Sugar The trend in prices of raw sugar was in a downward direction practically throughout the year, closing values at the end of December being about the lowest. The chief cause is to be found in the increase in beet sugar production over the previous year, such increase being about two million tons. The difference between the highest and lowest prices recorded for Java Sugars in Hongkong during the year was $5.40 per picul for Java Whites and $5.30 per picul for Java Browns.
This, as is invariably the case, reacted very quickly in the refined markets throughout China, and whereas sales were being made from the middle of February to the middle of March on the basis of Shanghai Taels 12 per picul, selling limits from that time on had to be gradually reduced, until in December the rate was as low as Taels 8.3 mace per picul.
Adverse trading conditions in China also seriously handicapped the Hongkong Refineries and in August last when a sudden and quite unprecedented demand arose for Refined Sugar, business had to be entirely suspended owing to the hostilities in the North and the inability of dealers to finance their business owing to the financial stringency which followed the outbreak of hostilities.
Cotton.—American Cotton fluctuated considerably in 1924, the tendency being towards a lower basis.
The year opened with Liverpool quotations at 21.06d. per lb.
Prices gradually fell, with one or two minor setbacks, to 16.05d on 28th March, when a sudden reaction set in and the raw material advanced to 19.30d on 11th April.
A gradual decline was then registered until the end of the year, with a temporary rise during July and the market closed at 13.65d. on 31st December.
The lowest value registered during the year was 13.00d in the middle of December.
Rope Making. The demand for Manila Cordage was fairly good during the first six months of 1924 but it fell off in the second half of the year owing to the very high cost of Manila Hemp, prices for which rose continually throughout the year. The total turnover was not so good as in the previous year owing chiefly to the competition of the Rope Factories at Manila who have a preferential duty in the United States and can therefore place their surplus production on foreign markets at prices which probably barely cover actual cost.