The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1899-07-12
IN A BEAR TONE
WilIett & Gray Less Con
fdent of the Future
Further Improvement Problemati.
caI-'ncrease in Product or
Hawaii Is Mentioned.

The latest Willett &c Gray sugar cir
cular says under the subject OF raws:
Recently we wrote: There are mol
signs of any change for the immediate !
future so long as the European mar
kets make no special movement
This week it is necessary To curtail
somewhat the strong feeling regarding
the sugar position that we have held
with confidence and success for sever-l
al months past. Not that we are look
ing for any material decline. but i'll
now seems to us that further i'm
provement is somewhat predetermined.
During the present week European
markets have made a very sharp reac-
ton or rather decline. if 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
spondents. 1t now appears that the
bear side has made the most progress
thus far, which may or may not re-
main permanent. We, however. think
it well 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
damage. From data now at hand
there is moderate increase in the
estimates of the worlds old crop sup
plies, say for Cuba 300 tons, Argen-
tine Republic 10000 tons, Australia
ID, 600 tons. and European beets 10000
tons, a 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,
| Mauritius. Cuba, Hawaii. Louisiana
and last. but no longer least, the Uni
ted States Domestic beet crop. Our
| correspondence from Cuba gives 4
marked improvement in the condi-
L
| " good indications and there is nc
question about a largely increased do
nestle beet crop. Neither will Hawaii
be behind in its 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 unfavorable market condition
| for the beet crops with our counter
| yailing duties against their high boun-
ties than they have yet experienced.
| For these reasons, in careful con
| sideration 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 sucr
| time as the features mentioned actu'
| ally come into operation, which may
not be for some time, yet. At pres
| ent there is a good. healthy demand
] for all sugars offered for sale, and th'
| European decline in beet sugar Is II
| part the reimbursement of old crop u
| new crop values, by q decline IN Ole
| rather than an advance in new. Oc
! tober delivery new crop beets nave
| been quoted at los. while old croi
| was selling at lis. Sd. prompt, and TN
! prices are now drawing together L
the disadvantage of the new crop,
further indication that what we hav
written about the outlook for mex
season may be also recognized abroad
Locally. our market for the week Ia
shown an easier tendency in sympa
thy with Europe, and decline @
Lice. per 10. has been made. although
the latest sale of centrifugals unde
exceptional conditions. perhaps. Wa
at a gain of 1-32c.