The Hawaiian gazette., 1906-09-14
A CUBAN SHORTAGE
OF SUGAR
Willett & Gray's Circular.

accept n rev orders Tor prompt snip
mcnt only basis of acc less | pet
cent. the price nj which deliveries are
icing made under old contrqcts. and
which does not affect the quotation.
The distribution continues to be sat
isf6 ctory, ana Is 20 large as to prevent
the refiners from catching up with
their orders. the shipments being de-
layed seven to ten days In sorhe In
stances buyers have so much sugar
coming to them under contracts In
force that new business Is only fair
Reports received by us on the fruit
crops OF the far west are as favorable
as those OF the east, and II therefore
follows that there must be exceedingly
heavy requirements of sugar for can.
ming purposes. this and next month.
Buyers should anticipate their wants
accordingly.
We recommend the engagement OF
full supplies ahead under the usual 30
day contracts the indications pointing
to a higher range OF prices for some
time to come.
Coffee.-The valorization pros and
cons have had some influence in the
market changes the past week. while
tut DTdtliCul SutttSS VI tnIS htW pip-
lection policy remains to be demon
strated, 1t must be said that until the
scheme has been applied or full
knowledge of its methods revealed, a
fair criticism is not possible. One thing
is very certain, that those who are In
haste to condemn the new measure,
have not taken the pains to get at the
true facts. No one can doubt the right
of Brazil to attempt to conserve her
chief industry at time when the world
must buy the product. The govern
n.ent is actively engaged with the de-
tails of the new law and loan. Private
advices predict the success of same. but
meanwhile operators profess to be dis
appointed because inside information is
not Immediately available TO satisfy
calculations as to the course of the
markets 1t is only about two weeks
ago the President of Brazil signed the
bill authorizing the loan, and In the
most modern countries a longer time
than this would be needed to complete
It, The general lack of knowledge OF
modern Brazil is perhaps responsible
for n great deal of the skepticism as to
her capabilities and possibilities. The
sound condition of the country, finan-
cially. and the high foreign credit of
her states, individually, are well at
tested Now that the coffee crop is
moving In earnest, Europe and the
States stand In the markets as free
buyers, not from choice, but from sheer
necessity. Europe has no coffee In the
interior, and In the seaports the small
est stocks known for years. Europe
has abstained from buying a very long
time, hoping full Santos crop would
mean lower prices. but Brazil held firm
and seems determined to strive for a
living price when buyers must have
the goods and actual consumers daily
pay the old scale, year In and year
out, as when coffee was double the
price Of today. Europe must continue
to buy freely in Brazil, and so must
this country. The monthly deliveries
average / 100000 bags for the two coun-
tries, the greater portion of which
must be drawn from Brazil for months
to come, before any importatons can
be set by to replenish reserves.
With early activity of valorization
plans and the outlook for the next
growing crop already very unsatisfac-
tory. Brazil can control the markets.
Any further unfavorable developments
as to the next crop would result In
great rush to secure coffee.
For several weeks the weather has
been fine and dry. the trees being re
ported in weak condition. without
foliage. 1t Is quite significant at this
period. when there should be. under
ordinary circumstances some signs of
,,;o -in IN hlnaa m nnrinHq
We repeat that too much attention can
not be given to this point of Itself,
as exhausted trees can not furnish n
crop.
There has been quite an important
cost and freight business done In Bra
zl at good prices. The demand for
coffees on spot here has still further
reduced the New York stocks, which
are now nearly 100000 bags less than
January /.
No. Rio coffee is quoted nominally
at S-4c., No Santos about 1-2c.,
but quotations do not give true idea
of the price paid for selections. The
usual commercial grades are entirely
absent.
August options, week ending August
%: Highest, sos to 100; lowest, SOS to
67O closing. SOS to $40. against last
year closing 7.25 to 1880. No. last
year, s 7-Sc.
Visible supply of world. In bags
/, 1906, 9.94s,O53 July /, 1905.
}, 636, 1858; August !, 1905, 11,465,641.
Stock u S.. all kinds. in bags-Au-
gust l, 1906. S,443.594; July 1. 1906, g.
i75, 1886: August 1. 1905, 4,040,757.
Stock RraziIs in New York August
p, 2,726,594 hags. Total Brazils in the |
United States. 2.s7s,s61 bags Total In
IT, s.. other kinds. August 20. 2o,SS6,os4
bags. Deliveries OF Brazils for the
week ending August IS, 7l,43S bags,
against 97s42 bags last year. Receipts
II Brazils for week ending August %,
1920 bags.