verse of these conditions a smaller yield which was expected because of reduced acreage having been unexpectedly expanded by favorable weather towards the close of the season, and the same is true with respect to several of the important cane crops. Nevertheless, however, it is possible to make fairly accurate forecasts, and these are the accepted guides in shaping the course of trade from time to time. The prospective yield of the beet crops of Europe are, of course, of first importance, because they form the most important source of supply, but to the United States the cane crops of Cuba, Hawaii and the West Indies are of chief significance, as we draw about seventy-five per cent. of our supply from those

countries.

For the first time in a number of years there has been during 1904 a dimunition in the world's visible supply in consequence of a considerable falling off in the yield of Europe's beet crops, together with a general increase in consumption, and for the present at least a solution has been found for the over-production that has weighed so heavily for several years, and the advantages thus obtained are likely to be continued during the current year. In other words, the relations of supply and demand will be more evenly balanced upon a basis of values that will neither restrict consumption nor stimulate production.

Beet.-The yield of the 1904-1905 crops of beet sugar in Europe is the smallest in ten years, and shows a falling off of over two million tons, compared with giant crop of 1901-1902. The causes of this material reduction have been pointed out already, and hence it is only necessary to give the latest estimates made by LICHT, who is the accepted authority.

The following table gives the latest estimates for the campaign now drawing to a close, together with the actual results of previous crops, according to official data :

The latest reports indicate that for the next campaign the sowings will be increased from 10 to 15 per cent.

Cuba.-The crop marketed during 1904 proved to be the largest yield ever produced, being slightly in excess of one million tons. The succeeding crop, which is now coming to market, although likely to prove somewhat larger than its predecessor, will not be as large as at first predicted on account of dry weather, which impoverished in some degree the juice yield of the cane, but the enhanced value at which it will be sold will more than compensate

the planter for any loss sustained by reason of the comparative poverty of the yield. A conservative estimate of the 1904-1905 crop seems to be about 1,200,000 tons. The following table gives the yield for the past ten years:

Next to the Cuba crop the largest supply of cane sugar is received from Hawaii, and the crop of 1904 aggregated about 350,000 tons, of which there was shipped to the United States during the calendar year under review 323,261 tons. The next crop, the bulk of which will come to market during 1905, is estimated at about 320,000 tons, and accordingly the shipments hither will be a trifle smaller. From the West Indies the entire crop of Porto Rico comes to the United States, because it is admitted free of duty. The most important source of supply in the East Indies is the Island of Java, where the last crop amounted to nearly 900,000 tons, and this year will probably come close to the million mark. About one-half the last crop was shipped to the United States.

The estimated production of the world, so far as the quantities available for export are concerned, may be tabulated as follows, with comparisons of previous years:

Cuba
Porto Rico..

1904-1905. 1903-1904. 1902-1903. 1901-1902. 1900-1901. .tons, 1,200,000

1,040,228

998,878

850,181

636,856

150,000

130,000

95,000

91,500

85,000

PRICES OF RAW SUGAR AT NEW-YORK DURING THE YEARS 1904 AND 1903.

PRICES OF REFINED SUGAR AT NEW-YORK DURING THE YEARS 1904 AND 1903.

THE MOLASSES TRADE OF THE UNITED STATES.

Annual Review, showing the Import and Consumption of Molasses in the United States for the year ended December 31st, 1904.

GENERAL STATEMENT.

RECEIPTS OF FOREIGN MOLASSES AT THE SEVERAL PORTS OF THE UNITED STATES FOR THE YEAR ENDED DECEMBER 31ST, 1904, COMPARED WITH THE PREVIOUS THREE YEARS.

TOTAL CONSUMPTION OF MOLASSES IN THE UNITED STATES FOR THE PAST

ANNUAL REView of the MOLASSES TRADE OF THE UNITED STATES.

Foreign Molasses.-The process of making cane raw sugar yields three qualities of by-product. First, what is known in the trade as boiling molasses, or such as tests 50° Baume and above and therefore yields from three and a half to five pounds crystalizable sugar when re-boiled; second, what are termed grocery grades and are suitable for direct table consumption; and third, the lowest grades testing from 40° downward, and are used altogether for distilling purposes and the manufacture of vinegar. The available supply of the first named quality or grade is steadily diminishing because of the improved methods of manufacture that are being more generally adopted by planters whereby they are enabled to extract more sugar, and consequently produce less molasses, which is necessarily of a much lower test and poor quality. The grocery grades of foreign molasses have to compete with the numerous mixtures of glucose that can be obtained at retail at comparatively cheaper prices, and hence the demand is becoming more or less limited. The importations of the lower grades depend largely upon the ability of distillers to secure an adequate supply of other kinds of stock suitable for distilling purposes. These are the important influences that now control the demand for foreign molasses which, when compared with the total consumption in the United States of liquid sweets, is of limited proportions, the total value of the imports during the year under review being less than one million. dollars.

The table of importations given on page 19 shows considerable variation in the distribution of importations, as compared with previous years. Thus there has been a considerable falling off in the receipts of boiling grades, all of which come from Cuba, and have been shipped to Philadelphia, because the only two boiling houses are located there. The grocery grades are chiefly taken for consumption in New-England, and hence the largest shipments go to Boston, while a few scattered cargoes and deck loads have been received at New-York, Portland, Maine, Baltimore and one or two Southern ports. The importations of the cheap distilling grades have been landed chiefly at New-York and New-Orleans, and have been considerably in excess of any previous year, because of the relatively higher cost of other kinds of distilling material. In addition to making vinegar and for distilling, these descriptions are also in demand for feeding to cattle and horses, for foundry purposes in mixing with moulding sand and for the preparation and packing of tobacco.

Another important factor in the importation of foreign molasses is the fact that Porto Rico molasses comes in free of duty, and from Cuba at the reduction established by the provisions of the Reciprocity Treaty that went into operation over a year ago, while from all the other West Indies the importations have to pay the full duty fixed by the DINGLEY tariff. A new enterprise in the importation and distribution of foreign molasses, is the recent employ