. The Cuba review. 36 THE CUBA REVIEW THE SUGAR INDUSTRY SUGAR DEMAND AND SUPPLY. Tlie history of a noteworthy advance and dechne in the price of sugar, and the reasons therefore as given by Messrs. Willett & Gray, make most interesting reading. They say: "The recent episode of the remarkable rise in the price of sugar from per lb. to 5 J^c. per lb. in bond, from August 1st to 13th, and the equally remarkable decline from 53^c August 13th to November 2d, will long be quoted and used in various instances as the most instructive proof of the proposition that "supply and
. The Cuba review. 36 THE CUBA REVIEW THE SUGAR INDUSTRY SUGAR DEMAND AND SUPPLY. Tlie history of a noteworthy advance and dechne in the price of sugar, and the reasons therefore as given by Messrs. Willett & Gray, make most interesting reading. They say: "The recent episode of the remarkable rise in the price of sugar from per lb. to 5 J^c. per lb. in bond, from August 1st to 13th, and the equally remarkable decline from 53^c August 13th to November 2d, will long be quoted and used in various instances as the most instructive proof of the proposition that "supply and demand control and make ; The supply and demand conditions on August 1st made the price , and the supply and demand conditions on November 2d also made the price of per lb. As developed later, there was at no time between August 1st and November 2d any important change in the actual supply conditions that should have called for the advance in prices that was made. The visible supplies of sugar were so large at the beginning of the last sugar campaign as to bring the price of sugar down to or below the cost of production. The price had recovered slightly to August 1st, the supplies had not been drawn upon to any unusual extent, and the price was than a normal value on the supply and demand basis. Between August 1st and November 2d the visible supphes had been drawn upon to some further extent, but still sufficient supplies remained to meet the demands as to warrant the value again. What caused the intermediate rise in price of over 100 per cent? It was simply the mistaken sudden conviction that took posses- sion of Great Britain and the United States that because of the cutting off of European beet sugar supplies the cane sugar supplies would be insufficient for the demands of the two countries. Immediate action to possess the supplies at any cost soon developed the unchanged facts that supplies were easily secured and were abundant for
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