The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-04-18
Especial to the Advertiser.)

patch from New DIX says: WITHIN
the past week there has been a decided
Improvement in the situation of the
sugar market. Refiners have become
free buyers OF raw sugar, and as they
have found only moderate offerings,
prices have steadily advanced, closing
with buyers at 39sc for centrifugals 90
degrees test. or an improvement of &c
per pound from the low record prices
ruling early in the month.
Among many of the trade the i'm
y preston prevails that the recent ex-
tremely low price of 33sc duty paid for
centrifugals SO degrees test. or about
1.65c for do. figuring on a cost and
freight basis, fully discounted the
weakness OF the statistical position re-
sulting from the over-production of
beet sugar, especially as it carried val
ues for sugar down to a point which
was below the cost of production, and
also naturally had a tendency to check
planters from making shipments. The
| Improvement of the past ten days, how
ever, it is expected will bring out in
creased offerings, especially as it is un-
derstood that England has decided not
| to put preferential duties on cane su-
gar from her colonies. and this sugar.
which it was thought might possibly
go almost exclusively to the United
| Kingdom, will be marketed to a con-
! siderable extent with local refiners.
| Advices received from Cuba during
the week showed a falling off in the
receipts at the seaports. and also re-
| he ba
son in the number of centrals grinding.
Many of the trade also are changing
their ideas of the size of the present
| Cuban crop, the early estimate of a
yield of 100000 tons being considered
excessive, and some are now figuring
that the crop will be in the neighbor-
hood of 100000 tons Reports also have
been received saying that spring plant
inSS are not showing the increase eX-
pected, due to the unfavOrable Condi-
lions existing; so that the present out
look is that there will not be the in
crease in the next Cuban crop that was
at one time expected. Stocks OF sugar
in Cuba are large. latest adviceS plac-
ing them at $4,000 tons; this supply
of sugar. however, is not expected to
come on the market until after a reel
prOcity treaty with Cuba has been put
into operation; and this period it is eX-
pected VIII not be reached until the
active season for refined will have been
buyers of all supplies of raw sugar that
will come on offer. A limited amount
of sugar is being shipped from the
south side of Cuba, where it is impoS-
sible to carry additional supplies ow-
ing to the lack of adequate storage IA
cilities. Such supplies. however. as
hav- come on offer have been quickly
taken by refiners at full values.
Another factor that is having a ia
yOrable influence upon the market is
no ron -t IN ftFr Of l,n
probable decrease in sugar beet SOW
ing ter the 1902 crop. CZarnikow Mac
Dougall * Co. say that on the 22d inst.
Mr.. LIGHT intimated that he estimated
there would be a reduction of from 20
per cent to so per cent in the sowings
in Holland. Belgium, and France This
would be equivalent to a diminution Of
from 100000 to $4,000 tons in the sugar
production OF those countries. AS to
the sowing Of Germany and Austria,
Mr.. LIGHT has not yet made any esti-
mate, but there is no doubt that the
low prices which have been effective in
reducing sowings in Belgium, Holland
and France will have some influence on
the Sowings of Germany and Aus ri
also. although probably to a much
smaller percentage of reduction than
in the other countries named. New
crop Javas for June-July shipment can
now be obtained at 90 to 9s Sd C. f., but
sugars for August-September arrival j
cially when the prices are above the
equivalent of those ruling here. Egyp-
tian crystals of present crop are accu-
at Alexandria, and holders
are showing more inclination to sell. |
It is reported that tonnage has been
engaged for one cargo, but Indications
are that this is a cargo bought on spec
ulation. as il is believed that refiners
have not yet done anything in the
Egyptian market.
Business in the refined market has
been active. During the past few
months the trade almost to a man has
been holding off waiting for prices to
decline to point which they consider
low enough to warrant purchases of
an investment character. As a result
IF this policy Of procrastination the
sudden advance in prices made by the
-efiners two weeks ago. caught the
rade wholly unprepared for an upturn :
10 the market. Fortunately. however a..
-ehners did not put the advance in
prices into effect, and with many of
he trade taking alarm at the sudden
urn to the market. orders for a fairly
arSe quantity Of sugar were placed
With the opening OF the present week.
however. demand again fell off. but =
when it was seen that prices for raw =
sugars We're steadily hardening and =
hat refiners were taking everything
hat they could get hold of. business
gain revived: with this second i'm
'rovement in the demand. however. re-
iners raised their prices ; points and
'eld the market firm At the advance. / =
Confidence in the market appeared to .
% steadily growing. with the result
hat even at the advance demand con- =
inucd. both brokers and refiners re-
'ortinE 4 large volume OF business
transacted when the market closed for
he week. The tone at the close was
decidedly strong. with some OF the
rade looking for a further advance in
ricas during the first half OF the next
reeE for both raws and refined.
FREDERICK O'BRIEN. J