U. K. 



Porto Rico sugars have not been salable recently at anywhere near the Cuban 

 parity being of course affected by the demand for sugar suitable for export purposes. 

 Offerings have been made recently at reasonable concessions with the main offerings 

 at the present writing at about 3.67c. c. i. f. 



In Cuba the number of Centrals grinding has now been increased to 172 as com- 

 pared with 186 at the same time last year. The past week makes the fifth week of 

 heavy movement of the Cuba crop but despite the large exports, the production in 

 the Island continues to gain and the total stock at all ports and on the plantations 

 continues to show increases weekly, our latest figure, comprising both old and new 

 crops, being 1,237,724 tons. According to our regular monthly cable, the receipts 

 of new crop sugars at the shipping ports to the end of January amounted to 192,717 

 tons, against 259,338 tons produced at the same time last year and 678,594 tons to 

 January 31, 1920. 



Our usual monthly cable from the Philippine Islands reports exports during 

 the month of January of 10,000 tons to the United States, of which 7,000 tons were 

 destined to Atlantic Ports and 3,000 tons to San Francisco. 



Our cable from Java reports January exports as destined entirely to Oriental 

 Ports with none of these sugars going westward. 



The increased demand for the refined sugar, due to the strong position of raws 

 necessitated an advance in refined sugar quotations locally and in fact all cane refiners 

 in the United States advanced their prices to the basis of 5.10c., fine granulated f. o. b., 

 refining center. Even at the advance, it has been rather difficult to obtain sugars, 

 especially locally, all refiners being oversold and badly delayed, although some improve- 

 ment is now apparent on shipments for out of tovra in carload lots. A large business 

 has been doing in refined sugars for export and very heavy sales have been made, 

 particularly on the basis of 3.20c. net cash in bond, with quotations now somewhat 

 higher, say about 3.40c. 



New York, N. Y., February 27, 1922. 



Guantanamo Sugar Company at the close of business March 20, 1922. 



The Board of Directors has declared a In the case of any subscription and full 



dividend of $1.00 per share on the Pre- payment made on any date other than Feb- 



ferred Stock Full Paid Subscription Re- ruary 10, 1922, the amount of dividend will 



ceipts, which is at the rate of eight per cent, be adjusted accordingly. The transfer 



(8Tc) per annum from February 10, 1922, books will not be closed, 

 for the period ending March 31. 1922, pay- MALCOLINI McDOUGALL. 



able April 1, 1922, to stockholders of record Assistant Treasurer. 



