makes it difficult to give any exact figures of the annual produc tion. They are generally unwilling to make public the extent of their operations; but a pretty accurate estimate of the production can be made based upon the purchases of corn, the possible yield per bushel, and the daily capacity of the several factories. Competent authorities estimate that the output of 1896 amounted to 900,000 barrels or 45,000,000 gallons. The export for the past five years has been as follows:

1892,. 1893,

1894,

.lbs. 96,576,239 | 1895,.
138,330,953 1896,.

110,325,524

.lbs. 145,985,312 181,032,380

Consumption.-According to the preceding tables the total consumption of cane molasses during the year 1896 amounted to 30,618,429 gallons, against 51,273,770 gallons in 1895, a falling off of 20,655,341 gallons. This decrease is due first to the curtailment of boiling operations, owing to the failure of the Cuban crop, and second to the smaller yield of the domestic crop. The quantity of foreign molasses boiled at Philadelphia was only 475,000 gallons, while the consumption of foreign grocery molasses was likewise smaller than in 1895. Deducting from the receipts of foreign the quantity used in boiling and distilling, as well as the exports, and adding the receipts upon the Pacific Coast, 299,217 gallons, gives 30,442,646 gallons cane molasses. To this must be added the estimated yield of sorghum, 16,000,000 gallons, and the production of glucose, 45,000,000 gallons; the total will show the approximate consumption of liquid sweets for the whole country to have been 91,442,646 gallons, against 104,778,770 gallons in 1895, 95,100,000 gallons in 1894, 99,719,000 gallons in 1893, and 81,634,000 gallons in 1892.

The following statement gives in detail the result of the boiling operations of the several ports in comparison with previous years:

According to the preceding tables the total importations of foreign molasses amount to 3,646,646 gallons, while, according to the Bureau of Statistics, the total importations for the whole country aggregate 3,958,717 gallons. The total export of foreign molasses for the year 1896 was, according to the Bureau of Statistics, 456,252 gallons, against 636,719 gallons in 1895, and 196,080 gallons in 1894. This comprises cargoes from the West India Islands that came here for an optional market, or when purchased in bond for transhipment to Canada.

The sugar house syrups, which is a by-product of the refining process, usually find a good market abroad, and considerable quantities are taken for export. The quantities shipped during 1896 aggregated 6,259,300 gallons, against 9,325,043 gallons in 1895, 8,740,787 gallons in 1894, 8,647,580 gallons in 1893, 10,244,730 gallons in 1892, and 6,145,321 gallons in 1891.

Prices.-Market values have ruled higher during 1896 than the previous year, owing to the smaller available supply, especially from the Island of Cuba, and from the domestic crop. The price of boiling molasses has been entirely nominal, as no transactions have transpired upon this market, the few shipments received at Philadelphia, which is the only port where boiling operations have been carried on, having been purchased at the port of shipment at a cost and freight price. Of the other West India grades, the transactions have been comparatively small, but, as already remarked, upon a higher plane than the previous year. Porto Rico, which is considered the best of fancy molasses, has averaged 29.91 cents per gallon, against 24.6 cents in 1895. The new crop, which usually arrives here during April, sold at 30 @ 35 cents, but as dairy products became abundant, and the demand for molasses decreased, declined to 28 @ 32 cents, and there remained during the summer months, but when new crop domestic came upon the market there was a further decline to 26 @ 30 cents. The average price of English Islands was 214 cents, against 15 cents in 1895, but there was very little variation in these prices throughout the year.

The market for domestic, or New Orleans molasses, shows but moderate fluctuations, prices gradually declining during the first nine months of the year, or until October, when the new crop makes its appearance upon the market. The average price of Centrifugal for the year was 173 cents, against 144 cents in 1895, and of open-kettle 32 cents, against 25 cents in 1895. The first sales of new crop syrups in October were at 35 cents, at which only a few barrels were placed, the first arrivals always commanding a fancy price, and the first arrivals of open-kettle realized 32 @ 37 cents, but as soon as the crop was freely marketed there was a gradual decline, and at the close of the year the best grades were worth only 23 @ 32 cents. At the same time old crop goods sold at 8 @ 20 cents for Centrifugal, and 20 @ 28 cents for open-kettle.

Crop Prospects.-The supply of molasses is governed almost altogether by the proportions of the sugar crop, and the conditions under which the process of fabrication is carried on. A large sugar crop necessarily brings an abundant supply of molasses, and, on the contrary, any curtailing of the cane crop reduces the supply of molasses. The state of affairs in Cuba has necessarily reduced the supply from that quarter to a minimum, and the exports from there will be very uncertain and comparatively small, but this chiefly affects the boiling operations which are carried on in Philadelphia. What are termed grocery grades are received almost wholly from the other West India Islands, Porto Rico and the

English Islands, which are near by. An average sugar crop is foreshadowed from these localities, and the requirements of consumption will be readily supplied, especially if last year's prices are maintained, as they are remunerative. Tariff changes may have some influence, but it is quite impossible to foreshadow what these may be.

The domestic supply from the 1895-96 crop was not as large as the year previous, and higher prices prevailed, but the crop of 1896-97 promises to be much more abundant.

RANGE OF PRICES OF MOLASSES AT NEW-YORK DURING THE PAST YEAR.

THE COFFEE TRADE OF THE UNITED STATES.

Annual Review, showing the Import and Consumption of Coffee in the United States for the year ended December 31st, 1896, compared with the previous two years.

YEARLY AVERAGE PRICE PER 100 POUNDS IN THE NEW-YORK MARKET OF No. 7 EXCHANGE STANDARD BRAZIL COFFEE FOR THE LAST TEN YEARS.

* Rio, 1,568,647; Santos, 1,157,886; Bahia, 97,111; Ceara, 3,934; Victoria, 195,353.

+ Mocha, 22,400; African, 20,211.

Fair Rio, or No. 3 Exchange Standard, which is 150 points above No. 7.