The Hawaiian gazette., 1899-07-14
IN A Bear TONE
Willett & Gray Less Con
fident of the Future
Further Improvement Problemsti
cal Increase In Product on
Hawaii 10 Mentioned.

The latest Willett a Gray sugar cir
cular says under the subject Of raws:
Recently we wrote: There are no
signs of any change for the immediate
future so long as the European mar
kets make no special movement"
This week 1t Is necessary TO curtail
somewhat the strong feeling regarding
the sugar position that We have held
with confidence and success for sever
al months past Not that we are look
ing for any material decline. but |,
now seems 10 us that a further i'm
provement is somewhat predetermined.
During the present week European
markets have made very sharp reac-
ton or rather decline. II the down
movement should not be recovered
The reason assigned is that the Paris
operators for an advance have realized
largely on their contracts. 1t will be
noted that for few weeks past we
have printed opinions of the two sides
Of the market from our Paris CORE
| spondsnts. II now appears that the
bear side has made the most progress
| thus Ear, which may or may not re-
main permanent. We, however, think
| 1t we'll to call attention to some i'm
portant changes in the sugar condi-
tions of the world, which may prevent
the expectation Of a further long-con-
tinued Improvement in quotations, I'M
less important crops should suffer
| In I,ta ut hand
there is moderate increase in the
estimates Of the worlds old crop sup
plies, say for Cuba 15.0v. tons, Argen-
tine Republic 10000 tons, Australia
$4,000 tons, and European beets 10000
tons, total of 10000 tons. Not a
large increase by itself, and of no spe-
cial importance, but the notable fea-
ture of the sugar situation IS the
largely improved prospects of the
| crops for the next campaign. These
improved outlooks come from the
crops of Europe, Brazil, Australia,
I Mauritius, Cuba, Hawaii, Louisiana,
and last, but no longer least, the Uni
ted States Domestic beet crop. Our
correspondence from Cuba gives a
marked improvement in the condi-
lions there. Louisiana gives decided
ly good indications and there is no
question about largely increased do
nestle beet crop. Neither will Hawaii
be behind in it's pro rata Of increase.
| These crops named, with their in
crease Of supplies for the United
States, in connection with Java and
other cane sugar countries, will leave
a more unsavorable market condition
for the beet crops with our counter
vailing duties against their high boun-
ties than they have yet experienced.
| For these reasons, in careful con-
| siderdtiOn OF the outlook ahead, we in
cline to think that raw sugars may
have reached the maximum prices;
but there Is no good reason to expect
a decline Of consequence until such
| time as the features mentioned actu-
ally come into operation, which ma!
not re for some time, yet. At pres
ent there Is a good, healthy demand
| for all sugars offered for sale, and the
European decline in beet sugar is ia
part the readjustment of old crop to
new crop values, by decline in old
rather than an advance In new. Oc-
tober delivery new crop beets have
] been quoted at los, while old crop
was selling at lis. Cd. prompt, and the
prices are now drawing together to
the disadvantage Of the new crop, a
further indication that what We have
written about the outlook for next
season may be also recognized abroad.
Locally, our market for the week has
shown an easier tendency in sympa-
thy Ui.h Europe, and decline OF
lice. per ID. has been made, although
the latest sale of centrifugals under
exceptional conditions, perhaps, was
at rain Ct 1-32c.
Ii will be seen that no note Is taken
of certain increase in consumption OF