port, which are known as Capitania, amounting to over 79,000 bags. From the ports of Bahia and Ceara but a small quantity has been received. The United States of Colombia and the Republic of Venezuela are next in importance as a source of supply. These descriptions, which are known as Maracaibo, Laguayra, Savanilla, Angostura and Coro, because they are principally shipped from those ports, furnished about 15 per cent. of the total importations, which was considerably in excess of last year, but the increase was altogether in the grades grown in the country drained by the Magdalena River. This was due to the fact that during the latter part of 1885 a rebellion in the United States of Colombia interrupted commerce, several of the ports of entry being closed, which necessarily retarded the exportation of one of the most important products of the country. There was, therefore, an accumulation of supplies from the previous as well as the new crop that matured in December, 1885, but as soon as political affairs had been straightened out, active shipments commenced. The export was further assisted by the fact that high water in the river Magdalena facilitated the bringing down of supplies to the port of Savanilla, and greatly increased the exports from there, while, lastly, the relatively higher prices that ruled in this market attracted supplies that otherwise would have sought a market in Europe. The importations are accordingly the heaviest on record, amounting to 589,028 bags, against 417,632 in 1885, and 462,040 in 1884. Some portion of this was trans-shipped to Europe, but the bulk was consumed in this country. The receipts from the Island of Hayti are slightly in excess of last year, but a large proportion of the product of this island is trans-shipped to Europe, the poor condition in which it is shipped and its low grade making it unpopular with dealers, roasters being about the only buyers, since they are able to utilize it in mixing and blending. The falling off in the yield of the islands of Java and Sumatra, from which the supplies of Java and Padang are drawn, resulted in increased shipments, as substitutes from the Celebes Islands, or Macassar, as well as from Holland. These varieties form the foundation of the various mixtures and substitutes that are sold to consumers as "old Government Java." From the other East Indies the receipts are unimportant, and do not form regular sources of supply. The importation of Mocha has been slightly in excess of last year, but the quantity of genuine Mocha shipped to this country depends in some degree upon the price that can be obtained as against European buyers, as a good deal more than half the quantity of what is consumed under the name of Mocha is composed of Peaberry mixtures. The supplies received from Central America and Mexico were less than last year, owing to the lighter yield of those crops. Consumption. The total consumption of the United States east of the Rocky Mountains was 4,018 tons in excess of last year. It will be observed, however, that in consequence of the smaller importations, this increase has resulted in making a considerable inroad upon stocks, which are very much lighter at the close than at the beginning of the year. This consumption represents the deliveries that have been made from all distributing points, but the actual amount of coffee used up has been, no doubt, even greater than these figures represent, for the reason that the working stocks of dealers and roasters at the end of the year were unusually small. This is a natural result of the large advance in values that has taken place during the year, and which would induce holders to realize from their old stocks the handsome profit that higher prices afforded. In order to obtain the consumption of the whole country the Pacific Coast must be taken into account, the distribution in that locality last year amounting to 6,866 tons, against 7,320 tons in 1885, or a falling off of 454 tons. The following statement shows the consumption of the Pacific Coast States, supplies being drawn entirely from the port of San Francisco. Original importations at that port are only included, the overland receipts from the Eastern States, which amounted to 1,803,055 lbs., being included in the statistics of the Eastern ports: RECEIPTS AT SAN FRANCISCO FOR THE PAST FOUR YEARS, ENDING DECEMBER 31. 1886. 1885. 1884. 1883. 1,542,465 2,084,850 3,907.410 2,183,394 8,436,495 8.807,720 7,749,070 6,251,917 From Costa Rica,.. .lbs. Total supply,..lbs. 24,079,576 25,526,226 20,519,302 18,467,175 Deduct exports and shipments overland,. 4,643,441 3,678,041 4,407,302 4,129,029 19,436,135 21,848,185 16,112,000 14,338,146 Deduct stock, December 31,.. 4,055,831 5,450,441 1,895,764 1,353,152 Consumption,...lbs. 15,380,304 16,397,744 14,216,236 12,984,994 Taking into account, therefore, the consumption upon the Pacific Coast, the deliveries for the whole country amount to 247,141 tons, against 242,677 tons in 1885, or an increase 1.8 per cent., against an increase the year previous over 1884 of 5.5 per cent. *Including first and second hands. This makes the per capita consumption of the country, on the basis of a population of sixty millions, 9.22 pounds. To what extent the advance in values has affected actual consumption it is impossible as yet to determine. An addition of 70 or 80 per cent. to the value of an article of diet that has come into such general use among the laboring class of the population must necessarily be felt, and has, no doubt, already forced the poorer people to seek some cheaper substitute, for the deliveries the last few months of the year show a falling off that is probably due to this cause, but during at least nine months of the year the cost to consumers had not advanced sufficiently to curtail consumption. In other words, coffee was cheap during nine months of the year, and dear only for the last three months, and, accordingly, the statistics of the year would scarcely reflect the change. The increase in population has a direct bearing upon consumption, and this, in connection with relative cheapness during a greater portion of the year, easily accounts for the large consumption shown above. There has been very little change in the relative volume of trade at the several ports. New-York continues to receive about 78 per cent. of the importations, but at both Baltimore, New-Orleans and Galveston, there has been a considerable falling off in the receipts compared with last year: DELIVERIES AT NEW-YORK (INCLUDING COASTWISE RECEIPTS) FOR THE PAST TEN YEARS. 189,319 176,901 1880, 1886,. 1885, 1884, 1883,. 1882, ..tons, 1881,. .tons, 136,463 122.995 127,677 94,741 86,621 162,711 1878, 163,258 1877, The markets of the world have become one by means of the modern facilities for transportation and the quick communications by telegraph and cable. In considering, therefore, the relations of supply and demand, it is necessary to take into account all the countries that absorb the available export. The consumption of Europe and the United States for the past three years has been as follows: The stocks on the 1st of January for the past four years were as follows: Prices. The average value of fair Rio, or No. 3, according to the Exchange standard of grading, for the year 1886 was 10.32 cents, against 9.01 cents the year previous. The lowest price at which sales were made was 8 cents, in February, and the highest 14 cents, in December. The advance from the lowest to the highest, although gradual, has met with but one important check, and that was during the month of October, when a panic took place in Europe, which, to a moderate extent, was reflected here, and the reaction was quite sharp, but the lost ground was soon regained, and from that time forward the upward march continued without important interruption. There were occasional temporary halts, during which time narrow fluctuations took place, but these were the natural results of active trading. All other South American and Central American growths have followed very closely the lead of the Rio market, and values have worked up in sympathy, but the product of the East Indies has felt the additional influence of reduced supplies, and, accordingly, the value of Padang and other substitutes, therefore, have had additional support. The average value of Padang for the year is 16.84 cents, against 15.49 in 1885. YEARLY AVERAGE PRICE, PER 100 POUNDS, IN THE NEW-YORK MARKET OF FAIR TO PRIME CARGOES OF BRAZIL COFFEE FOR THE PAST TEN YEARS. Crop Estimates.-The prospective yield of the crops of the various producing countries of the world, while the most important factor in the market, since it is the controlling influence in fixing current values, is the most difficult to deal with satisfactorily. The data available are in many instances indefinite and unreliable; opinions are apt to be biased by personal interest, and even an unprejudiced expert cannot foreshadow the probabilities of weather, or make allowances for the many contingencies dependent thereon. Then, again, the large speculative interest in the market, and the eagerness with which operators seek for features favorable to their views, leads to the circulation of conflicting reports that complicate the evidence that is available, and renders the task of sifting the wheat from the chaff still more difficult. The more recent advance in values has really been nothing else than a discounting of the next Brazil crop, which, although generally admitted to have been seriously damaged, is still a matter of great uncertainty, and is subject to important changes for the better or worse before it is gathered and prepared. The following table exhibits the prices of coffee in the New-York market during the year 1886, with the monthly average compared with the previous year: |