Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-06-02
SUGAR IN PHILIPPINES


Sugar refining in the Philippines is
anything but profitable these days.
Thc Manila American publishes l re-
port Vi the annual meeting Of the ! IL
zon Sugar Refining Company which Is
hardly more than detail OF what has
not been done. The Chairman's report
on sugar conditions is given as FOL.
lows:
Gentlemen: The report and ac'
, counts having been in your hands for
some days we will, as usual, with your
permission, take them as read. You
will. think, have been somewhat pre-
pared for the unsatisfactory statement
of accounts submitted for your adop.
ton. as 1t will be within your recollec.
ton that at the last annual meeting
the chairman mentioned that 1t had
then been found necessary to close tho
refinery, and that the prospects of be-
ing able to resume work were remote
inasmuch as there was no outlet for
our sugars except a small local de-
mand insufficient to keep the works go.
ing for any heightened period. | regret
to say that matters in this respect did
not improve during the year. as the
works have been silent ever since, nor
can | hold out any definite hope at
present of their being able TO start.
| may here remind you that this in
dustry Was originally started prima.
,rily with the object OF refining sugar
for the Spanish market, into which, so
long as the Philippines remained a
Spanish possession, 1t was admitted
free Of duty, and that until the Amer
lean occupation the greater part OF the
output OF the refinery was shipped &c
Spain. which formed the only regular
outlet. the local consumption of rein
ed sugar being always limited. Since
the American occupation of the Isl
ands took place. however. the Spanish
market has remained entirely closed
to us. Moreover in consequence Of
the disturbed state of the country. the
production Of the sugar estates in the
philippines has been greatly curtallet
and 1t would therefore hay> been diff
cult to procure the necessary supple.
of raw sugar at prices which woulC
have left any margin of profit on r. fin
Ing. even II there had otherwise beer
sufficient inducement to resume work
1t is obvious, gentlemen, that the pres
ent dtate OF affairs cannot be indefi
nitely prolonged, and that II we are un
able to find a regular and proftabl,
outlet for our refined sugars the bust
ness must sooner or later come to al
end. AS you are no doubt aware, tn,
commercial relations between tn,
philippines and the Unled States hav,
been much discussed during the pas
l'N"'' ehu III sothS quarters IL wa
thought possible that the Islands Nigh
be put upon the footing of State. In
volving the abolition of all duties be
tween them and America. In thi
event the prospects OF sugar refinin
In Manila would no doubt be RADICAL
changed, as free trade would open on
a market for Philippine sugar in Amer
ion. The bill recently passed as a ten
porary measure by the United State
Government only provides, however
for a reduction OF rs per cent on tn
existing tariff, and, although we ar
unable at present, in the absence O
full details, to judge of how this viii
benefit us, fear that the relief will b
insufficient to materially improve tn
prospects OF the company, so far a
the American market is concerned
The outlook. therefore for the time be
Ing Is gloomy, but would recommen
little further patience on the part @
shareholders, who possess a propert
which, though deteriorated by a con
! bination OF unforeseen events, Nigh
under certain circumstances apprec
ate considerably in value. It may b
, Of interest to you to know that ce
, tain enquiries were made of us las
year evidently with view to the pu
0 chase of your property. but these di
not result in any reasonable offer
do not know of anything which | ca
usefully add to these remarks. exceT
to say that the buildings and machil
:, cry at Mafabon are being maintaine
. in as good order as possible, and this
8 current expenses are being kept dow
I to the lowest point
1 ID
y ~, EyantY. ~.