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in countries like Germany, Austria and France, which had suffered most from the drought the previous year. The former country alone will increase its yield somre 1,250,000 tons. On the other hand, Russia, which held its own in 1911-1912 should decrease its production 575,000 tons, so that the exportable surplus under the modification of the Brussels Conference will be limited. It should be noted that the agreement was extended for a further period of five years, Russia being granted in addition to her regular quota of 200,000 tons annual exports, 150,000 tons for 1912 and 50,000 tons each for 1913 and 1914. England will receive little sugar from Russia the coming year, however, for it was necessary to release 100,000 tons reserve for home consumption.

The following table shows the latest estimate for the European beet campaign, now practically completed, together with a comparison of previous years as compiled from official data:

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Cuba.—The final figures for the Cuban sugar crop 1911-1912 were 95,000 tons larger than anticipated, a total of 1,895,984 being recorded as compared with preliminary estimates of 1,800,000. Inasmuch as the planter has been stimulated by the large profits made during the year in question, the present out-turn promises to exceed even the above showing. The island has not yet reached its limit ; for modern machinery and greater economy of production, generally, are bound to have their effect. Apart from the marked increase in efficiency incidental to the American management of many plants, the improved financial position of the planters is also an important factor. From present indications a crop of 2,250,000 tons will be made during 1912-1913. Unfortunately for prices, however, this big production will be marketed at a time when Europe is surfeited with its own big crop and consequently there will be less competition for the American refiner from that quarter.

The Cuban crop during the past ten years compares, 1913 being estimated:

tons,

1913. 1912. 1911. 1910.. 1909..

..tons, 2,250,000 | 1908..

1,895,984 | 1907.
1,483,451 1906.
1,804,349 | 1905.
1,513,582 | 1904.

961,958 1,427,673 1,178,749 1,163,258 1,040,228

The estimated production of the world, so far as the quantities available for export are concerned, may be tabulated as follows, with comparisons of previous years :

Cuba..

.tons, Porto Rico. Trinidad Barbadoes Martinique.. Guadaloupe. Demerara... Other West Indies. Brazil. Java.. Philippine Islands. Mauritius.. Reunion Jamaica Lesser Antilles. Peru Egypt. Ilawaii.. Hayti and San Domingo.. Louisiana, &c... Argentine Republic Mexico and C. A......... Total cane sugar.....tons, Total beet sugar, foreign. Total beet sugar, U. S....

1912-13.
2,250.000
340.000
30.000
25.000
37.000
32.000
90.000
28.000
210.000
1.331.180

175.000
200.000
40.000
16.000

6.000 140,000

58.000 500.000

94.000 168.000 150.133 185.000

1911-12.
1.895.984
320.000
36,000
31.000
39,433
35.000
83.291
35.000
235.000
1.395.000

190.702
165,585
40.325
21.835

8.000 144.000

57,879 531,480

96.016 323,143 180,092 177.000

1910-11. 1909-10. 1908-09. 1,483, 151 1.804.319 1,513.182 295.000 308,000 245.000 36.000

15.000 44.512 35.000

35.000 13.128 35,438 40,000 *37,757 39.000

33.000 25,211 108.297 101.813 117,176 33.000

35.000 38.000 287.000 253.000 248.000 1,229.100 1.200.618 1.241.885

205,000 120.000 129.015 217.757 244.597 195.000 43.128

40.000 33,500 22.000

12.000 11.153 6.000 8.000

6.000 150.000 150,000 150.000 55.000

45.000 55.000 506.096 462.613 477.817 89,979

98.000 80.000 311.000 335.000 370.000 117.678 125.000 162.479 141.000 185.000 162.679

6,105,313 8.455.000

624,064

6.041.798 6.279.165

511.101

5,475.924 8,105,126

455.220

5.681.020 6.138.000

450.960

5.356.494 6.517.000

383.827

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PRICES OF RAW SUGAR AT NEW YORK DURING THE YEARS 1912 and 1911.

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PRICES OF REFINED SUGAR AT NEW YORK DURING THE YEARS 1912 AND 1911.

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THE MOLASSES TRADE OF THE UNITED STATES.

Annual Review, showing the Imports and Consumption of Molasses in

the United States for the year ending December 31, 1912.

GENERAL STATEMENT.

RECEIPTS OF FOREIGN MOLASSES AT THE SEVERAL PORTS OF THE UNITED STATES FOR THE

YEAR ENDING DECEMBER 31, 1912, COMPARED WITH THE PREVIOUS THREE YEARS,

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Total receipts..

32,317.720 26,153,899 Stock in warehouse, January 1st...

9,570

215,774 Total supply....

32,327.290 26,669,673 Deduct stock, December 31..

681,500

9,570 ol

31.615.790 26,660.103 Deduct exports..

7.239 Total consumption.....

31,645,790 26.652.864 Total consumption of foreign molasses (dutiable) in 1912.

(free) in 1912

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Estimated crop of domestic cane molasses, 1911-1912.
Total consumption in 1912.

1911.

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Increase in 1912.

.galls.

20,236,603

TOTAL CONSUMPTION OF MOLASSES IN THE UNITED STATES FOR THE PAST

TEN YEARS.

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ANNUAL REVIEW OF THE MOLASSES TRADE OF THE UNITED STATES.

GENERALLY speaking, the molasses market during the year 1912 displayed a firm tone, this being especially the case with the grocery grades, the supply of which shows a tendency to decrease. There had been no large stock of domestic molasses carried over from the previous campaign and consequently the effect of the disastrous Louisiana floods were the more marked, as is shown by reference to prices. Trade moved along during the earlier part of the year in a routine fashion, there being the usual inquiry to replenish depleted supplies of Porto Rico and other foreign molasses. In the fall months, dealers were made to realize the severity of the failure of the Louisiana crop; for with the yield of sugar cut in two, it naturally followed that the production of molasses was commensurately reduced. There was keen competition for the better grades, the baking interests paying fancy prices in order to secure their usual quota. Owing to the moderate available offerings, planters found a ready market for their molasses and those dealers who had not been forehanded in making arrangements, found it necessary to bid for their usual requirements.

Despite the fact that prices were higher, it is interesting to note that the total receipts of both foreign and domestic were materially larger, increasing almost one-third over the previous year. This was explained by the larger production of blackstrap both in this country and in Cuba, the tendency being to make this grade rather than table molasses. It should be noted that sugar houses have largely changed their equipment from Muscovado to Centrifugals, with the result that a greater percentage of crystalized product is obtained. The residue has so little sugar content in many cases as to be of value only for manufacturing purposes.

Distillers are in fact, to-day, the chief purchasers of the blackstrap molasses which they bring from Cuba in specially constructed tank steamers. Aside from the demand for distillation of alcohol, blackstrap molasses is largely taken for manufacturing patent feeds. Owing to a decline in the price of grain, however, the inquiry from this source has been less urgent. While reboiling of molasses was formerly an important industry, at present there is only one plant in operation, the poorer quality of Cuban blackstrap offering little opportunity for profit.

Foreign Molasses.-The importation of foreign molasses in contrast to the previous year shows a large increase of almost 8,000,000 gallons, the total being 16,500,000 gallons as compared with 38,600,000 gallons in 1911. Cuba made a large crop of sugar and its production of blackstrap was correspondingly increased, the shipments to the United States being 28,775,702 gallons as compared with 23,429,712 gallons the previous year. Cuba also ships its product abroad for distilling purposes, the production of table molasses on the island being unimportant. Such is not the case, however, with the other shipments of foreign molasses which are in demand from the grocers and bakers, being in the same category as domestic grocery grades. The British

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