The record-union., 1897-06-11

amount that should go to the refiners
the American article, raw and refined
must bt considered, rather than the
German
With great emphasis Jones declared
that he proposed to see that there was
some contention before German granu-
lated was taken as the basis for find
ing the differential due to the refiner.
Jones insisted that he grades of sugar
compared by Mr.. Aldrich in his speech
did not compare.
Jones stated that the price of refined
sugar upon which Aldrich based his
| calculations of 2.03 cents was too low.
1t should have been 2666, he said. Still.
| taking Aldrich's figures, Jones calcu-
lated margin of from .43 to 80 cents
per pound to the refiners. He announced
| that this schedule which it was claimed
gave less profit than the House sched-
ule, he had looked conscientiously into
without prejudice, and he became sat
isfied that a clear differential of one
eighth of a cent was right. Under
that differential the company's profits
had increased How could the other
side now justify a further increase of
said, a duty of 3-100 on each degree
eighth on refined.
Jones read letters from sugar
men, criticising the Hawaiian reciproc-
| ity treaty, and declaring that it's bene-
| fits accrued entirely to the sugar in
| terests of San Francisco and Hawaii,
while taking millions out of the pock-
| cts of the people. Commenting on
these, Jones remarked: when rascals
fall out, honest men get their due
Jones also read a statement from an
expert accountant, showing profits of 80
per cent. by one of the sugar COM
panfes of the Pacific Coast, which vgor-
ously supported the abrogation of Ha-
waiian reciprocity 1t disclosed the
comfortable condition of a concern
which came here and pleaded the baby
act, he said.
Jones then explained at some length
his Interpretation of the sugar schedule
from technical standpoint, reading
expert opinion to substantiate his
claims.
White of California asked what course
was TO be pursued as to the Hawaiian
sideration.
To this Allison replied that the pro-
viso was in the bill, as it stood at pres
ent and would have to be considered
sooner or later. The committee might
and might not submit new proposition
and the subject might be sent to the
Committee on Foreign Relations.
Vest followed Jones in criticism of
the general features of the sugar sched-
ule 1t has always been, he said, the
Cape Hatteras of the tariff debate 1t
involved the whole question of the ex-
istence of the gigantic sugar trust,
which had absorbed refinery after re-
finery, until it was supreme and all
powerful in the field The Lexow in
vestigatien had disclosed the enor-
nous profits of this trust Tt showed.
he said, a capital of S75,000,O0O common
stock and Sl5.0O0,000 preferred, an ag-
gregate of $150,000,0o0 with profits of
II per cent. on its committee stock and
Z per cent. on the preferred stock. 1t
was an open, bold admitted trust.
At this point Caffery said he desired to
show the fluctuations of the stock and
the sales for moaths. He read the low
II per cent. on its common stock and
the daily average sales for long period,
showing the fiourishing condition of the
company.
Vest cut off some cross firing between
White and Caffery as to the effect of the
proposed schedule on the price of sugar
trust stock by resuming his speech.