SUGAR
ANNUAL REVIEW OF THE NEW-YORK MARKET.
NEW-YORK, January 13, 1857.
It will be seen by the preceding Tables, that the receipts into this port direct, of
Foreign unrefined Sugar, for the year ending Dec. 31, 1856, were 171,156 tons, against an
import of 126,844 tons in 1855 and 99,491 tons in 1854; and the quantity of Foreign withdrawn
for consumption in 1856, was 161,455 tons, against a consumption of Foreign of
121,356 tons in 1855, and 92,500 tons in 1854, being the very large increase in the consumption
of 1856 over 1855, of 33 ₱ cent., though the total increase in the consumption of all
kinds, is but 7.71 ₱ cent. This unprecedented advance in the consumption of Foreign, is
owing principally to the continued failure of the crop of Domestic Cane Sugar, as noticed
in our general remarks. Our Port maintains its pre-eminence in this branch of commerce,
having received and delivered for consumption the past year, about 63 ₱ cent of
the whole quantity of Foreign imported into the United States.
In our last Annual Report, we remarked that "the preceding year had been an extraordinary
one, noteworthy for its fluctuations, but most for the high prices realized for
this article," and we have now to say that the past year has been the most eventful one
that we have ever yet reviewed, prices having reached an altitude attained but once
before within our memory, and which a few years, ago would have been deemed fabulous
in the extreme; the only parallel that we can find recorded in our files was, for a brief
space in the early part of 1836, during the short-lived speculative movement of that
period, in March of that year, when we quoted New-Orleans
[email protected]½, Cuba Muscovado
[email protected], Porto Rico
[email protected]½, Brown and White Havana
[email protected]½, and Manila 10
cents—duty, Brown 2½ cents ₱ lb, White Clayed 3½. This was the highest point; from
that time until the close of the year, the downward movement progressed with great rapidity,
and there has been since no approach to those rates until the present. It was generally
supposed at this time last year that prices had reached their maximum, but since
then, the value of the article has been steadily (with a few fluctuations) advancing, until
now the rates are 1½@2 cents ₱ lb. above those then current. There are but very few
edibles that occupy so large a portion of the public attention at the present moment as
this; the per capita consumption of the United States is greater than that of any other
Country in the world, and hence the interest felt in the supply and probable course of
prices is generally diffused throughout all classes of the community.
High prices stimulate production, draw forth supplies from unexpected sources, and
curtail consumption, but so far the extent of its abridgement is much smaller than was
generally supposed it would be, having in view the very extraordinary rates this article
has commanded the past year or two. The ability of the Country to consume, however,
was never greater than at present. The masses, the agricultural and industrial classes,
are actively and remunerately employed, and prosperity is diffused broadly throughout
the land; the financial horizon remains unclouded, and though, as we have before
observed, when the supply of new crop West India becomes abundant, the present extraordinary
rates which Sugar commands may not be continued, yet with high cost at the
places of production (a large proportion of the West India crop having already been
contracted for at high prices) any great relaxation can scarcely be looked for during the
year now entered upon.
While due emphasis may be laid upon supplies as regulating prices, it must not, however,
be lost sight of that cheap or dear money exercises no unimportant influence upon the
value of this, with many other articles; hence, we have seen stocks reduced to a point unprecedentedly
low, and receipts in prospect small, yet money being scarce and high, prices
steadily declined; and, on the other hand, stocks have been very large, yet money being
plenty, deliveries have gone on with vigor, and prices have as steadily advanced; these
facts would suggest extreme caution in estimating a future consumption, or a maintenance
of high rates, based upon past experience.
It is generally asserted by those most familiar with the Trade, that the stocks at present
in the interior distributing points, were seldom, if ever, at so low an ebb as at present,
Country buyers having been incredulous as to the maintenance of prices so unusual, have
purchased from time to time barely sufficient to meet their immediate wants, in the constant
expectation of a decline in value.
The shipments of refined from the Atlantic Ports to California in 1856, reach about
2200 tons, against 6279 tons in 1855. We see it stated that one or two extensive refineries
are about going into operation in San Francisco of capacity sufficient not only to
supply the wants of California, but the whole of the West Coast of South America. They
will draw their supplies of Raw, from the East Indies.
As the various lines of communication and transportation between our ports and
Canada multiply, facilitating the interchange of commodities, so does the trade between
us grow and expand. The shipments inland of Sugar to those Provinces have hitherto
been quite inconsiderable, but the past year, they reached comparatively a large figure
New-York, Boston and Portland are the principal points whence transhipments are made;
we note that from the latter port last year, there was passed through the Custom-House
for Canada 1743 tons.
The stock at the commencement of last year, at this port, was 5253 tons, against a
stock of 6032 at the corresponding period in 1855. During the early part of January the
market was rather inactive, but the stock being light, and offerings moderate, prices
were fully sustained; on the 18th the first invoice, 67 hhds., of new crop Cuba came to
hand, and sold at 7 3/
[email protected] cents; there continued throughout the month a steady fair
demand, and toward the close the sales exceeded the arrivals, and a buoyant feeling was
manifested—while the inquiry for Refined sensibly lessened, the attention of consumers
being attracted more to the better grades of raw, owing to their comparative cheapness,
the sales and resales for the month being 1728 hhds. New-Orleans, 1340 do., 8500 bxs. and
371 bags Cuba, 1200 hhds. Porto Rico, 666 do. English Island, 76,350 bags Manila, 4700 do.
Brazil, and 890 hhds. Melado, &c.
February opened with a moderate but steady demand, and, with a reduced stock, the
pretensions of holders were fully acceded to; a little later, however, the arrivals from
Cuba being larger, a slight concession was made. The first of the new crop Porto Rico
was received on the 10th, and sold at 8 cents; about the 16th, late advices having come
to hand from Cuba, representing that heavy rains materially interfered with grinding,
and would delay shipments from there one to two months beyond the average time,
imparted an improved tone to the market, which being succeeded by a demand from
neighboring ports, the concession noted was regained, and subsequently an advance was
obtained of 1/
[email protected]¼ of a cent. Sales 4500 hhds. New-Orleans, 4600 do. and 3500 bxs. Cuba,
238 hhds. Porto Rico, 350 do. English Island, 13,716 bags Manila, 130 do. and 30 cases
Brazil, 609 bags Cuba, &c., and 1792 hhds. Melado, &c.
The arrivals from the West Indies in the early part of March became more frequent, and
low and medium grades were depressed and receded one-eighth of a cent; free receipts con-
throughout the month, and prices steadily drooped until at the close they were nearly
one cent lower than at its commencement; this reduction, however, induced much more
activity and more steadiness, and a better feeling became apparent. The sales were 1900
hhds. New-Orleans, 11,600 do. and 5100 bxs. Cuba, 900 hhds. Porto Rico, 40,645 bags
Manila, 1240 do. Java, and 850 hhds. Melado, &c.
April opened with a firm feeling, and a good demand from the Trade and Refiners;
during the second week, the opening of the navigation of the Hudson occasioned an increased
inquiry, partly from the Canadian dealers, and prices hardened; from this until
toward the close of the month, general activity prevailed, and holders were enabled to
realize an advance of 1/
[email protected]¼ of a cent. Refined descriptions also became in active request,
and owing to a previous large reduction in the manufacture, stocks were quickly exhausted,
and contracts were made ahead at improved rates. Sales of the month, 1900
hhds. New Orleans, 21,500 do. and 7300 bxs. Cuba, 5700 hhds. Porto Rico, 396 do. English
Island, 2000 bags Brazil, and 1300 hhds. Melado, &c.
The partial withdrawal of the Trade and Refiners in the early part of May, caused
some depression, and prices were irregular, and rather lower; the dulness was increased
toward the middle of the month, by large arrivals and free offerings, and a concession
was obtained of 1/
[email protected]¼ of a cent., though the finer qualities were relatively better supported.
This depression, however, was soon succeeded by an animated market; Exporters, Refiners
and Speculators came forward freely, and the month closed with much firmness and
buoyancy, with a rise in prices of ¼@3/8 of a cent. Sales 1000 hhds. New-Orleans, 24,000
do. and 5600 bxs. Cuba, 4600 hhds. Porto Rico, 728 do. English Island, 16,500 bags Manila,
4180 do. Brazil, 400 do. Port-au-Prince, and 1600 hhds. Melado, &c.
During the month of June, the market was much excited, continued and confirmed
accounts having been received from Cuba relative to a short crop, and from Louisiana respecting
the very poor appearance of the growing one, Speculators and Refiners entered
the market with confidence and prices rapidly appreciated ½@¾ of a cent, some
holders preferring to store even at this advance; sales were checked in consequence,
and at the close, there was less activity, but no abatement in the firmness of holders, the
stock being reduced quite low. Refined, in sympathy with raw, was also very active, as
the manufacturers sold their products ahead at advancing prices, to be adjusted on delivery.
Sales 750 hhds. New-Orleans, 23,000 do. and 7000 bxs. Cuba, 7000 hhds. Porto
Rico, 1200 do. English Island, 70 cases and 5533 bags Brazil, 15,906 do. Manila, and 1790
hhds. Melado, &c.
There continued a good demand through all July, and though the receipts during part
of the month were large, add stocks thereby increased, yet holders offered their invoices
sparingly, and a firm buoyant feeling prevailed, while a further advance of a quarter of a
cent was obtained. Refiners having sold beyond their ability to deliver at that time, declined
to receive further orders. Sales 2400 hhds. New-Orleans, 22,000 do. and 7000 bxs.
Cuba 4300 hhds. Porto Rico, 700 do. English Island, 20,000 bags Manila, 8700 do. Brazil,
643 do. Cuba, &c, and 1500 hhds Melado &c.
August opened with a quiet market, an unsatisfactory accounts having been received
from Europe, the buoyancy observable during the preceding month was lost; unexpected
continued large arrivals increasing, a stock previously heavy, also, aided the depression.
Holders evinced considerable desire to realize, and rates receded, from time to time until,
at the end of the month, a decline had been submitted to of three-quarters of a cent, as
compared with the prices current at its opening. Sales 575 hhds. New-Orleans, 12,500 do.
and 2200 bxs. Cuba, 2800 hhds. Porto Rico, 650 do. English Island, and 300 do. Melado, &c.
The stock at the close of August having been found larger than ever before known-
and the same feature existing at all the Ports, the depression in the early part of September
became very general, and prices of common grades again declined, being one cent,
and all others three-quarters of a cent, and Refined
[email protected]¼ cents below the highest point of
the season. These concessions were followed by great activity, the Trade, Exporters and
Refiners purchases with freedom, which soon reduced the supply, and prices again took an
upward turn, and with a continuance of the brisk demand, the decline noted was regained,
and rates were enhanced with more rapidity than they previously receded, until at the
close they stood 1/8 cent higher than before known in very many years. Sales 580 hhds.
New-Orleans, 30,000 hhds. and 4700 bxs. Cuba, 7300 hhds. Porto Rico, 600 do. English
Island, 30,663 bags Manila, 2185 do. Singapore, and 682 hhds. Melado, &c.
The extreme and unusual prices which were asked at the close of September checked
sales, and in the early part of October the market relapsed into a dull quiet state, with a
slight concession on the part of holders; the contracted feeling, however, was soon
succeeded by an active buoyant one, prices again became firmer, and rapidly appreciated
until they reached a still higher point than any before attained, having advanced during
the month 5/
[email protected]¾ of a cent, and holders indifferent sellers at the improvement; with large
sales the stock became quite reduced. Refined also partook in the activity, and manufacturers
were constantly sold ahead at steadily advancing prices. Sales 850 hhds. New-Orleans,
27,500 do. and 13,000 bxs. Cuba, 7300 hhds. Porto Rico, 130 do. English Island,
[70,8?5] bags Manila, 2416 do. Java, 358 cases Brazil, and 425 hhds. Melado, &c.
November commenced with rather a quiet market, the near approach of the close of
navigation, and consequent falling off in the Fall Trade, exerted an unfavorable influence;
as the month advanced the demand slackened and prices receded 1/
[email protected]¼ of a cent. Towards
the close there was rather more inquiry, holders offered their stocks cautiously, and a
partial recovery of this decline was obtained. Sales 480 hhds. New-Orleans; 8400 do.
and 6400 bxs Cuba, 1600 hhds. Porto Rico, 600 do. English Island, 11,242 bags Manila,
and 123 hhds. Melado, &c
The inquiry, as usual, throughout December was quite small, and though prices
during the first weeks were slightly lower, yet, toward the close, the reduction was
regained, and a knowledge that no considerable supplies could come to hand until the
advent of the new crop of West India, imparted a firm confident feeling to holders, who
evinced a disposition rather to advance than to recede in their pretensions, closing the
year with a stock of all kinds of 9846 tons, against a stock Jan. 1, 1856, of 5253 tons.
The following Table shows the range each month, and average value of the various
descriptions each year, for the past four years.
SUGAR
THE RANGE OF PRICES AT NEW-YORK THE PAST FOUR YEARS.
1856. New-Orleans. Cuba Porto Havana, Havana, Manila. Brazil, Brazil,
Muscovado. Rico. White. Brown. White. Brown.
January 8 @ 9 7 @ 8 7 @ 8¼ 8¼@ 9¼ 7 @ 8¾ 7¼@— 7½ @—
February 7½ @ 9 7¼@ 8½ 7½@ 8¾ 9 @ 9¼ 7½@ 9 7¼@— 7¼ @—
March 7 @ 9 6½@ 8¾ 7 @ 9 9 @ 9½ 7 @ 9¼ 7¾@—
April 6¼ @ 8¼ 6 @ 8 7 @ 9 9½@— 7 @ 9¼ 7¾@— 7 3/
[email protected]—
May 6½ @ 8¼ 6 @ 8¼ 6¾@ 9 9 @ 9½ 7 @ 9¼ 7 @7 1/8 7¼ @—
June 8 3/
[email protected] 8½ 6½@ 8¾ 7 @ 9¼ 9¼@10 7¼@ 9 5/8 7 7/
[email protected]
July 7¼ @ 9 7¼@ 9¼ 7½@ 9¾ 10 @10½ 7¾@11 8½@— 8 @8¼
August 8 @ 9½ 8 @ 9 8¼@10 8½@11 8½@— 10 @10¾ 8½ @8¾
September 8 @ 9¼ 7½@ 9¼ 7½@10 11 @12 8¼@10½ 9½@10 8¼@—
October 8 @10 7¾@ 9¼ 8 @10 11 @12 8¼@10¾ 8½@8¾ 9½@ 9¾ 8¼@—
November 8 @10¼ 7¾@10¼ 8 @10¾ 11 @12½ 9 @10¾ 9 @—
December 8 @ 11 7½@ 10¼ 8½@10¾ 11½@12½ 9 @11 8¾@9
Average for } $8,33 $8,62 $8,52 $10,23 $8,90 $8,05 $9,83 $7,84
the year
1855.
January 4¼ @5 7/8 4 @5½ 4½@6 6¼@ 7 5 @ 6¾ 5 1/
[email protected]¼ —@5 3/8
February 4 @6 4 @5½ 4½@6 6¾@ 7 5 @ 6¾ 5 1/
[email protected]¼ —@5 3/8
March 4 @6 4 @5 7/8 4½@6 6¾@ 7 5 @ 6¾ 5 1/
[email protected]¼ —@6¼ —@5 3/8
April 4 3/
[email protected] 4 3/
[email protected] 7/8 4½@6 1/8 6¾@ 7 1/8 5 @ 6¾ 5 1/
[email protected]¼ —@6¼
May 4¾ @6 3/8 4¾ @6¼ 5 @6½ 6¾@ 7¾ 4¾@ 7¼ 5¼ @5½ —@6¼
June 5¼ @6½ 5¼ @6¾ 5½@6½ 7¼@ 7¾ 5 @ 7½ 5¾ @5 7/8
July 5½ @6½ 5¼ @6¾ 5½@6¾ 7½@ 8 5½@ 7½ —@7 1/8 —@6½
August 5¾ @8 5¾ @7½ 6 @8 7½@ 8¾ 6 @ 8 6½ @6 5/8
September 6¾ @8½ 6¼ @8¼ 7 @8½ 8¼@ 9 6½@ 8½ 6½ @6¾
October 6½ @8¼ 6 @8 6¾@8¼ 8 @ 9 6¼@ 8½ 6¼ @—
November 6¼ @8½ 5¾ @8½ 6½@8¾ 8 @ 8¾ 5¾@ 8 6¼ @7¼
December 7¼ @9 6¾ @8 7 @8¼ 8¼@ 8¾ 7 @ 8 7¼ @— —@7¼
Average for } $6,25 $6,04 $6,37 $7,66 $6,54 $6,54 $6,46 $5,97
the year
1854. New-Orleans. Cuba Porto Havana, Havana, Manila. Brazil, Brazil,
Muscovado. Rico. White. Brown. White. Brown.
January 4 @ 5½ 4¼@ 5¼ 4½@ 6 8¼@ 9¼ 7 @ 8¾ 7¼@— 7½ @—
February 4 @ 6 4¼@ 5¼ 4½@ 6 9 @ 9¼ 7½@ 9 7¼@— 7¼ @—
March 4 @ 6¼ 4 @ 5¼ 4½@ 6 9 @ 9½ 7 @ 9¼ 7¾@—
April 3 5/
[email protected] 6¼ 3¾@ 5¼ 4 @ 6 9½@— 7 @ 9¼ 7¾@— 7 3/
[email protected]—
May 3 5/
[email protected] 5¼ 4 @ 5¼ 4 @ 5¾ 9 @ 9½ 7 @ 9¼ 7 @7 1/8 7¼ @—
June 3¾ @ 5¼ 4 @ 5¼ 4 @ 5¾ 9¼@10 7¼@ 9 5/8 7 7/
[email protected]
July 3¾ @ 5¼ 4 @ 5¼ 4 @ 5¾ 10 @10½ 7¾@11 8½@— 8 @8¼
August 4¼ @ 6 4 @ 5½ 4½@ 6½ 8½@11 8½@— 10 @10¾ 8½ @8¾
September 4½ @ 6 4¼@ 5¾ 4¾@ 6½ 11 @12 8¼@10½ 9½@10 8¼@—
October 4¾ @ 6¼ 4½@ 6 5 @ 6¾ 11 @12 8¼@10¾ 8½@8¾ 9½@ 9¾ 8¼@—
November 5 @ 6¼ 4¾@ 6 5 @ 6¾ 11 @12½ 9 @10¾ 9 @—
December 4¼ @ 6 4¾@ 5½ 4¾@ 6¾ 11½@12½ 9 @11 8¾@9
Average for } $4,99 $4,83 $5,33 $7,00 $8,90 $8,05 $9,83 $7,84
the year
1853.
January 4¼ @5 7/8 4 @5½ 4½@6 6¼@ 7 5 @ 6¾ 5 1/
[email protected]¼ —@5 3/8
February 4 @6 4 @5½ 4½@6 6¾@ 7 5 @ 6¾ 5 1/
[email protected]¼ —@5 3/8
March 4 @6 4 @5 7/8 4½@6 6¾@ 7 5 @ 6¾ 5 1/
[email protected]¼ —@6¼ —@5 3/8
April 4 3/
[email protected] 4 3/
[email protected] 7/8 4½@6 1/8 6¾@ 7 1/8 5 @ 6¾ 5 1/
[email protected]¼ —@6¼
May 4¾ @6 3/8 4¾ @6¼ 5 @6½ 6¾@ 7¾ 4¾@ 7¼ 5¼ @5½ —@6¼
June 5¼ @6½ 5¼ @6¾ 5½@6½ 7¼@ 7¾ 5 @ 7½ 5¾ @5 7/8
July 5½ @6½ 5¼ @6¾ 5½@6¾ 7½@ 8 5½@ 7½ —@7 1/8 —@6½
August 5¾ @8 5¾ @7½ 6 @8 7½@ 8¾ 6 @ 8 6½ @6 5/8
September 6¾ @8½ 6¼ @8¼ 7 @8½ 8¼@ 9 6½@ 8½ 6½ @6¾
October 6½ @8¼ 6 @8 6¾@8¼ 8 @ 9 6¼@ 8½ 6¼ @—
November 6¼ @8½ 5¾ @8½ 6½@8¾ 8 @ 8¾ 5¾@ 8 6¼ @7¼
December 7¼ @9 6¾ @8 7 @8¼ 8¼@ 8¾ 7 @ 8 7¼ @— —@7¼
Average for } $6,25 $6,04 $6,37 $7,66 $6,54 $6,54 $6,46 $5,97
the year
SHIPPING AND COMMERCIAL LIST, AND NEW-YORK PRICE CURRENT, 58 Pine-street.
Entered according to Act of Congress, in the year 157, by AUTENS & BOURNE, in the Clerk's office of the District Court of the Untied States, in the Southern District of New-York.