conditions, agricultural, political and social, on the price of the commodity. The room in which the sales are conducted is not a large one, and usually not more than a hundred people, buyers, pressmen, etc., are present. Not a single cacao bean is visible, and it might be an auction sale of property for all the uninitiated could tell. The cacao is put up in lots. Usually the sales proceed quietly, and it is difficult to realize that many thousands of bags of cacao are changing hands. The buyers have perfect trust in the broker's descriptions; they know the invariable fair-play of the British broker, which is a by-word the world over. The machinery of the proceedings is lubricated by an easy flow of humour. Sometimes a few bags of sea-damaged cacao or of cacao sweepings are put up, and a good deal of keenness is shown by the individuals who buy this stuff. It is curious that a whole crowd of busy people will allow their time to be taken up whilst there is a spirited fight between two or three buyers for a single bag. Whilst the London Auction Sales are of importance as fixing the prices for the various markets, and reflecting to a certain extent the position of supply and demand, only a fraction of the world's cacao changes hands at the Auction Sales, the greater part of it being bought privately for forward delivery. _Prices and Quotations._ [Illustration: DIAGRAM SHOWING VARIATION IN PRICE OF CACAO BEANS FROM 1913 TO 1919.] The price of cacao is liable to fluctuations like every other product, thus in 1907 Trinidad cacao rose to one shilling a pound, whilst there have been periods when it has only fetched sixpence per pound. On April 2nd, 1918, the Food Controller fixed the prices of the finest qualities of the different varieties of raw cacao as follows: British West Africa (Accra) 65s. per cwt. Bahia } Cameroons } San Thome } 85s. " " Congo } Grenada } Trinidad } Demerara } 90s. " " Guayaquil } Surinam } Ceylon } Java } 100s. " " Samoa } The diagram on p. 113 shows the average market price in the United Kingdom of some of the more important cacaos before, during, and after the war. The most striking change is the sudden rise when the Government control was removed. All cacaos showed a substantial advance varying from 80 to 150 per cent. on pre-war values. Further large advances have taken place in the early months of 1920. _The Call of the Tropics._