organize a holding company to take over the refineries, the plantations to continue under the control of the present owners. Only such plants would then be operated as can be made profitable, and in this way, it is expected that the cost of production may be reduced. Louisiana has fared badly as regards the present crop-that of 19121913 which will be the poorest since 1900, being estimated at only 160,000 tons, which with 8,000 for Texas makes a total of 168,000 The Mississippi floods last summer practically cut the yield in two, the bottom lands being flooded for miles.

tons.

The following table exhibits the yield of the Southern States for the past twenty years:

Molasses Sugar.-The production of molasses sugar continues to decrease, as there is no longer much profit in the operation. The total for 1912 is estimated at 8,155 tons which compares with 8,900 tons the previous year. What was at one time an active branch of the sugar trade, especially in New York City, has now dwindled away until only one Philadelphia refiner still reboils molasses. It is pointed out that owing to the improved method employed by the Cuban factories, the percentage of sugar has been largely increased and the resultant blackstrap is of less value. It is considered only a question of time when the manufacture of molasses sugar will be a thing of the past, as it is to-day merely a side issue at the plant referred to.

Maple Sugar.-There is no material change in the size of the maple sugar crop of recent years, if anything the tendency being toward contraction. In 1912, the weather during the spring months was fairly favorable and a yield of 7,000 tons is estimated, which compares with 8,000 in 1911. Vermont is still the chief source of production.

Exports.-There were no exports of domestic raw sugar, which was entirely consumed by home refiners. The re-exports of foreign cane sugar to Canada fell off sharply, being only 196 tons as compared with 4,672 tons the previous year. Inasmuch as there was less urgency in the demand for refined sugar, quite an export business was transacted. This amounted to 45,043,152 pounds or the equivalent of 20,109 tons as against 32,401,260 pounds equal to 14,463 tons in 1911 and 152,264,041 pounds or 67,975 tons in 1910.

Domestic Beet Sugar.-The production of beet sugar by American factories during the season 1912-1913 broke all records, which was largely due to increased sowings. Generally speaking, weather conditions were favorable with the exception of a few states like Michigan, Ohio and Wisconsin where results did not come up to early expectations. The total output for the industry was 624,064 tons, a gain of 82,963 tons as compared with 1911-1912. It may be interesting to note, as showing the phenomenal growth of beet production during the past 25 years, that in 1888 two factories were operated with an output of 1,861 tons as compared with 73 factories at the present time, and a yield of 624,064 tons. Colorado is the leading state producing 193,432 tons, passing California with 141,805 tons and Michigan with 87,337 tons. Unseasonable weather during the harvesting period, explained the loss of first place by Michigan. To quote a few statistics, the acreage planted was 629,033 as compared with 531,139 in 1911, an increase of 18.04 per cent. The average yield of sugar per acre of beets was less satisfactory being .992 tons as against 1.011 tons in 1911-1912, 1.061 tons in 1910-1911, .977 tons in 1909-1910, .89 tons in 1908-1909. As showing the importance of beet culture to the farmer, it might be stated that 4,641,194 tons were received at the factory, as compared with 4,208,421 in 1911-1912. Michigan has still the largest number of plants, seventeen, Colorado following with fourteen, California with ten, Utah six, Wisconsin four, Ohio and Idaho three each, Nebraska two. Eight states, Indiana, Illinois, Minnesota, Iowa, Montana, Kansas, Arizona and Nevada have one factory each. There is another factory building at Payson, Utah, and several other plants are projected.

The following table gives a comparison of the beet sugar production by states for the past four years in tons:

As showing the rapid growth of the beet sugar industry during the past sixteen years, the following table, giving comparisons of the production in tons, should prove interesting:

Consumption.-Lower prices during the year had the usual effect of stimulating the consumption, which made a new record. The total was 3,548,309 tons, an increase of 1,223,318 tons or 3.54 per cent. as compared with the calendar year 1911. The population of the country is steadily growing so that the larger consumption would be only naturally apart from the impetus furnished by cheaper sugar. It is interesting to note that the per capita consumption in the United States is now 82.3 pounds which compares with 85.54 for Great Britain and Ireland. Although the United Kingdom heads the list, it should be borne in mind that considerable of the sugar is used in the manufacture of jams and confections for export; and the advocates of free sugar for the United States argue that it will greatly stimulate the preserving industry both for the home consumption and export. The total consumption of sugar in the United States in tons for the past ten years follows:

The relative per capita consumption in this and European countries for the last ten years is as follows:

The following table shows the distribution of sugar at the Port of

New York in tons for the past ten years:

Prices.

Both raw and refined sugar were reactionary during the year under review, but the decline was broken by intermittent recoveries. The readjustment from the record levels of 1911 was consequently less marked though, nevertheless, effective in bringing about normal quotations at the close of the year.

Refiners started the year with the expectation of purchasing cheaper raws and as a result pursued a waiting policy. But the Cuban crop movement was delayed by unsettled weather so that the production proved disappointingly small for January and February. Quotations, therefore, advanced during the latter month to 4.80 cents for Centrifugals, 96° test, which compared with 4.50 cents for the initial sale in January. Subsequently, the receipts became normal and prices reacted steadily until the low point of the year, 3.77 cents, was reached in July. Pressure on the part of holders of Porto Ricos, who feared possible results from the tariff agitation, accelerated the decline. A combination of factors turned the tide in July and raw sugar recovered to 4.36 cents in September. Europe advanced sharply on covering of a short interest in best options but the main stimulus came from the Mississippi floods. It was soon evident that the crop of Louisiana sugars would be only about 50 per cent. of normal, which meant that local refiners who had allowed their supplies to run low would have to make up the deficiency elsewhere. Since Javas were not available, recourse was had to imports of European beets. Refiners curtailed operations, however, and gave over the field to domestic beet manufacturers. Owing to their withdrawing from the raw market to a considerable extent, prices reacted and under the spur of early Cuban grinding the close at 3.735 cents was 92 points under the previous year. The average prices for Centrifugals during 1912 was 4.16 cents as compared with 4.45 cents in 1911 and 4.18 cents in 1910.

Refined sugar pursued the same course as raws opening the year at 5.65 cents reacting to 5.30 cents, only to touch the high point of the year 5.80 cents in February when an ill-advised boom forced distributors actively into the market. Subsequently, this buying movement resulted in extreme dulness during the spring months and quotations reacted to 4.95 cents in July. Scarcity of raws explained the advance to 5.10 but free offerings of domestic beets carried prices back to 4.90 cents cents at which refined closed the year. The average price of granulated was 5.14 cents for 1912 as compared with 5.46 for 1911 and 5.04 cents in 1910.

The average price for fair refining or 89° test Cuba Muscovado for the past decade compares as follows:

Refined sugar showed the following yearly average for granulated during the last ten years:

Crop Prospects.-High prices invariably stimulate increased production, and for this reason the prospects are bright for large crops, the world over. The interesting feature of the situation is the marked recovery in the production of beets as compared with cane sugar, both the European and the American crops being record-breakers. From present indications, the beet sugar out-turn will be over 9,000,000 tons and only about 50,000 tons less than the cane out-put. Whereas, the previous year it fell 2,200,000 tons short. This favorable result can be attributed to large sowings, favorable weather and to good quality seed. The seed matured during the severe drought of 1911 and though the quantity produced was small, the germination test was high, requiring lighter sowings per acre than customary. It is a noticeable fact, that the cultivation of beets is being pushed wherever the conditions are suitable, England for instance being the latest country to endeavor to manufacture its own sugar supply and thus make itself independent of outside sources. In the United States, beet refined has been pushing cane sugar, until at certain times of the year, it practically dominates the entire market. As regards the canesugar prospects, there will be some increase over 1911-1912 despite the falling off of 150,000 tons for Louisiana. Cuba will more than make up the deficiency increasing some 350,000 tons, a yield of 2,250,000 tons being foreshadowed, Java following with 1,330,000 tons, Hawaii 500,000 tons and Porto Rico 340.000 tons. The Philippine crop promises to be smaller-not over 175,000 tons-and the export limit of 300,000 tons will hardly be reached for some years at the present rate. The sugar produced in this dependency is still low grade and consequently commands a lower figure than other cane product. The total crop for the world for 1912-1913 will be apparently over 18,000,000 tons as compared with an estimated consumption of 17,500,000 tons so that the carry-over into the next year should be some 500,000 tons.

European Beet Sugar.-The actual out-turn for the year 1911-1912 was 10,000 tons larger than the estimates but the yield was nevertheless the smallest in three years. In contrast, however, 1912-1913 will be a record breaker, active sowings and favorable weather being noted