Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-11
THE SUGAR MARKET
FLUCTUATIONS IN PRICES RE-
MARKABLE LAST FEW MONTHS
Statement Of Wide Variations in the
London Mart-Campaign Has
Been Instructive.
Special Correspondence Of The Star.

'PSNioi Correspondence OF The Star.
LONDON, June 3, 1908.
The course of the world sugar market
mad been marked by wide variations in
prices in several of the years immedla tely
before the Brussels convention became one
rative. but these fluctuations in price We're
moderate compared with those witnessed
during the last few months That a new
element was introduced into the situation
by the convention must be admitted. but
1t Is unfortunate that political consldera-
tions have In a great measure prevented
the unbiased discussion of It's influence
During the past few weeks there has been
a heavy break in the prices Of sugar. and
quotations have reached the lowest points.
since the beginning of the year. 1t becomes
therefore desirable to review the sugar
market from the commercial standpoint
and to consider only the market conditions
10 ceaI with the sugar markets in precise
~ the same way as the markets in other
commodities. such as pig iron and cotton
Market movements in sugar from Sem
TENDER. 1903. to September 1904, were not
remarkable; prices gained during that fine
no more than the amount which repre-
sented the enhanced cost of sugar following
the abolition of bounties and karteIs JS
September last year estimates of the Eu-
ropean beet crop for 1904-5 indicated a re-.
duced yield compared with the preceding
on the continent Mr. F. O. LIGHT usually
taken as the chief authority, estimated the
yield at 4,S60.0O to $500 900 tons but the
strongest influence was exercised by the
factories estimate early In October of only
4, $3.50, 600 tons
These figures al once created in a pro-
nounced form one of the periodical short
supply scares," preference being given 10
the factories lower estimate, although ex-
perience had shown that the factories 40
ures were always much short of the actual
yield
Showed Inclination of Bull Movement.
The market had, however. been showing
an inclination toward a bull" movement
and the low factories estimate suited its
temper. Vigorous buying was begun. trans
actions reached an unusual volume and
prices rose rapidly both here and abroad,
The movement was further stimulated
when Mr.. LIGHT finally adopted 465S. 900
tons as his estimate for 1904-5. Beet sugar
(Ss per cent? was quoted on January | =
1904. at SIS. Cd. per hundredweight for Nav
delivery; on January l. 1905. May delivery
weight.
West Indian crystallized sugar. duty paid
In the same period moved up from i5s Sd
to 22s. per hundredweight The rise cul-
minated In January OF this year. when MAY
delivery beet sugar reached los. 6Ad., and
West Indian crystallized 25s. 3D. per hum
dredweight From that time the course of
the market was downward though not un-
interruptedly until May delivery beet sugar
stood at lis. lid and West Indian crys-
tallized at 1913. per hundredweight. These
prices show a fall since January last of
about 20 per cent.
During the period OF decline in price there
have been no Developments suggesting that
the estimates which melted the upward
movement were much below what the Eu-
ropan yield is likely to prove by the end of
the sugar year In September. The yield in
1904 was 1884 600 tons, while estimates
Indicate that the 19o4-5 crop viii amount to
about 100000 tons. There have however
been other factors at work which have had
a tendency to depress prices Supplies from
cane-producing countries increased and
consumption both at home and abroad was
curtafled to an extent which had not been
counted upon. The visible supply figures
were not suggestive OF that degree of
scarcity which, according to calculations.
ought already to have been manifestina IT.
self and 1t became probable that the sea-
son would close with a visible supply not
materially less than that which the year
opened.
Average Price Of Imports.
The average price OF the imports of un-
refined sugar this year has been Los. per
hundredweight, as against IS. I'D. per hum
dredweight In 1904 and Ss Sd In 1905: OF
refined sugar the average price has been
It's i'd, against lis. I'D. and los. Gid. The
effect of higher prices this year is seen in
the reduced figures for home consumption