The Hawaiian gazette., 1906-09-04

their supplies may not arrive In time.
4. wiii nUt be surprising IL the demand
proves no heavy as to cause higher
prices before the end OF the present
campaign. SsaD11
Par, Of the decline of last week in
San Francisco has been recovered, and
both refineries now quote basis of 4.40c.
net for GRADUATED.
Coffee.-The Brazil Valorization Law
is ON the statute books The Govern
ment is actively arranging the neces-
sary formalities to put 1t into operation.
or this no doubt exists, and the deter
mination of the authorities Is beyond
question. These are the cold facts
Discussions between economists and
financial writer's may develop theoretic
ideas as to the far off results of this
new protection law of Brazil. but the
coffee markets are concerned in the
conditions as they are now and for the
near future.
Brazil has a crop of coffee which the
world must buy. Knowing the urgent
necessities of'consuming markets and
the long continued bear depression and
manipulation against the price of her
principal product, Brazil had to defend
herself. She knows that the actual
consumer pays to-day the same prices
for coffee as when the green was SELL
ing at double the present figures. There
is no reason for skepticism as to
Brazil's attitude. and it is very absurd
to suppose that the Government puts
through the law with such big majori-
ties to allow 1t to remain ineffective. 1t
is even more absurd to doubt its prac-
teal success until it is seen in opera
| ton.
We repeat, consuming markets must
buy in Brazil, and Brazil is justified in
trying to obtain a fair valuation I'm
due manipulation and pessimism have
so long stood in the way, until Brazil
has demanded and created legislation
to assist her object. Criticism of her
right is inadmissible. She Is defending
her commerce with an economic mea,-
sure backed by the assistance of for
eign loans. There are few loans SO
thoroughly secured and safeguarded as
this one.
! The waiting attitude of the coffee
markets may be ascribed to a meagre
knowledge Of the plan Of operation of
the Valorization Law or skepticism
from disappointment or ignorance. Bra
I'll continues the law prohibiting new
planting. Other countries cannot profit
by Brazil's Valorization Law owing to
the poverty Of planters from the long
period Of ruinous prices. There are no
surplus stocks in any producing coun-
try, outside of this crop in Brazil.
Stocks in America and Europe have
been very considerably reduced. The
advent OF Valorization in Brazil is well
timed. The outlook for the growing
crops alone may soon prove possible to
Guido the effect of Valorization-na-
: ture may create greater benefit than
, legislation to the underpaid planter.
AS we feel so certain of the anthem
ITCHY of our information on the Valori-
zation Law and perfecting of loan de-
| tails we prefer to devote our space to
the subject this week, rather than cof-
fee proper-the position of which is
: sound and improving.
A fairly good business has been done
in actual coffee, including some large
lines of cost and freight transactions.
) in each case the prices paid being above
: the parity here.
Spot coffee Is selling at a premium
} over the nearby futures, varying ac-
cording to the selections. Rio No. is
: again in demand about SIC, store
: terms. Each time the market advances
there Is an increased inquiry from the
) interior
: August options, week ending August
: 16: Highest, 100 to 705; lowest, SIS to
} $50; 700 to 7O5, against last year clos
ing 7.20 to 7.25. No. last year, 8 3-4c.
) Visible supply of the world: August
: /, 1906, 9,94S,053 bags; July l, 1906. 81
, $685. 1858 bags; August l, 1905, 11,465,641
bags.
, Stock U. S., all kinds: August /,
1906. 3,443,59i bags; July 1, 1906, $685.
. $50 bags; August /, 1905, 4,o4O,757 bags.
Stock Brazils in New York, August Is.
2,763,7S5 bags. Total Brazils in the
: United States, 2,s6SoO9 bags. Total in
l u. s., other kinds, August 10, 4O0,sSs
, bags. Deliveries of Brazils for the
l week ending August IL, 91,559 bags,
against 102, 162 bags last year. Receipts
of Brazils for week ending August 10.
none.
=