prodigious figure, that New York may yet oust London and become the central dominating market of the world. [Illustration: SURF BOATS BY THE SIDE OF THE OCEAN LINER, ACCRA.] _Difficulties of Buying._ Every country produces a different kind of cacao, and the cacao from any two plantations in the same country often shows wide variation. It may be said that there are as many kinds of cacao as there are of apples, cacao showing as marked differences as exhibited by crabs and Blenheims, not to mention James Grieves, Russets, Worcester Pearmains, Newton Wonders, Lord Derbys, Belle de Boskoops, and so forth. Further, whilst the bulk of the cacao is good and sound, a little of the cacao grown in any district is liable to have suffered from drought or from attacks by moulds or insect pests. It will be realised from these fragmentary remarks that the buyer must exercise perpetual vigilance. [Illustration: BAGGING CACAO BEANS FOR SHIPMENT, TRINIDAD.] [Illustration: TRANSFERRING BAGS OF CACAO BEANS TO LIGHTERS, TRINIDAD.] _Cacao Sales._ Before the Cocoa Prices Orders were published (March, 1918) the manner of conducting the sale of cacao in London was as follows. Brokers' lists giving the kinds of cacao for sale, and the number of bags of each, were sent, together with samples, to the buyers some days beforehand, so that they were able to decide what they wished to purchase and the price they were willing to pay. The sales always took place at 11 o'clock on Tuesdays in the Commercial Sale Room in Mincing Lane, that narrow street off Fenchurch Street, where the air is so highly charged with expert knowledge of the world's produce, that it would illuminate the prosaic surroundings with brilliant flashes if it could become visible. On the morning of the sale samples of the cacaos are on exhibit at the principal brokers. The man in the street brought into the broker's office would ask what these strange beans might be. "A new kind of almond?" he might ask. And then, on being told they were cacao, he would see nothing to choose between all the various lots and wonder why so much fuss was made over discriminating amongst the similar and distinguishing the identical. He might even marvel a little at the expert knowledge of the buyers; yet, frankly, the pertinent facts concerning quality, known by the buyer, are fewer and no more difficult to learn than the thousand and one facts a lad must have at his finger ends to pass the London Matriculation; they are valued because they are inaccessible to the multitude; only a few people have the opportunity of learning them, and their use may make or mar fortunes. The judgment of quality is, however, only one side of the art of buying. We have to add to these a knowledge of the conditions prevailing in the various markets of the world, a knowledge of stocks and probable supplies, and given this knowledge, an ability to estimate their effect, together with other