The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1885-06-15
THE SUGAR MARKET.
Facts from Foreign Producing COum.
tries A Steady Market.

Facts from Foreign Producing COun.
tries A Steady Market.
The San Francisco correspondent of the
P. c. ADVERTISER, writing by the Zealandia,
says that there is no change TO quote in the
rates for raw sugars since the departure Of
the Mariposa on the 1st instant. The basis
for Manila raws is still $50 cents. New
York advices are to the effect that refners
show more disposition to replenish their
supplies, both spot and future, and there
has consequently been more activity in the
market, which remains firm. The London
market IS in an excited condition, and that
Of New York Is slowly creeping up to it.
FOREIGN PRODUCING COUNTRIES.
At Pernambuco late rains have caused
outstanding cane to rot, and the crop is con-
cluded. Even with continuation Of mod
crate weather, the crop of 1856 will be a
very moderate one. The total exports for
the present crop will amount to $4,000 tons,
From tie Philippine Islands news comes
that 44,1O0 tons of sugar had left for the
United States since January 1st, against
24,223 tons during the same period last
year. There are now SO, las tons afoat,
against SO, 228 tons for the United States last
year.
From Cuba we he4r that constant rains
have virtually ended the crop, which will
| amount to 425, OOO as against 45O, 900 tons
last year. Five-eighths of this has already
been sold, and both the United States and
Europe are bidding for the balance.
Havana adyices state that copious rains
have interfered with grinding. Many es-
tates have terminated their sugar making
| for the year, leaving about a third of the
cane, which represents several thousand
tons of sugar, to rot in the fields.
The beet crop of Europe, which practically
rules the market, shows a reduction of fully
20 per cent in sowing. This is equivalent to
a shortage of 100000 tons, as compared with
last year ; consequently England is now
compelled to look to cane countries for the
stocks which she has usually obtained from
! beet countries.
CAUTIOUS ADVICE.
Bradstreet's," the most reliable author
ity in America on all commercial matters,
says in its issue of May 3Oth
A further shrinkage of the beet sowings
in Europe has had an exhilirating effect
upon the market, and prices in London
have advanced to us for Austrian and
German sugar. This latest estimate, if it
turns out correct, will reduce the crop for
the coming season about 500, 900 tons.
Some even go further and say that the crop
will be less. II must not be overlooked,
however, that there is a good deal of I'M
certainty about the ultimate crop, as the
absolute output has for a number of years
universally exceeded the estimate by many
thousand tons. The present rise in price
has not only been the most sudden but the
greatest in the history of the sugar trade
therefore it is not improbable that when the
worlds sugar crop is gathered it will be
found that the absolute deficiency has been
discounted. If we consider the present
price of beet sugar compared with lowest
quotations of last season, we find that the
rise is equal TO an advance Of 20 per cent,
the present price of It's. comparing with los.
for last October. Certainly the rains
which have been prevalent in Cuba have
strengthened the hands of the bulls, reduc-
ing the estimated production of that island
from 600, 900 tons to $50, 900 tons. At the
same time it must not be overlooked that
the present prices will induce the Cuban
planters to exert themselves to grind out
every ton of available sugar, which may in
all probability increase the ultimate yield.
The same influence will be at work in every
other cane-producing country, and the re-
suit will be fair crop. When the present
stocks are considered, it appears that the
rise which has just taken place is greater
than circumstances justified. At the same
time it must not be overlooked that sugar
is probably the only article in the many
staples that shows any increase in value
therefore it invites the Spectator to make
the most of it.
HAWAIIAN COMMERCIAL CoMPANY's STOCK.
Prior to the depar ture of the Zealandia
from San Francisco, Hawaiian Commercial
Company's stock was sold as high as 72s and
was subsequently quoted at: buyers, 62s;
sellers, 658. One hundred shares have been
sold at CSC and so shares at Ga. But a
short time ago this stock was run down.
through the efforts of the Chronicle to
Is cents. 1t has, however, recovered en-
tirely from the temporary and unjust at
tack, and has been gradually and steadily
increasing in value.
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