We have sold 500,000 tons of sugar to the Russians at 7.75 cents a pound and .75 cents to be made good by the brokers Barzano and Farman to make it 8.5 cents a pound.
Now the spot price is gaining. Bobby [Roberto] Benedicto worked this out.
And Bobby is in Tokyo still also working on a 775,000 tons sale to the brokers at an average of 10 cents with an option to buy at l0 cents after the first 775,000 tons.
China is buying another 200,000 tons.
And I have asked Philip’s Brothers to buy on the basis of the modified Algerian contract.
No Official Gazette entry for this day.