9.54
9.20 9.59
9.25 9.63
9.30 9.68
9.35 9.73
9.40 9.78
9.45 9.83
9.50 9.88
9.55 9.93
9.60 9.98
9.65 10.03
9.70 10.08
9.75 10.12
9.80 10.17
9.85 10.22
9.90 10.27
9.95 10.32
10.00 10.37

(This chart works both ways. That is, when the exchange quotation
is given, if the markets are in line the refiners' prices should be
as shown in the first column.)

It should be borne in mind that the above calculations are based upon a
normal difference in price of 20c per hundred pounds between beet and
cane sugars, which is the ruling difference as quoted in the Exchange
contract. Should beet refiners elect to sell at greater discounts than
20 points under cane refiners' Seaboard prices, the amount in excess of
20 points would have to be subtracted from our arbitrary figure of 57c.

The Function of the Sugar Broker

If you should organize your company so that it could attend to all the
details of sugar buying economically, you would probably still profit
from the assistance of a sugar broker whose specialty is sugar buying,
whose horizon is a sugar horizon, whose thoughts are sugar thoughts and
who must necessarily know more about sugar than the average buyer would
ever consider it desirable to know.

The sugar broker's service to you is unaffected by prices--his prices
and all other brokers' prices are the Exchange prices; his commissions
are based on the same percentages as all other brokers' commissions.
His only distinction can come from the actual service he can render.

This service may be good or poor, depending upon whether his
experience, his organization, his information and his judgment are good
or poor. If, added to his knowledge of sugar, he also possesses a broad
knowledge of economic fundamentals and a perspective upon and contact
with world activities as they affect all phases of the business of
sugar, his service will be many times more valuable than if he were
limited by a small organization, by a definite locality or by
experience in only a few phases of this business.

A sugar broker who merely _accepts and transacts orders_ is giving no
service worth the name. To give service in accordance with the highest
modern standards, he must stand as