Economic essays

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Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The holding movement in agriculture / Jesse E. Pope

Collection:: Economics Books

276 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK must be kept within certain defined limits. The price of refined sugar was advanced to meet the new price of raw sugar. A well known refiner gave out a statement to the trade that “this new price was just about right.” The Commission had almost unlimited funds at its disposal and the planters were to be furnished the requisite credit to enable them to withhold their crop from the market; but, despite all these efforts, the price of raw sugar refused to advance. Then the Commission attempted to devise schemes for dumping the surplus on the European market and agitated for a seventy-five per cent curtailment of the future crop. This failed quite as signally and the baffled Commission retired from the field. In the meantime, the sugar situation righted itself, and owing to a good demand, prices advanced and the industry again pros- pered. “If,” says an authority, “the Cuban Sugar Commission had had its way, in place of the present prosperity, the Cuban planter would be facing ruin and the world would be in the throes of a sugar famine.” When, however, in 1925, sugar prices again became unfavorable the agitation for some action to relieve the situation was renewed. In 1926 a legislative act was passed providing that the grinding of the 1926-27 crop should be delayed until Jan. 1, 1927; and it was finally decreed that the Cuban sugar production should be cut ten per cent below that of the previous year. Production was to be prorated and any producer turning out more than his pro rata share was to be fined $20.00 for each surplus bag. The experiment is still in progress, but its probable outcome is not difficult to foresee and may be briefly stated as follows: Disputes, charges and counter charges fill the air, each producer complaining that he is a victim of discrimination. The number of mills grinding was larger in Jan. 1927 than at the corresponding time a year earlier, though the output was slightly smaller. Weather conditions have been, for the most part, unfavorable for the sugar crop the world over and Cuba has not escaped. More- over her prospective supply has been greatly curtailed by dis- astrous cane fires. Many experts insisted at the time the cut was made, that ten per cent was too large; and later developments have been borne out their contention. Indeed, at the time of this writing, responsible experts maintain that the falling off in pro- duction, working with increased consumption, have created a

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