THE CUBA REVIEW 



6 menos. En las condiciones mencionadas 

 mas arriba, el producto tendria que valer 

 il5 ($150 mex.), dejando £i 10s. ($45 

 mex. mas 6 menos) 6 sea con el valor de 

 las 2% toneladas de bagazo precisadas, 

 £2 mas 6 menos (6 sea $20 mex.). El 

 costo del carbon que habria que comprar 

 para el ingenio en reemplazo del bagazo 



seria de £l 10s. ($15 me.x. mas 6 menos). 

 Para el efecto calorifico, se caKula ge- 

 neralmente que una tonelada de carbon 

 bueno corresponda a 4 toneladas de ba- 

 gazo de modo que el valor del ultimo no 

 puede exceder de $.3.50 por tonelada. De- 

 duciendo este, queda una ganancia esti- 

 mada en $17 por tonelada de bagazo con 



SUGAR REVIEW 



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



Our last review for this magazine was dated August 14, 1911. 



At that time centrifugals were quoted at 4.875c. per lb, for 96 test. At this writing 

 they are quoted at 5.75c. per lb. showing an advance of 0.875c. per lb. 



At that time beet sugar was quoted at 15s. l%d. per cwt. f. o. b. Hamburg, and is 

 now 18s. 3d. (having been 18s. 9d.), showing an advance of 3s. l%d. or 0.70c. per lb. 



The parity between centrifugals and beets was then .31c. per 100 lbs. and is now .18c. 

 per 100 lbs. 



The cause of this extraordinary and exceptional advance is found in conditions of the 

 sugar world for which we must go back many years for its counterpart, in fact, the 

 year 1889 promises to prove the nearest precedent from the present outlook for this 

 season. 



In 1889 short crops and a violent speculation carried quotations for beet sugar in 

 Europe from 14s. 3d. at the beginning of the campaign, October 4. 1888, to 28s. iV^d. 

 in June, 1889. The movement then was directed to cornering the market and forcing 

 the newly formed Sugar Trust and other American refiners to buy from the Beet 

 Syndicate their needed supplies.. But when the price was pushed up to 28s. l%d., it 

 was discovered by the Syndicate that these refiners had been able from various 

 sources during the rise to obtain sufficient supplies to make them entirely independent 

 of the Syndicate. A panic ensued and in two weeks beet sugar fell to 19s. 9d., equal 

 to 2 1-16 per lb. decline. The Syndicate was broken and obliged to obtain an extension 

 to September 23d from the banks. Very few rallies came to help them out and the 

 market kept declining and finally settled down to lis. 6%d. at the close of the year. 



The next and only other year bearing resemblance to this was 1893, when beet sugar 

 rose from 13s. 3d. in October, 1892, to 19s. in June, 1893, when half the season was 

 passed, declining to 13s. l%d. in October at the beginning of a new crop. 



Note that this price of 19s. was reached late in the campaign, while the same quota- 

 tion virtually has already been reached before this season's campaign has really begun 

 and before any reliable crop estimates are made. 



This feature of difference in connection with other facts leads us to consider that the 

 rise for this campaign is by no means over, and that 1893 prices will be left behind 

 on a further movement towards 1889 parallel. One other fact is that the drought 



Valvula de Escape "LYTTON" 



Hecha para operar continuamente y dar buen 

 servicio. 



El asiento y disco enteramente protegidos cuando 

 abierta. Ambos se pueden quitar y poner. 



SIEMPRE QUEDA AJUSTADA 



LYTTON MANUFACTURING CORPORATION 



Oficina para la \"eiita: 

 1159 Hudson Terminal Building, New York, N. Y. 



Oficina Principal y Talleres: Franklin, Va. 

 Agente en Cuba: J. E. Hernandez. Aguacate 56, Habana, Cuba. 



