West Indies made a large crop during the year, shipping 1,681,738 gallons to the United States as compared with 1,566,611 gallons in 1911. San Domingo increased its exports to a marked extent, the total being 1,737,697 gallons as against 1,256,579 gallons the previous year. In contrast, the Danish and Dutch West Indies sent but 3,377 gallons, comparing with 9,338 gallons in 1911. The total receipts of dutiable molasses during the year were 32,317,720 gallons which compares with 26,453,899 gallons for the previous twelve months.

Our colonial possessions were a large factor in the imports of the country, which was not surprising as crops were good and there was an incentive for shipment since this molasses comes in duty free. Porto Rico, like Cuba, is producing more blackstrap but still sends considerable table molasses which is particularly in request from New England grocers. Total shipments during 1912 to the United States were 11,321,630 gallons which compares with 10,156,023 gallons in 1911. Hawaii, and other of our territories shipped 2,864,743 gallons as against only 2,012,673 gallons in 1911.

Domestic Molasses.-The crop of domestic molasses for the season 1911-1912, which is considered as being marketed during 1912, proved very disappointing, for previous to the killing frost of December 1911 there had been every indication of a fine yield. By this, it should not be understood that the actual out-turn was smaller for the reverse proved to be the case. Planters were compelled to make blackstrap from the frozen cane, there being a heavy movement direct to interior points. Seventy-five per cent. of the receipts, as officially reported in New Orleans, were probably grocery grades which were readily purchased at good prices by both dealers and baking interests. There was the usual scarcity of so-called open kettle and other better grades of table molasses. Owing to the large amount of blackstrap produced, the total output for Louisiana was 31,583,000 gallons as compared with 20,000,000 gallons the previous year. Other southern producing states, in which category are Texas, Georgia, Alabama and Florida, are estimated to have increased their yield to 4,993,000 gallons making a total domestic production of 36,576,000 gallons or 13,226,000 gallons larger than in 1911. Owing to the floods, as already stated, the prospective 1912-1913 crop will be exceedingly small. The following table gives the yield of the past ten years:

As there were no exports during the year of foreign molasses and

the total stock in warehouses on January 1st, was but 9,570 gallons, practically all the receipts went into consumption. Of the total 82,408,163 gallons it should be noted 45,832,163 was foreign and 36,576,000 domestic molasses.

Sugar House Syrups.-The same tendency as of former years is remarked in sugar house syrups-the increasing elimination of sugar contents under modern methods of refining, until the residue is getting to be fit only for distilling purposes. The trade complains of the small offerings of low ash test, the bulk of the syrup made being black strap. This is especially the case, since the new drawback regulation has been put in operation by the Treasury Department. Instead of basing the drawback on the market value of the syrup as formerly, a flat rate of three cents per gallon is fixed on all syrup manufactured from full duty raw sugar. The balance of the drawback is granted on the exportation of the refined sugar manufactured from the same importation of raws, the idea being that the combined drawback on syrup and sugar shall equal the amount of duty paid on the raw sugar used in their manufacture less one per cent. Most of the export syrups were taken by London and prices ruled fairly steady. The following which is compiled from returns of the Bureau of Statistics gives the yearly shipments for the past ten years:

1912...

1911..

1910..

1909.

1908..

Glucose.

There was a good market for glucose during the greater part of the year, both confectioners and tanners being active buyers, despite the general high range of prices. The profits, however, were not as large as might, logically, be expected; for cash corn was comparatively well maintained, thus cutting down the profits for the manufacturer. Competition also was keen, the independent plants. pushing actively for business as the productive capacity is greater than the consumption. The by-products ruled lower, notably corn-oil but there was still a fair profit in the residue which is sold for feeding purposes. Mixtures of glucose with molasses and cane syrup are still an important factor, taking the place to considerable extent that molasses formally held. Prices ruled firm during the early part of the year making a high level of $2.67 per hundred pounds for 42° mixing on April 16th, receding to a low level of $1.84 on December 24th, when the active season was about over.

1

The following table gives the exports for the past ten years:

Exports.-There were no re-exports of foreign molasses during the year. In 1911, it might be interesting to note the total was 7,239 gallons, in 1910, 4,025 gallons and in 1909, 51,946 gallons. The shipments of molasses produced in this country, largely blackstrap, aggregated 6,233,547 gallons which compares with 6,411,453 gallons in 1911, 2,252,677 gallons in 1910 and 1,766,076 gallons in 1909.

THE COFFEE TRADE OF THE UNITED STATES.

Annual Review showing the Import and Consumption of Coffee in the United States for the year ending December 31, 1912, compared

with the previous two years.

GENERAL STATEMENT FOR THE YEARS 1912, 1911, 1910.

YEARLY AVERAGE PRICE PER 100 POUNDS IN THE NEW YORK MARKET OF No. 7 EXCHANGE STANDARD BRAZIL COFFEE FOR THE LAST TWENTY YEARS.

ANNUAL REVIEW OF THE COFFEE TRADE OF THE UNITED STATES.

WHILE prices were higher during 1912 and speculation more active, taken as a whole, the year was not eminently satisfactory to the coffee trade. Stocks were largely concentrated in a few hands, since the high level necessitated increased capital to finance purchases and a greater amount of risk was involved, hardly commensurate with the moderate profits on transactions with the country. In so far as actual coffee goes, business was hand-to-mouth, the interior importing direct to a large extent, in preference to dealing through New York jobbers. Although there was some increase in the absorption by roasters, as