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The latter authority gives the following statement of the coffee situation at the close of the year ending June 30, 1893:

The trade year closed June 30 with deliveries of all kinds in the United States, in comparison with the preceding year, as follows:

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This shows great steadiness of consumption, and should be considered satisfactory, in view of the high cost ruling and trade disturbances.

In Europe, however, we find an increase in deliveries, those at the eight principal ports comparing as follows:

Year.

1892-93..

1891-92.......

Bags. 6,547,679

6,392,719

Increase in 1892-93...........

154,960

Bringing the deliveries of Europe and the United States together, we have the following comparative statement:

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These figures show annual deliveries for the trade year of, in round numbers, 11,000,000 bags, or 647,000 tons, which may be accepted as the minimum requirements of Europe and the United States.

For the four calendar years ending December 31, 1892, the average annual deliveries in Europe and the United States were 651,384 tons.

It is fair, with these figures as a basis, to estimate that the world requires an annual supply of 650,000 to 660,000 tons (11,050,000 to 11,220,000 bags), and until the production exceeds this quantity, there is not much chance of a return to the low prices of 1882 to 1886.

THE BRAZIL CROP.

The receipts of coffee in Rio and Santos, for the trade year ending June 30, compare with preceding years as follows:

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Here we have a decrease in receipts at Rio and Santos in 1892-93, as compared with 1891-92, of 1,195,000 bags, a deficit of over 10 per cent of the world's coffee requirements.

The average annual receipts at the two ports of Brazil for five years were 6,008,800 bags, so that the crop of 1892-93 was a full average.

The exports from Rio and Santos for the year ending June 30 and the preceding four years were as follows:

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The above shows average yearly exports for five years of 6,020,000 bags, which is 275,000 bags below the exports of 1892–93.

Brazil furnishes about 54%1⁄2 per cent of the world's requirement of coffee, taking the average exports for five years as a basis of computation.

It is apparent that any decrease in the Brazil supply below a crop permitting of minimum exports of 6,000,000 bags, or 54% per cent of the world's total supply, means high prices until other producing countries extend their area under coffee to an extent great enough to produce and export an average of at least one-half of the world's requirements—unless Brazil has other years of exceptional yield, as in 1891-92, when the receipts at Rio and Santos went 1,388,200 bags beyond the yearly average.

Coffee culture is being pushed in Mexico, Central America and the United States of Colombia, but new plantations have not yet reached a point where they are able to push exports abreast of Brazil, and until that time is reached high prices must rule. Consumption has not increased since 1886 as much as it should, in view of the increase in population and the prosperous condition of the United States. It requires the stimulus of low prices and exceptional prosperity to advance coffee consumption in the old-time ratio of about 9 per cent per

annum.

THE MOVEMENT IN 1892-93.

Taking the official report of the New York Coffee Exchange, we find the position of coffee and movement in 1892-93 to be as follows:

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The total sales for future delivery on the New York Coffee Exchange amounted to 7,911,500 bags for the year ended June 30, 1893, compared with 6,949,000 in 1891-92, 7,700,750 bags in 1890-91, and 13,011,500 bags in 1889-90. The largest transactions for any one month were in April, when they reached 1,175,750 bags. More than one-half of the year's business was done during the first six months of the trade year, when transactions covered 4,157,250 bags against 3,754,250 bags for the six months ended June 30, 1893. The highest price paid was 17.70 cents for March delivery in January, 1893, and the lowest was 11.75 cents for October, November and December delivery in July last. The average monthly prices of No. 7 Rio for the trade year ended June 30, 1893, based on actual sales, were as follows:

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It is certain that any decrease in the Brazil supply of 1893-94, below 6,000,000 bags, means a heavy inroad upon the world's stocks, with the situation favorable for the producers. The stocks, July 1, in Europe and the United States, were 2,300,618 bags, against 1,997,023 bags, July 1, 1892, an increase of 323,595 bags. In the United States there was a decrease as compared with the previous year of 115,310 bags, while Europe shows an increase of 438,905 bags.

Any view of the situation is subject to modification, owing to the financial troubles which have unsettled the markets of the world. The liquidation in South America, Australia, England and this country, has not been completed, and until it is, no one can predict with any approach to certainty what the course of the coffee market will be in 1893-94. Credits have as much to do with the situation as crops.

VARIETIES OF COFFEE.

The coffee plant (genus cafea) indigenous to Africa and Southwestern Asia possesses several more or less known varieties, viz: Arabian Coffee: Mocha, Myrtle, Aden and Bastard.

Moorish Coffee: Marron of Reunion.

Monrovian Coffee: Coffee of Gabon.

Laurine Coffee.

Yellow Coffee (café amarello): The richest of all in cafeine, with yellow berries.

Red Coffee (café vermelho): The common coffee of Brazil, Colombia, Guatemala, Venezuela, Nicaragua, Salvador, Costa Rica and Mexico. The berries of this coffee are red when full grown.

The subdivisions of the above-named varieties are quite numerous, some of them being based rather on the district where they are produced, or the port whence they are shipped, than on any real difference in quality or appearance.

Thus we have for Brazil, the Rio Coffee, also subdivided according to class or treatment; Santos Coffee, the coffee of Minas, that of Bahia, of Ceará, etc.

For the West Indies there are the Haiti, Jamaica, Puerto Rico, Martinique, etc. For Venezuela, the Laguayra and Maracaibo. For Bolivia, the Yungas. Central America presents as subdivisions the Guatemala ordinary and Guatemala gragé; the Costa Rica, ordinary and gragé, etc. All these classes or subdivisions, however, belong to the Red Coffee variety.

It is a well-established fact that the quality of coffee-that is, its flavor and aroma-is improved by keeping, and it is thought to be at its best at eight years, provided it has been kept in a perfectly dry place and atmosphere. As it is sold by weight, and as it loses by the evaporation of the water contained in the freshly prepared beans, dealers prefer to sell it as green as possible. When at its best, its color should be a pale yellow, for the usual variety; and greenness of color is an evidence of immaturity or of artificial coloring. Such coffee should be avoided.

The following table will show the great variation in the size and weight of coffee from different sources:

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