We have solved our problems of over-supply of sugar by selling about 3 million tons with some ingenuity on the financing and pricing.
An example is the Phillips Brothers contract and the Russian sale and the FarmanBarzano purchase. The modified Algerian formula as well as the new refiners formula which compels the refiners to maintain the spot price in New York and to deduct the cost of the raw sugar on spot price basis before the calculations of their profits should guarranty [sic] a more stable price and income for our sugar.
Imelda had lunch with the foreign correspondents. She has called the Western press “bullies.” Good for her.
No Official Gazette entry for this day.