The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1885-04-23
THE FOREIGN SUGAR MARKET.
Important Letter from the Pacific
Coast.
san FRANCISCO, April 18th.

SAN FRANCISCO april 10Th.
You will doubtless be interested in the
latest quotations of the sugar market in
Europe, America and Manila, which am in
= position to supply up to the date of sailing
of the Alameda. New York advices to level
date were as follows: Refined sugars-A
crushed, ESQ 7-16c.; granulated, 5 15-16c.;
standard A, 5Ac. The market, though
quiet, was steady.
The prices quoted for Manila raTs, the
basis on which Hawaiian sugar sales are eff
fected was rather unfavorable for Hswa-
iians The latest quotations are, for 81 per
cent, 4.91 cents. On March LIST of this year
Manila raws we're quoted at 5.07 cents; on
March goth, at SOB cents. Since the latter
date, Notwithstanding a temporary rise,
they have gradually dropped to 4.99, 4.95,
and at the time of the departure OF the Ala
media they touched 4.e1 cents per pound.
These figures show decrease in the pur-
chase price of our staple commodity of
16-10O cents within period of six weeks.
/ The main feature that rules the sugar
market Of the world is the European beet
crop. Fortunately I am enabled to state,
a. an offset to the decrease in the price of
. Manila raws that the estimate for the COM
ing crop in Germany has been largely over
estimated, and that partial failure in the
crop is anticipated. This will account for
the steadiness of the New York market
where, though buyers remain quiet, the
holders are by no means anxious to push
sales.
III San Francisco the sugar market is very
active, chiefly on account of the low rates
ruling and the brief competition that existed
between the local refneries. Though how
this competition in San Francisco can exist
for any heightened period 1 am a. loss to
opine. The california Refinery handles
mere sugar in a day probably than the
American Refinery does in month.
The brief cut in prices is an old story, and
l need not repeat it. Suffice it that the
trade has exhibited an unmis takeable prefer
ence for the old concern. The Hawaiian
planters have no greater friend than the
California Refinery, the owners Of which are
always willing to meet them half way, OF
even more, in their dull time tribulations
This fact was conclusively proved in the re-
cent change from the Cuba to the Manila
basis on which transactions are now effected.
The Eastern refneries are using their ut
most efforts at the present time to extend
their trade to the Pacific Coast. This il
doubtless owing to the large stocks they
carry, consequent upon the drop in prices
and surplus supply from last year. They
are trying to manipulate the railways FOL
special reductions in sugar reights. Sucl
a scheme, if successful, would be most detri
mental to Hawaiian interests.
The competition in sugar trade is not con
fined to the refneries on the Coast. 1t ex
tends to the wholesale and retail dealers, al
Of whom offer sugar at hitherto unheard o
prices for the partial purpose of catching
other trade in these dull times AS an illus
trait of this condition of affairs, I quot
the following extract from circular ISSUED
by Messrs. Haas Brothers, the well-knowl
grocery house of California street, of thi
city. 1t says:
During the demoralized state of tn
market on the article of sugar, we want tn
| retail merchants to distinctly UNDERSTAND
we will not be undersold. We shall NEE
any prices on sugar or any other article
which are used as leaders or bats withou
reference to cost. Without intending t.
provoke unfair competition, we recognize
as duty to protect ourselves, as we'll as al
who purchase goods of u.s.
This has the smack of business, and thu
further development Of the saccharine sub
stance market will be anxiously looked for
I will keep the ADVERTISER informed o
the latest mercantile movements on thi
subject, which is of the greatest consequence
and financial importance to Hawaiians.