The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1898-02-05
AS TO SUGAR AND WOOL.
Anticipatory Importations Pro-
duced an Excessive Supply.
February Imports VIII Have
Reached Normal Figures and Gus
toms Revenues VIII Increase
I'm Corresponding Ratio.
The following brief but significant
statement appears in the New York
Journal Of Commerce of December 3:


Journal of Commerce of December 3:
The sugar trust was a purchaser OF raw
sugar In the local market yesterday for the
first time since July last. buying 1900 tons
muscovado, 50 degrees. at 34s cents, and
$3.50 bags OF molasses sugar, 50 degrees, at
sis cents. on July &c the trust bought 10000
tons"
The meaning of this is plain. Ii means
that at last the sugar refneries are
reaching the last of their vast accumu-
lations of raw sugar brought in free of
duty under the Wilson tariff in antici-
patton OF the duties levied under the
Dingley tariff. Sugar is again coming
into this country in large quantities.
and by the end OF the present fiscal
year, while the actual amount OF sugar
imported under the Dingley law will
be less than the amount imported in
the corresponding part of the last fiscal
year under the Wilson law. the revenues
will be greater. On the other hand,
the next calendar year will show an in
creased importation and a revenue ut
least double that under the Wilson law.
The monthly statement of the bureau
OF statistics at Washington, just issued,
shows that the total imports OF dutiable
sugar for the month Of October amount
ed to 1s2,99s,054 pounds, valued at So
643,613. This Is an increase Of nearly
100000 pounds over the amount OF
sugar imported in September. The
statement shows that the backbone OF
the dullest season in the history OF
sugar importations has been broken;
10 r
sugar that was rushed into this coun-
try last spring and in the early summer
In anticipation Of the increased duties
under the Dingley law is at last becom-
ing exhausted. II was the smallness
Of the sugar imports since the Diugley
law went into effect last July that the
opponents Of the law have used as
basis for their outcrics, saying that the
great increase Of the duty would keep
out sugar, and thereby the law would
fail in its purpose. Absurd rs this argu-
ment was. It found believers. and ihey
have been making the most of il ever
since.
When it became an assured fact that
new tariff law would be passed and that
the duties on sugars. raw and refined.
would be materially increased. import
ers started in 10 buy up an ihe foreign
sugar in sight and gct il into the couu
try before the law went into effect. As
Il result Of this, when the new law went
into effect in the last Of July there was
surplus stock on hand amounting III
round numbers TO 1000 tons. The to-
tai importation Of sugar in a year
amounts 70 about 100000 tons 50 that
when the new schedule took effect there
was six months or more supply on hand.
The heaviest importations of sugar
are in the early summer months, and on
August there IS always a very large
stock of sugar on hand, averaging
about 100000 tons, so that double the
usual stock was In this country when
the Dngley bill became a law. Sugar
imports dropped from an abnormally
high mark al once TO THE lowest point
known Consequently the revenue fell
on in a proportionate degree, thus
giving food to the anti-tariiT howlers
1t is estimated that fully one-half Of
the enormous surplus has been used up.
and the rest OF the stock Of sugar is be-
ing consumed at the rate Of about $1,000
tons week. As the normal surplus
stock for the United States is about 200.-
600 tons. II is calculated that by Febru
airy / mportations will have reached
their normal average. Next year is ex-
rected 10 make great showing IN
sugar Imports An authority In the
customs service says:
Il estimate the revenues from sugar
for the calendar year Of 1893 AZ about
S4s,000.000 The increase OF duty is not
going TO make the least bit Of difference
in the amount imported. The United
States produce only about onc-scycnth
Of the amount they need. The rest
must come from abroad. With an
average duty OF S1.54 per hundred
weight against So cents. and with coun-
teryailing duties against bounty-sup-
ported sugars, The difference in the
price TO the people viii not amount 10
more than onc-half a cent pound
The country is constantly growing, and
with IL the consumption Of sugar must
grow. The countcrvailing duties will
be quite considerable, too The greater
part Of our beet sugar comes from Ger
many, and the countervailing duties on
that are 80 cents n hundred pounds ON
refined and q cents on raw. Under the !
old law Il was ten cents on both. With |
the exhaustion Of the present stock OF |
sugar importations will soon reach |
their normal value. The coming cal. |
endar year will show fully what the
Dingley bill can do"
Importations OF raw wool are also |
rapidly recovering from the stagnation |
(which followed the new tnrin legisla- |
ton. and already 7.i2L23l pounds have
been imported at Boston, New York and |
Philadelphia during October. The total |
importations az Boston were 2.305.23O |
pounds. OF which i.oG4.G32 pounds were
third-class wool The New York inn |
portations during October were 3.61s.- |
$50 pounds. OF which 3.500.2i0 pounds |
were thlrd-c,ass. The Philadelphia /