, 1884-12-31
Wednesday, 3lst December, 1884.

We again arrive today at one of those
points in the passage of time which are
conveniently used as stations from which
to review the past and look forward to
the future. 1t must be admitted that for
st. CrOix and the islands similarly placed,
the view in neither direction is very bright.
To-day we will cOntine ourselves to sketch
ing the main features of the year through
which we have passed, reSerying to an
other occasion some remarks as TO the
prospects before us for 1880.
For st. Croix, as for the West Indies on
the whole, the characteristic feature Of the
past year has been the low price Of colo
NAL produce. In the beginning of 1888, the
price Of muScovadO in London was 1SS,
in the middle of February it fell to 17s I'D,
but early in April rose to POS, and during
the whole Of the rest of the crop season
it remained ut from 1873 to 19S Sd, standing
as late as the early part of December at
1875 Sd. Compare this with the prices of
the year now closing. Early in January
it STOOD at IT'S Sd, and from this there was
a gradual fall, taking the first days of the
successive months, as follows :-February
16S sd, March 16s, April 15S, May las I'D,
June las, and July lbs. After this there
was a slight rise Of from Sd to 81, never
more, and then followed a fall bringing
the price OIL lst October down to lis.
Once more during October the price rose
a triao to 12S 3D. and then gradually fell
to the present price Of los Sd. The prices
paid at the Factory have, Of course, follow
ed a pr0pOrtionate scale, and for the
Factory the year has, therefore, been
most unpropitious. Not only has the
gross profit on the manufacture greatly
decreased while the expenses have ne
CeSSarily remained about the same, but
between the purchasing Of the canes and
the selling OF the sugar made from them
there has been all through the season a
fall Of the market, so that in fact the
Factory has always bought at a higher
rate (propOrtionately) than it could sell
for. The combination of these two unto
ward circumstances must have told hea-
Willy against the Factory, as we shall
doubtless see when the report of the
November meeting reaches us.
The Strangest thing about the present
crisis is the very small extent to which it
was foreseen. Even experts, with all the
figures before them for making an esti-
mate, were entirely miSled at the com.
mencement of the season. In March we
reprinted from the ArgOSy of the 18th of
that month, a letter published by a London
house engaged i'll the sugar trade, in which
the prospects of the market were dealt
with. The writer, after quoting a long
array of figures concerning the production
and consumption OF both of beet and cane
sugars, concludes thus, 'that under these
circumstances the prices Of sugar should
have fallen to the present unprecedentedly
low level, can only be ascribed to the
pressure with which the German sugars
have thus far been forced on the market,
and also, perhaps, to "bear' sellers. How
far the latter will favour a rapid rise of
prices, when once the turn of the market
shall have come, will depend upon the
extent of the engagements then open.
The manufacturing process is now rapidly
drawing to a close, and possibly the turn
OF the tide is nearer at hand than most
people suppose" Such views as these were
general, but we now know that the tide
was not to turn, but was destined to con-
tinue to ebb until it left in it's retreat many
fine craft hopelessly stranded on the
shore. The nearest approach to a correct
estimate which cam under our notice was
contained in a communication forwarded