22
Board of Trade,
+
"The selling price of sugar in the Iloilo market,
based on the price in foreign markets, is about $64
Mexican per ton, which allows little or no profit on the
sugar from the most favour ably located estates, and is
considerably less than the cost of production on the
interior estates........ .The planters are more deeply
in debt at the close of 1903 season than at any previous
time in their history and if it had not been for the low ruling rate of exchange enabling powers to pay more in Mexican currency on practically the same gold prices as last year, a large percentage of the planters would have been entirely ruined and compelled to abandon their estates. The planters have been steadily losing ground since 1899 and have only been encouraged to continue the operation of their estates by the hope each year that their products would be admitted to the markets of the United States at a much more favourable rate of duty than is now imposea".
Telegrams have also been despatched to His Majesty's Consul General at Manila and His Majesty's Vice Consul at Iloilo enquiring whether there is any combination among suger producers to keep up home
The former prices and to export at lower prices. replies that there is none, and that there is no like-
lihcoa of such a combination; the latter that a com- bination is impossible.
December,
1904.
+ Equivalent to about £5.12.0 per ton.
나
C.