34 T H E C U B A R E \' I E W 



SUGAR REVIEW 



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



Our last review for this magazine was dated June 12, 1911. 



At that date centrifugals 96 degrees test were quoted at 3.86c. per pound and are 

 now 4.23c. per pound, showing an advance during the period under review of .37c. 

 per pound. 



Beet sugars at that time were quoted at 10s. S^^d. and are now lis. lO^/^d. for 

 present month and lis. for new crop, showing an advance of Is. 2%d., say .26c. 

 per pound. 



A few days ago, beets touched the high point of 12s. 4V2d. for July and 12s. 5^/4d. 

 for August, with new crop at lis. 5%:d., but have since reacted. 



The cause of this somewhat remarkable advance is that the speculative stock 

 exchanges, with which Europe is net-worked, have turned their attention to specu-- 

 lation based upon the varying reports regarding the European beet crop condi- 

 tions. These reports of late have been of such unfavorable nature as regards 

 weather conditions for the growing of the beets, as to cause anxiety on the part 

 of European operators as to whether the outturn will prove anything like as large 

 as the estimates made at the beginning. No new estimates in figures have thus 

 far been put forth by any beet sugar experts, but our own estimate based upon 

 the outturn of six preceding years and from the latest reports received by us in- 

 dicate a crop not exceeding 7,477,500 tons, or say 622,500 tons under the last crop. 



This European movement is the direct cause for the rise noted in Cuba and 

 other centrifugal sugars, which, however, still remain in value at .28c. per pound 

 below the parity of imported beet sugars, leaving room for further improvement, 

 provided Europe holds its advance. 



We haA^e made no new figures for the requirements of our refiners of full duty 

 sugars from the 250,000 tons noted in our last review. To supply this deficiency 

 in late requirements, our refiners have thus far made no purchases whatever, and 

 are probably quite content to continue working on the hand-to-mouth basis as 

 regards buying for wants and leaving the future to take care of itself. 



Crop estimates from other countries show but small changes, and the glowing 

 accounts received from Cuba regarding the growing cane give promise of abundant 

 supplies beyond the present season. 



It is not clear, as yet, what has become of the large surplus of production shown 

 in the crop estimates of the world, and such may turn up later for a market so 

 that the present values originating in Europe may prove of a more or less fiction. 



Refined sugars have advanced from 5c. less 2 per cent for granulated, at our 

 last writing, to 5.15c. less 2 per cent the present quotation. The booking now 

 being distributed under contracts having been made at 5c. less 2 per cent with very 

 little business thus far done at the present list quotation at which, however, all 

 refiners are firm. The unusually hot weather experienced during the first half 

 of the present month must have increased the consumption of sugar very largely 

 throughout the country. 



In conclusion, we give herewith our figures for the consumption of sugar in 

 the United States for the first six months of 1911. 



The figures show an increase of 57,610 tons or 3% per cent over the consumption 

 for the same time last year, against an average increase for 29 years of 4,413 per cent. 



Allowance is made for the accumulation of 20,000 tons granulated sugar in re- 

 finers' hands, which represents the estimated increase over the normal invisible 

 stock. 



The decrease in meltings at the four Atlantic ports is due to the comparatively 

 small exports of refined sugars this year. 



The incerase in consumption is shown principally in the larger movement in 

 domestic beet sugars. 



(Continued on page 36) 



