The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1888-12-18


and check the monopoly in its si-
lent but determined career of plum
der. 1t is evident that if they rely
upon the private trade circulars of
firms who take, their quotations from
"the refinery" that is, from the
Trust, they will often get very badly
fooled. "The refinery" will not
confirm" any transaction at rates
above the figure the New York Syn
dictate has established for Hawaiian
sugar. Their brokers are debarred
from giving out prices to the press
under a penalty of transacting no
more business for the monopoly /;
and the quotations from Williams,
Dimond & Co.'s circular above given
would seem to suggest the idea that
this respectable firm is to some ex-
tent also within the reach of its in
fuence. Be this as it may, the ex-
PLANTATION probably is that this firm
has confidence in the Trust, that is
in "the refinery" which is now con-
trolled by New York exploiters, and
if this is the case it is certainly con-
fidence misplaced. The fact, how
ever, that the errors in quotations
have all been against the planters
shows the necessity for adopting
precautionary measures. Nothing
should be taken for granted when
dealing with thieving combination
like the New York Sugar Trust.
False quotations are given out at
New York to regulate the price of
"lsland sugar under contract" OF
that there is not shadow of doubt,
and these misleading rates are no
doubt quoted in good faith by Will
liams, Dimond & Co. and Others. 1t
is not their business to go behind
the record; but the sugar produce
ers certainly are entitled to the top
market rate for all they sell to the
Trust.
On October 31st, the price of
sugar, Cuba basis, sc test was 81
cents. 1t was unchanged on Nov.
9th. Nine days later Willett, Ham
len & Co. reported (Nov. l5th):
"Refiners came into the spot market
to replenish their stocks, and the
week has been active with an i'm
proving tendency to prices. I'm
porters' stocks were thereby de-
creased 1882 tons, leaving but
Al, l46 on hand. This small stock
is a quite notable feature in view of
the Louisiana crop this season.
The stock of the United Kingdom is
also smaller than last year. Crop
reports unchanged, the indication
being that the total production of
sugar for the coming twelve months
will again be under the require
ments for the same time, and hence
that prices will rule higher during
most of the year" This quotation
shows that there was no drop be-
tween the 9th and the 18th Novem-
Der, and the quotation of the oath
OF that month already made estab-
lished farther advance of ] cent,
the rate at that date being Ga cents
for SO test.
AS the new crop is being market
ed it is clear that the daily quota
tions should be ascertained to regu-
late the delivery price of Island
sugar so long as the contract sub
sists. LII former times, when the
Island crop was sold to Col. Spreck-
els such a precaution was unneces-
sary. 1t would also have been I'M
necessary if the Hawaiian proprie-
tors of the American Refinery had
retained control, but they sold out
their refinery, contracts included,
March /, 1888, to the Sugar Trust,
and received S1,25O,OOO in certifi-
Gates of trust stock in exchange for
the refinery shares of 100000
nominal value-a cold swap of
$3.50, 900, upon which they have
since received the very liberal divi-
dends declared by the Trust. 1t
seems rather hard, however, that
the price of Island sugar delivered
under contract to the Trust should
be shaved to pay dividends on wa
tered stock; but that is how the
thing looks to the man in the moon,
although the eminently moral and
respectable beneficaries on the Is
lands and in San Francisco probably
co not see it in the same light.
And this reminds me of the pend
ing action to forfeit the Charter of
the American Sugar Refinery. There
can hardly be doubt that the fran
chise will be withdrawn, because the
company has voluntarily surrender
ed all its corporate functions to an
outside combination of capitalists
who are not Incorporated, and are
not responsible to the laws of the
State. Similarly the action against
the North River Refinery, New York,
will probably result in forfeiture of
its charter. This refinery was closed
by the Trust as soon as the purchase
was completed, and as all the incor.
porators are out Of it there is no
reason for continuing it as char
tered company. But the true object
of these actions as the Philadelphia
"Press" points out, Is to ascertain
who holds Sugar Trust certificates,
as foundation for individual pro-