The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1888-02-17
The Arcade -EGAN & co.
Have Opened
with the Finest Display OF Goods
ever shown in tins Kingdom.


sugar almost to the point at which
foreign imports would be profitable
They will stop short of that point,
however, and gather all the wool
that can be shorn between it and
the average price in London, San
Francisco and other sugar centers.
1t is reported from New York
that President WEIGH has put the
American Refinery into the Sugar
Trust for the purpose of fighting
the California Refinery, Col. Spree
kels having firmly but courteously
declined, when in New York, to
have anything to do with it. 1 do
not believe this report; but if it be
trae, what comment upon Mr..
Welch's expressed horror of a SUI
gar monopoly, and his tender solicit
tude for the public interests Be
that as it may, however, the point
for the planters to consider is this:
how long will they be content to
sell their sugar on the basis of fic-
titious value? Their contract with
the American Refinery covers the
present year, and as the crop that
is now being marketed is the largest
perhaps that has ever been pro-
duced on the group, in what posi-
ton does it leave them? The price
they are to receive for their sugar is
fixed by New York rates. But the
Sugar Trust, as 1t is called, in other
words the re6ner's pool, fixes those
rates arbitrarily to suit themselves.
There is nothing to prevent them
fixing the price for Cuban centrifu
gals at &c. and if so, what are the
Hawaiian planters, under contract
to the American Sugar Refinery, 60
ing to do about it? They must accept
that price, for it is $50 nominated in
the bond'-a bond which, when
perfected, was hailed with acclama-
ton by great many otherwise sane
people, as kind of Hawaiian
Magma Charta, which would destroy
monopoly and make everybody rich,
happy and content. But since then
they have had kind of lop-sided
"Reform" as an after-clap of their
insular Magma Charta; and now
have as a collateral the Eastern SUI
gar Trust, and possible &c. price
for their sugar, staring them in the
face. For wlich good things they
will doubtless return thanks with
grateful hearts.
The trouble is, that the planters
appear to be perfectly helpless; and
if the American Refinery joins the
Eastern pool it will not mend mat
tiers, but the reverse. They cannot
ship to London, because they must
deliver their sugar here. This Eng
lish back-door has been taken adj
vantage of in the East, one cargo
from Demarara having been sent on
to London from New York, while a
second cargo was taken out of bond
and similarly despatched. Hawaiian
planters are in cleft stick, how
ever, and cannot move.
Now, what is the position of the
two Refineries on the Coast? If a
war of prices is to be waged, which
of them is likely to come out of it on
top? Manifestly the Refinery which
is best organized; which has the
greatest capacity of production at
the lowest ratio of cost; which has
the best business management; buys
its raws in the cheapest market ;
and has most command of money.
Under every head, the California
Refinery far outranks the American.
1t has, moreover, q hold on the
trade, in way and of kind which
the American Refinery cannot pre-
tend to. 1t therefore occupies the
quoin of vantage.
What are their preparations for q
fight2 The American Refinery will
have SO, 700 tons of sugar to dispose
of during the year, 5000 tons OF
which were bought by Mr.. Steele
at top prices, without any deduc-
ton. This supply more than suf-
fees for the Coast consumption.
The California Sugar Refinery will
handle 100000 tons, including the
Islands sugar which it controls.
This quantity would supply the con,
sumption of California and Oregon,
and all the Territories from Dakota
in the North to New Mexico and
Arizona in the South.
This vast supply of sugar must be
sold, and in effecting sales some
body will get hurt. Col. Spreckels
says he reiines sugar to sell, and he
intends to supply the market within
the entire territory open to him. Mr.
WEIGH says he will match Colone
Spreckel's bids for trade by even
prices. That is the position in &
nutshell. 1t certainly is not com.
forting one to stockholders in the
American Refinery, because the
California Refinery has the advan
tage in the price at which its stock
of sugars has been procured. One
cargo Of over 1000 tons has arrived
from Manila, another is fully due
others are loading, and altogether
about ten ships have been chartered
and are either loading or on thu
way to Manila to load with suga