Note 69 — PART I

I have termed the process “refining;” it should rather be called claying and sorting—and it is as clumsily managed as the ingenuity of man could well devise. The trade is principally in the hands of three or four capitalists; advances are made by these to brokers, the provincial merchants, who annually bring their produce to the capital in small vessels,69 and to the masters of coasting traders, in which the sugar merchants have shares. These are made to a large amount, 80 to 100,000 dollars; and as the interest of this must at least run for six months at 9 per cent. it forms a heavy item. Losses and defaulters form another, say ½ per cent. in all 5 per cent.