The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1904-03-27
THE SUGAR
SITUATION
IN HAWAII
MIR. Tenney's Opinion
About Permanence
of Prices.

1.-The sugar situation at this time Is
something pretty hard to size up" said
z. d. Tenney. president of the Hawai-
ian Sugar Planters Association yes
terday. '.The present rise may be ex-
planned by an advance in the European
market. The price of sugar in New
York is below the parity in Europe
For instance the price of beet sugar
in Europe today is eight shillings. six
pence. which is equivalent TO $50 for
&C per cent centrifugais. The sugar
quotation in New York today is S,61,
fifteen cents difference. or three dol
lars per ton below the parity. Under
the reciprocity treaty the Cuban plant
ers get the benefit of a rebate of $674
per ton and the Cuban planter can
sacrifice all of that before being on
parity with the European market, and
So he sells his sugar in the United
States as his necessity for money re-
quires.
'sAnd the buyers, as long as the sup
ply is in excess of their requirements
continue TO force the prices down. in
! creasing the disparity. The Cubans
are forced to sell their product as they
need money, and in consequence the
price in New York is held down below
the parity of Europe. amounting at one
time to s6.67 per ton. So the refinery
has been getting the benefit of reci-
procity.
"Now the Cuban planters have re-
lieved their immediate needs and are
not offering sugar freely. as result
! of which the refiners have been COM
PEELED to go into the market and seek
| sugars, as the sugar is not coming to
them. This 1 believe is what is fore
ing the New York price up, although
the disparity between New York and
Europe today still amounts to three
dollars per ton. On February 5th the
disparity was s6.67, so that in fifty
days it has decreased by 1857 per ton.
Now also the reports from Europe
show that the beet sowings this spring
| indicate a slight decrease in Austria
| and Germany, and a considerable de-
! crease in France and Belgium. Thus
| there will be a decrease in the beet
sugar production of Europe and a
marked increase in consumption. This
has stimulated the beet sugar market
/ with the result that beets have adj
vanced since February 5th, seven and
! a half pence per hundred weight. Con-
sequentIy in my opinion. the outlook is
/ favorable for better sugar prices later
in the year, depending on the advance
in the price of beets. I think the dis
parity between the London and New
York markets VIII disappear entirely;
the price reached will depend altogeth-
er upon how much beet sugar advances.
Beets at nine shilHngs, three and three
fourths pence will be equivalent to 96
centrifugaIs landed in New York at
four cents. If there is a considerable
decrease in the European production.
with an increased consumption it Will
result in prices being maintained for
at least two years"
P. c. JONES VIEWS.
'I haven't seen any statistics for
weeks" said P. c. Jones, but 7 be-
Iieve the fact that sugar is going up
at this season of the year is indicative
of permanency in prices. l don't know
much about the European outlook, but
the advance at this time has many
encouraging features and it looks as If
the price will go still higher
LnTDNED DTC