The Hawaiian gazette., 1906-02-02
SUGAR
willett & aray's Circular.

has further increased his estimate of y
me European beet crop by $1,000 tons.
to 6.9S0.O00 tons. which is 100000 tons
in excess Of the largest previous beet
crop In history, while the visible
worlds supply OF sugar has increased
to 100000 tons, which is, also, the
largest visible supply ever known In
history. Beet sugars are quiet at SIS.
I'd. Cor prompt and SIS. s lad. for Au-
gust delivery.
As regards Brazil sugars an import
ant change has recently taken place In
the position OF that market towards
the rest of the world. The Brazil Gov
ernment, finding that its duties were
in conflict with the terms of the Brus
sells Convention, and that they stood
to an almost certainty of having their
sugars excluded from the European
markets. have taken the matter up and,
II is understood. voluntarily cut down
their import duties on foreign sugars
into Brazil. and done away entirely
with export duties to foreign cOuu-
tries, so as to bring them unquestion-
ably within the limits of the brussels
Convention. Just previous to this ac-
tion some 10000 tons Of Brazil sugars
were shipped to the United States.
while exports to Europe were compar-
atIvely small but during the past week
with the United Kingdom markets
thrown open, the sales to the United
Kingdom have been 1000 tons at the
parity OF Sc. per lb. for SG-deg. test
to the United States an Improvement
In price over preceding sale to the
United Kingdom, as well rs Increased
bentfit to the Brazilian planter by rea-
son OF the absence OF an export duty
which he was formerly required to
pay. The absence of export duty will.
also, enable the Brazil planter to name
a lower price for his shipments to the
United States to the extent OF per
cent. on the value in warehouse at the
Brazilian port.
Mexico, some time since. revised her
tariff to meet the requirements Of the
Brussels Convention. Other caunfries
which are now excluded or would he
excluded II the Brussels Permanent
Commission took action on the import
OF their sugars will no doubt fall Into
line in order to avail Of the European
market.
The bill which has just passed the
House of Representatives, granting
Sic per 100 lbs. to the Philippines ap-
pears to violate the Brussels Gonven-
tion under the clause OF Article ! OF
that Convention. requiring the applica-
tion Of countervailing duties or pro-
hlbition of importation of sugars whicn
are subject to total or partial ex-
emption of taxation granted for part
Of the manufactured output. The ac-
tion which the Permanent Commits
sion win take. provided the bill passes
the Senate without amendment in this
regard, becomes a matter Of very con-
siderable Importance to the Philippine
Islands.
Refined.-Weakness developed early
in the week, resulting in a cut by all
refiners of 10c per 100 lbs in sugars
for prompt shipment only, to basis OF
granulated at 4.50c. less ! per cent
cash. while leaving the list prices un-
changed basis of 4.60c less 1 per cent.
which is till asked for 30 days privi-
leges. The Federal further reduced
their prices to basis of 4.40c. less l
per cent. cash.
New business has been very light.
the trade generally having full sup
plies booked under contracts. but the
distribution is quite satisfactory. the
Withdrawals showing deliveries since
the beginning Of the year larger than
those OF year ago
The market Is likely to continue un-
settled for some time. while Cuban
sugars are pressing heavily on the
/ ma rkat New Orleana also daplIned IN
basis of SOC. less l per cent. cash.