192 COFFEE. 



crops led to a great advance on the Continent of Europe, as well 

 as in the New York market. The reign of high prices, however, 

 was short, and the decline was hastened by reports of a large crop 

 in Brazil, at that time placed at 212,000 to 220,000 tons, against 

 a yield of 155,000 to 160,000 tons in 1873-14: ; it reached over 

 235,000 tons. The Java crop was 125,000 to 130,000 piculs in 

 excess of the previous year, while Ceylon was expected to exceed 

 1873-74, by nearly 50 per cent., or 300,000 cwt. The year opened 

 with fair to prime Brazil cargoes held at 25 @ 27 cents, advancing 

 three weeks later to 26^ @ 28^ cents. In June, the same grades 

 sold at 17 @ 19^ cents ; September, 15f @ 19 cents, the average 

 cost for the year being 21.08 cents, against 19.99 cents in 1873. 

 Java sold on January let, at 31 @ 35 cents, dropped to 22 @ 

 25 cents in June, then advanced, selling at 24 @ 28 cents during 

 November and December, averaging for the year 26.68 cents. 

 With a declining market from the beginning of the year, and 

 a variation in price of 8 to 10 cents per pound, importers and 

 dealers sustained considerable loss, and the year closed with a bad 

 record so far as profits were concerned. 



— 1875 — 



In 1875, the imports increased greatly, showing a gain of 26/g 

 per cent., while the consumption increased only S^f per cent. The 

 result was that the year closed with a heavy stock, viz., 21,101 

 tons, against 2,705 tons December 31, 1874. Prices averaged 

 2.07 cents per pound lower on Brazil, being 19.01 cents, against 

 21.08 cents in 1874. Fluctuations in Java were confined to a 

 difference of 3 @ 4 cents, the average for the year being 26.71 

 cents, against 26.68 cents in 1874, or only 3 cents per 100 pounds 

 higher than the average of the previous year. It will be noted 

 that free coffee brought no benefit to consumers, who paid higher 

 prices from the time the duty was removed. 



— 1876 — 



The record of this year contains many features of interest. 

 The receipts fell off 85,869,661 pounds, or 38,335 tons. The con- 

 sumption exceeded the imports 34,738,078 pounds, while the 

 stock at the close, of the year was reduced to only 1,795 tons, a 



