30 THECUBAREVIEW 



SUGAR REVIEW 



Specially Written for The Cuba Review by Willett & Gray, of New York 



Our last review for this magazine was dated May 15, 1911. 



At that date centrifugals of 96 degrees' test were quoted at 3.86c. per pound, as they 

 had. been quoted 30 days previously and as they are still quoted at this writing, showing 

 a steady, firm and non-fluctuating condition of the market. 



This steadiness is because nothing of special interest has transpired either at home or 

 abroad to cause any excitement in either the up or down directions. 



The Cuba crop results, as expected, have changed only to the extent of causing us to 

 consider 1,600,000 tons as a maximum amount, and 1,500,000 tons as a minimum, the final 

 crop outturn coming somewhere between these figures. 



Returns from estates as they closed ran up to over 25 per cent average fallshort from 

 last year, but later returns have reduced this to 18% per cent, with 75 estates still to 

 report. Estimates of 1,400,000 tons and below, down to 1,250,000 tons, which were cur- 

 rent a short time ago, are no longer mentioned, being dissipated by a visible output from 

 the crop already of nearly 1,400,000 tons. 



We have never known a season when such absurd short crop estimates have been cir- 

 culated for effect in Europe. 



At first these reports were received with favor and influenced beet speculators upwards 

 for a time, but lately the European market has stopped speculation regarding Cuba 

 and is influenced by the new beet crop prospects. 



A month ago beets were quoted at 10s. 6d. The fluctuation since has been to 10s. 6%d. 

 to 10s. 3%d. to 10s. 5i/4d. to 10s. 3%d. to 10s. SVid. at this close. The recent rise is 

 due to more or less variable, favorable to unfavorable crop weather, particularly in Ger- 

 many, where drought appeared in some parts. As a result, futures for August have 

 risen to 10s. 9d. against 10s. 5%d. May 27th. 



A recent estimate of ours places the requirements for our refiners for October to 

 December supplies to include 250,000 tons of full duty-paying Javas or beet sugars. Thus 

 far no purchases of either have been made, refiners apparently working on the hand-to- 

 mouth basis as regards bu3ring for wants and leaving the future to care for itself. 



Beet sugars for new crop October-December are quoted at 9s. Q^d., equal to 4.06c. 

 for centrifugals. Javas are held at 10s. 9d. c. and f. New York, equal to 4.08c. per pound 

 for September arrivals. Both are above buyers' present views. 



All the remainder of the Cuba crop will be required here and find a market at present 

 or higher values. 



European beet crop estimates have not changed from 8,127,000 tons by F. O. Licht. 



Cane crop estimates outside of Cuba show but small changes. 



Local demand for refined sugar is good and increasing, as is usual at this season when 

 fruits are coming to market in abundance. 



All refiners advanced to basis of 5c. less 2 per cent for granulated, after booking large 

 contracts at 4.90c. less 2 per cent, which contracts are now being withdrawn freely by 

 the trade. 



At the close spot centrifugals are 2%c. cost and freight or 3.86c. per pound landed, 

 and late June or July shipments l-16c. higher, with tone and tendency favoring 2%c. 

 cost and freight (3.98c.:) soon. 



New York, June 12, 1911. 



J. E. Stuntz, superintendent of the Cabo central will be built. A meeting was re- 

 Cruz Ensenado de Nevio Sugar Company, cently called in Havana for all interested, 

 reports this year's output to be about including Governor Sobrado, the provin- 

 85,000 sacks of sugar. The cane, however, cial executive, 

 produced a higher saccharine content. 



" Ernesto Fonts Sterling, for the past few 



The new central planned by the land years counsel for the National Bank of 



holders in the vicinity of Consolacion del Cuba, will assume the general manager- 



Norte, Pinar del Rio Province, seems to ship of "Las Delicias" sugar mill, one of 



be reaching some definite form, and tfiat the largest factories owned by the Cha- 



the prospects are very good that the new parra Sugar Company. 



