THE COFFEE TRADE. 193 



quantity smaller than was ever held at the same date within a 

 quarter of a century. With increased consumption, diminished 

 supplies, and a reduced stock, prices would ordinarily seek a higher 

 level, but the facts are that they ruled lower than in 1876, the 

 average cost of Brazil sorts being 17.97 cents, against 19.01 cents 

 in 1875 ; Maracaibo sold at an average of 17.02 cents, or 3.52 

 cents lower than in 1875, Java declining 5.14: cents. Early in 

 the year mild coffee sold at higher prices than at any other time 

 in 1876, all kinds declining in mid-summer, advancing as the 

 year drew to a close, the Brazil sorts reaching their highest point 

 in December, when fair to prime sold at 19 @ 20 cents, against 

 an average for the year of 17.97 cents. Mild sorts did not quite 

 recover the decline. The market during most of the year was 

 irregular and imsettled. 



— 1877 — 



!N^ot with standing that the general trade of the country was 

 greatly depressed throughout the year, and prices higher than in 

 1876, there was a small advance in consumption. With the excep- 

 tion of one year the imports were the largest in the history of the 

 trade. The average price of Brazil during the year exceeded that 

 of 1876 by 1.75 cents ; Maracaibo ruled 1.9 cents higher, while 

 the average cost of Java was 2^ cents above the year previous. 

 The fluctuations were wider, Java selling at 22 @ 23 cents in 

 December, and up to 24^ @ 25^ cents in July, at which time Brazil 

 sold at 19f @ 20| cents, against 17^ @ 19 cents in November. 

 The receipts were with one exception the largest on record, reach- 

 ing a total of 341,214,438 pounds. The consumption was larger 

 than in 1876, and was larger with two exceptions than for any 

 previous years. Prices fluctuated considerably, being lowest 

 toward the close of December. 



— 1878 — 



This year marked a new era in the coffee trade, not only in 

 this country, but wherever the article was produced or consumed. 

 Then it was that the large crops made it apparent that the time, 

 previously predicted, when the production would exceed consump- 

 tion had come, and that the control of the existing speculative 

 13 



