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Portland, New Haven and other Eastern ports, mostly

from Cuba and Porto Rico,... Philadelphia, from Cuba,.

Porto Rico,
English and French Islands,..

Brazil, Europe and Manila,
Total at Philadelphia,.....
Baltimore, from Cuba,.

Porto Rico,
English and French Islands,

Brazil,
Total at Baltimore,.
New Orleans and other Southern ports, from Cuba, &c.,

Total receipts,..
Add stock at all the ports, January 1, 1885,.

Total supply,
Deduct exports and shipments in 1885,

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+Deduct stock at all the ports, December 31, 1885, ......

Total consumption of foreign in 1885..

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Deliveries of foreign for consumption in 1885, as above...

tons, 1,120,499 Deduct exports of refined by sea and inland to Canada from all the ports in 1885,

123,930 Actual home consumption of foreign raw sugar in 1885,

.tons, 996,569 in 1884,

981,404 Increase in 1885,...

..tons, 15,105 Consumption of foreign in 1885,

tons,

996,569 Add ascertained crop of Louisiana, Texas and other Southern States, in 1884-85, the buik of which was distributed in 1885, .......

...tons, 100,876 Total consumption of foreign and domestic raw sugar in 1885,.

.tons, 1,097,445 Total consumption of foreign and domestic raw sugar in 1881,

1,116,847 Decrease in 1885,...

..tons, 19,402

* Tierces and barrele reduced to hogsheads.

+ The above statement of stocks does not include raw sugar held by refinere, nor sugar of domestic production.

ANNUAL REVIEW OF THE SUGAR TRADE OF THE UNITED STATES.

The year just closed has not been one of prosperity to the sugar industry of the world, and where the operations of the year have not resulted in absolute loss upon the capital invested, as has been the case in many instances, the margin of profit has been so extremely slender as to render the investment practically unremunerative. In this country the value of both raw and refined has fallen to the lowest point in thirty years, and is in reality the lowest on record since the present methods of refining the product of the sugar cane have been in such general use. In Europe the value of beet sugar has not fallen to the phenomenally low prices witnessed in 1884, when the London quotation for 88° test dropped to 9s. Id., against 108. 11d. in November last, but the lowest quotation for cane sugar is 9d. below the lowest price made at any time in 1884. The general results to both the cane and beet industry of the world have not proved as disastrous as was the case in 1884, improved methods and more perfect economy in the several processes of cultivation and manufacture having reduced the cost of production, but this has been so far neutralized by the constant decline in values that in very many instances the market price has barely covered the cost of production to the grower and manufacturer. The depressing influence throughout the year has been over-supply, first, with respect to the quantity actually available in the various markets of the world ; and, second, a large prospective increase in production from the crops that are now in course of manufacture. The European beet crop baving become the controlling factor of the sugar industrysince about 54 per cent. of the world's supply is derived from that source—the general course of events has been shaped almost entirely by the progress and prospects of that crop, especially as production is not entirely dependent upon the law of supply and demand, but has been artificially stimulated by the granting of large subsidies from Government funds. While the cane grower sought to overcome the unequal advantages of the contest with his rival by expanding production, the beet producer attempted to increase his benefits by enriching the quality of his product, which not only brought better results, so far as the process of manufacture was concerned, but furthermore increased the bounty paid from the public purse. Under these circumstances the disastrons results of the over-production experienced in 1884 were no sooner liquidated than a contest among producers for the supremacy was renewed and another period of depression inaugurated. The substantial improvement that was established during 1885 led to the belief that it would prove the beginning of a new era in the sugar traile, and during the early part of 1886 efforts were made to further restrict the production of Europe by reducing the acreage to be sown, and making such an apportionment as would equalize the production of each country, but the feeling of jealousy was too strong to be overcome, especially as a new law in France had practically increased the export bounty. As a consequence, before the spring months had far advanced it was ascertained that the acreage sown in France was far in excess of any previous year, while in other countries a heavy yield was foreshadowed. Prices at once reflected the depressing influence of this intelligence, and a decline was accelerated by the liberal offering of Russian crystals, which, during the previous four or five months, had been steadily accumulating in the London market. These shipments of Russian sugar had been stimulated by the Government giving notice that the export duty of one rouble per pood, equal to about £6 58. per ton, would not be paid after July 1st; and accordingly, between December, 1885, and April, 1886, about 45,000 tons of sugar were rushed out of the country to London, which served as a convenient dumping ground, and which, but for the decline in values, could have been easily absorbed, but the spectre of increased production converted it into a heavy burden, which materially assisted the decline in values. At the same time there was a rapid marketing of cane sugar, and the English market was literally flooded with supplies. Thus the stock in Great Britain which, at the beginning of January, amounted to 258,000 tons, was increased until, on the 1st of July, it aggregated 330,000 tons, which, at that season of the year, was a heavy accumulation. These influences were in force when the first preliminary estimates of the growing beet crop were published, and the increased supply they foreshadowed was in no sense calculated to restore confidence or induce buyers to operate beyond their absolute requirements. Since then ihe situation has undergone but slight improvement. The increased supply became more definitely assured as the season progressed and the crop matured, and when the process of fabrication commenced there was every prospect that Europe would supply the largest crop of beet sugar that has yet been produced. Trade, consequently, bas dragged along in a hesi. tating way, finding occasional encouragement from the efforts of statisticians to show that large as the probable supply was likely to be, it might not prove excessive in view of the prospective increase in the world's consumption.

Under these circumstances trade has been far from satisfactory. Buyers have adopted the most conservative policy in securing supplies, taking only sufficient to cover their absolute wants, and carrying as little stock as consistent with safety in carrying on their operations. Almost throughout the year refiners have been working against a declining market, and it has proved almost as difficult a task to obtain a profit as to secure themselves against absolute loss. A greater portion of the time the raw material that was being worked up had undergone a shrinkage in value before the refined product could be marketed, and the increase in consumption has in no way compensated for the narrow profits that have been obtainable.

The prominent features of the market during the past year have been increased importations, a large increase in consumption, and the low range of values that have ruled more particularly during the last half of the year. Each of these will be considered in detail under their separate headings.

The sources of supply liave comprised the importations of foreign, the domestic crop produced in the Southern States, the product obtained from the re-boiling of foreign molasses, and the yield of the maple groves.

From the tables on the preceding page it will be observed that the receipts of foreign sugar at the ports upon the Atlantic seaboard, where the refining industry is carried on, aggregate 1,193,097 tons, an increase of 97,137 tons compared with the previous year, which is about equally distributed among the three principal ports, New-York, Boston and Philadelphia, and is the largest importation of sugar in the history of the country. Cuba has continued the most important source of supply, the receipts being larger than in any other year, and comprising about 48 per cent of the total importations at Atlantic ports. There has been also a considerable increase in the receipts from the Philippine Islands, but Demerara is the only one of the West India Islands that increased its shipments over last year, while from Brazil there has been an important falling off in consequence of the smaller crop. The receipts from Europe bave been increased by the larger importations of beet, which amounted to 140,838 tons at the three ports, against 96,125 tons the year previous, and 85,000 tons in 1984. A very small portion of the Java crop has reached this country, the shipments from China have been moderate, but the quantity of low grade "Jaggery,” shipped hither from India, is slightly in excess of last year.

The receipts of foreign upon the Pacific Coast have consisted chiefly of the product of the Hawaiian Islands, the imports of which were 37.35 per cent. greater than in 1885, and afford a significant indication of the extent to which the sugar planting industry has been expanded and stimulated by the operation of the reciprocity treaty that is now in force. Under the terms of this treaty sugar produced in those islands is admitted free of duty, but the production last year proved to be in excess of the requirements of consumption upon the Pacific Coast, and accordingly about 15,000 tons were shipped to the east, and of this quantity about 9,500 tons were melted up by New-York refiners, and the remainder was taken by New Orleans and St. Louis. Taking into account, therefore, the Pacific Coast, the total importations of foreign sugar into the whole country for the year amount to 1,295,242 tons, against 1,175,580 tons in 1885, or an increase of 119,662 tons.

The next important source of supply is the product of the Southern States, but chiefly that of Louisiana. According to the reliable compilation of Mr. A. BOUCHEREAU, of New Orleans, the crop of 1885-86 (the bulk of which was distributed and consumed during 1886) yielded 231,290 hhds., or 127,958 tons, against 170,431 hhds., or 91,376 tons, the year previous, that is, an increase of 33,582 tons. The remaining Southern States where cane is grown are estimated to have yielded 7,200 tons, which, added to the above, gives a total domestic crop of 135,158 tons, against 100,876 tons in 1885. There were 130,330 acres of cane ground, against 118,656 acres the season previous. The average yield of cane per acre was 26 tons, which would make the total number of tons of cane ground 3,388,580. With

the vacuum pan the average yield was 2,590 pounds of sugar per acre, or 99.64 pounds of sugar per ton of cane, and by other processes 1,900 pounds per acre.

Molasses sugar, which is obtained from the re-boiling of foreign molasses, yields a considerable amount of what is known as bastard sugar, and which is used by refiners. It is, of course, an indirect product of the cane, but of low test. The yield from this source during the past year has been the largest on record, as will be observed by the details given below, not only because of the increased quantity of molasses boiled, but also because of the higher saccharine test and richer yield of crystallizable product. All the ports have increased their production compared with last year, the boiling establishment of Portland having been re-opened after one year of idleness. Baltimore has ceased both the importation of molasses and the manufacture of its product. In comparison with other years the production has been as follows:

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Total,..............tons, 72,613 47,259 50,000 40,722 It is difficult to obtain reliable statistics as to the yield of the maple groves, which, however, is of considerable importance. The New-England States, as well as the West, are large producers, but last year did not bring good "sap weather,” and both East and West it is estimated that there was quite a falling off in the product of sugar as well as of syrup. In some localities not over onehalf of the previous year's product was obtained, and in others there was a decrease. As near as

can be ascertained the total product did not exceed 18,000 tons, or about 7,000 less than in 1885.

California is the only State that has successfully solved the beet problem in this country, and that has made any progress in its culiivation and manufacture. The Standard Sugar Refinery at Alvarado (Beet Sugarie) has continued in operation, and reports a successful

It will work during the present campaign 12,500 tons of beet, from which a yield of 2,500,000 pounds of sugar is expected, and 1,628,258 pounds has already been made. The managers report that the cost of manufacture during the months of October, November and December, was 4.S4 cents per pound, which is a satisfactory and encouraging result.

Sorghum is still an important agricultural product of several Western States, but very little progress has been made in obtaining crystallized sugar from the juice that it yields. The production of sorghum syrup is far in excess of the yield of molasses obtained from the Southern States, but the manufacture of sugar is still in the experimental stage, and however great may be its possibilities as a sugar producer, no results of practical value have been obtained.

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