:u T H E C U B A R E V I E W 



2Ss. l^iid. was reached. Another visible check to such high prices is found in the facts 

 that while European Convention countries are short of supplies, Russia has a surplus 

 variously estimated at 500,000 tons to 700,000 tons not required for home consumption 

 which can be had for relief by a simple action of the Brussels Convention, raising the 

 present limit of exportation allowed to Russia from 200,000 tons per year to 500,000 

 tons. The latest phrase of this question is given here as follows : 



The latest data published by La Sucrcrie Beige, of Brussels, gives the following: 

 "On September 14th there was at St. Petersburg a meeting of the minister of finance 

 and the sugar makers of Russia to discuss the question of the increase of the export 

 contingent 200,000 tons per annum fixed by the Brussels Convention. 



"This discussion was induced by the good results of the beet crop this year in Russia 

 and the bad results in Occidental Europe. This assembly has proposed to the Russian 

 government to address to the Sugar Bureau of Brussels to convene the Permanent Com- 

 mission of Brussels in an extraordinary meeting to the end of discussion of this question. 



"This communication was to propose an increase of exports during the campaign of 

 1911-12 and the increase is spoken of as contingent of 500,000 tons. 



■'Other countries of the convention make serious objections on the ground that the 

 Russia sugar industry already has a great advantage in the privilege of exporting 200,000 

 tons at a high price. In raising this amount the other signatories fortify the economic 

 situation of the industry in Russia even if the increase of the exportation might not lower 

 the world's price of sugar." 



We have, also, received a later opinion on this matter as follows : 



"In reply to your cablegram of the 4th of October, requesting us to cable when the 

 Brussels Commission would consider the question of Russian exports, we telegraphed 

 that the matter would probably come up for discussion in March next, but that in the 

 meantime it was rumored that Russia would probably withdraw her application. As 

 a matter of fact, nothing definite is known on this matter; a great deal of course will 

 depend upon the size of the new Russian crop which is estimated between 1,800,000 and 

 2,200,000 tons. Should the crop approximate the former figure, then Russia will have 

 but little surplus for export, and it would be hardlj^ worth while to trouble the Brussels 

 Committee on the matter ; in any case, it is very doubtful whether the powers would 

 agree to larger exports from Russia, because, in view of this country giving heavy 

 bounties, there was great opposition to the proposals by Great Britain, which were made 

 in 1908. Very gradually it was agreed that Russia should be allowed the special export 

 'contingent" of 200,000 tons per annum." 



It, therefore, appears to us at this writing that no relief will come from Russia, unless 

 by next March the beet quotations approximate those of 1889. 



The sentimental effect of having in sight all the time a visible source of relief to 

 high prices will naturally tend to keep prices within bounds, so that the convention 

 country beet growers may get the full benefit of the preesnt price for their smaller 

 productions. 



At this writing, F. O. Licht has not issued his first regular crop estimate, which is 

 fully due, but the sharp decline in to-day's beet quotations indicate some improvement 

 expected in this coming report. 



Talk of a two million ton crop in Cuba is now generally abandoned and no other 

 figures substituted as yet. 



Many fine profits have been realized by parties with foresight enough to purchase 

 Java sugars for shipment at about 14s. and resell the same at about 18s. 



Also, fortunes appear in the Philippine Islands purchases made in the early summer. 



These distant sugars always give a chance of great profits during the long voyage if the 

 market, of course, is upwards like this year. 



A few Cuban holders secured their big profits on sugars carried over and all planters 

 must be more or less satisfied with the result of the crop season. 



Regarding Cuba's new crop, the European operators are thus far the only buyers for 

 early deliveries at from 3%c. to SMiC. f. o. b., giving them the option of resales to the 

 United Kingdom, from whence it now seems a considerable competition will develop 

 against our refiners for the crop this season, under which conditions the planters will 

 be in no haste to dispose of their production. There is always a danger, however, that 



