Based on a 57c differential and 2% cash discount

When Exchange

Refiners' Quotations

Prices Are Should Be

4c 4.49

4.05 4.54

4.10 4.59

4.15 4.64

4.20 4.69

4.25 4.73

4.30 4.78

4.35 4.83

4.40 4.88

4.45 4.93

4.50 4.98

4.55 5.03

4.60 5.08

4.65 5.13

4.70 5.18

4.75 5.22

4.80 5.27

4.85 5.32

4.90 5.37

4.95 5.42

5.00 5.47

5.05 5.52

5.10 5.57

5.15 5.62

5.20 5.67

5.25 5.71

5.30 5.76

5.35 5.81

5.40 5.86

5.45 5.91

5.50 5.96

5.55 6.01

5.60 6.06

5.65 6.11

5.70 6.16

5.75 6.20

5.80 6.25

5.85 6.30

5.90 6.35

5.95 6.40

6.00 6.45

6.05 6.50

6.10 6.55

6.15 6.60

6.20 6.65

6.25 6.69

6.30 6.74

6.35 6.79

6.40 6.84

6.45 6.89

6.50 6.94

6.55 6.99

6.60 7.04

6.65 7.09

6.70 7.14

6.75 7.18

6.80 7.23

6.85 7.28

6.90 7.33

6.95 7.38

7.00 7.43

7.05 7.48

7.10 7.53

7.15 7.58

7.20 7.63

7.25 7.67

7.30 7.72

7.35 7.77

7.40 7.82

7.45 7.87

7.50 7.92

7.55 7.97

7.60 8.02

7.65 8.07

7.70 8.12

7.75 8.16

7.80 8.21

7.85 8.26

7.90 8.31

7.95 8.36

8.00 8.41

8.05 8.46

8.10 8.51

8.15 8.56

8.20 8.61

8.25 8.65

8.30 8.70

8.35 8.75

8.40 8.80

8.45 8.85

8.50 8.90

8.55 8.95

8.60 9.00

8.65 9.05

8.70 9.10

8.75 9.14

8.80 9.19

8.85 9.24

8.90 9.29

8.95 9.34

9.00 9.39

9.05 9.44

9.10 9.49

9.15 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.

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