The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1893-10-19
sugar, which we take, haphazard on
different dates, as follows

This exhibit shows US that only once
this year was the difference between
raw sugar of 90 test and graduated
sugar as low as 1 10 cents, and that
during the last three months the differ
ence between the two has been steadily
maintained at I58 cents, while the
average difference for the whole nine
months has been I.42S cents. This is
the correct, and in fact the only, basis
upon which to estimate the profits of
the Sugar Trust. 1t has always been
given out, and is generally taken for
granted, for no other reason than that
the Trust has said so, that the cost of
refining and marketing raw sugar was
IS of a cent per pound. But this we
believe to be>excessive, because recent
keen competition between refners led
to a closer scrutiny of the expense &C
count, with the result of curtailng dis
bursements. Moreover, there have
been improved and labor-saving de-
vices and machinery added from time
to time which tend to greater economy,
and the fact that the entire output is
in one hand, SO to speak, checks every
item Of needless and useless waste,
both in the buying, selling and hand
ling of sugar.
Under the circumstances as they
now exist, we decline to accept IS cent
as the minimum cost of manufacture,
and believe, with what we have set
forth as good reasons for our belief,
that in Eastern refineries it does not
exceed y cent per pound. Taking,
therefore, the difference of I.428 cents
per pound between the market price Of
raw and the market price of refined
sugar in the East, and allowing for the
various discounts given to the trade,
which would bring the difference down
to I.I48 cents per pound, we have the
actual average net profit of .64S cent
upon every pound of sugar refined and
sold. Applying this to the 1900, 900
tons of sugar manipulated annually
from the Eastern office of the Trust we
got profit Of '64S cent on 3,4oo, ooo-
900 pounds, or a total gross profits
amounting to $za, 900 90 annually.
Add to this the Sc, 100000 90 of
Western profits and we have an ag-
gregate Of $28,532,ooo 90 that is clean
profit to the most arbitrary monopoly
that the country ever saw or put up
with.
The actual value of all the sugar re-
finery properties is reported to be about
$40, 900, 900, so that if this estimate be
correct the people are taxed for the
benefit of this one trust every year
about as much as the entire properties
are worth. Apparently this tax upon
the people is 100 per cent. on the cash
value of the property; and the trust
makes the people pay for its property
every year. The entire stock of the
sugar trust, with all its water added, is
capitalized at SIS, 1000, 900, SO that the
people are taxed nearly 80 per cent.
every year upon the entire watered
stock of the concern, or 100 per cent
on its actual value.
Another psint that should be noted
in the variation in the profits of the
Sugar Trust, which have ranged this
year between I I-I6 and I58 cents per
pound. If it paid the Sugar Trust to
refine and sell sugar in June at a differ
enCe of only I I.I6 cents between the
cost of raw and the selling price Of re,
fined sugar, what occasion has there
been during the last three months to
maintain a difference of I58 cents
And these are by no means all the
profits ofthe Sugar Trust 1t is known
as money lender on Wall street