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

der. 1t is evident that if they rely
upon the private trade circulars of
firms who take their quotations from
1.-The refinery" that is, from tho
Trust, they will often get very badly
fooled. 1.-The refinery" will not
"conGrm" any transaction at rates
above the figure the New York Syn
dicate has established for Hawaiian
sugar. Their brokers are debarred
from giving out prices to the press
under penalty of transacting no
more business for the monopoly;
and the quotations from Williams,
Dimond 4 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
fluence. Be this as it may, the ex-
planation probably is that this firm
has confidence in the Trust, that is
in "the refinery" which is now con-
trolled by New York cxploiters, and
if this is the case it is certainly con-
tidence 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 60 behind
the record; but the sugar produc-
ers certainly are entitled to the top
market rate for all they sell to the
Trust.
On October 3lst, the price of
sugar, Cuba basis, 90 test was Ct
cents. 1t was unchanged on Nov.
9th. Nine days later Willett, Ham
len & Co. reported (Nev. l5th):
"Retiners came into the spot market
to replenish their stocks, and the
week has been active with an inn
proving tendency to prices. I'M
porters' stocks were thereby de-
creased 1882 tons, leaving but
Al, l46 on hand. This small stock
is 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 G8 cents
for 96 test.
AS the new crop is being market
ed it is clear that the daily quota
tions should be ascertained TO legu-
late the delivery price Of Island
sugar so long as the contract sub.
sists. In former times, when the
Island crop was sold to Col. Spreck-
els such u precaution was unneces-
sary. 1t would also have been un-
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 81, 1,250,000 in certifi.
Gates of trust stock in exchange fol
the refinery shares of 81 100000
nominal vaIue-a cold swap OF
$250,000, upon which they have
since received the very liberal divi
dends declared by the Trust. Il
seems rather hard, however, thai
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 anC
respectable benefciaries on the Is
lands and in San Francisco probabl,
co not see it in the same light.
And this reminds me of the pend
ing action to forfeit the Charter o
the American Sugar Refinery. Their
can hardly be doubt that the fran
chise will be withdrawn, because til
company has voluntarily surrender
ed all its corporate functions to a
+ outside combination of capitalist
who are not incorporated, and ar
+ not responsible to the laws Of tn
State. Similarly the action agains
+ the North River Refinery, New York
will probably result in forfeiture c
, its charter. This refinery was close
= by the Trust as soon as the purchas
was completed, and as all the incol
porators are out Of it there is n
p reason for continuing it as a char
tered company. But the true objeC
+ of these actions as the Philadelphi
"Press" points out, is TO ascertai
. who holds Sugar Trust certificate
, rs Il foundation for individual pr,
r secutions against them as member