Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-06-01
SUGAR



of May 10 as follows:
Our last report was dated 3rd May
Local conditions have been against
the spot market, which has been han
dicapped by heavy receipts and by a
general strike of the longshoremen
which has proved a serious impedi-
ment to the movement of sugar and
all other commodities in the port OF
New York. Naturally, refiners with
unusual quantities of their own SUI
gar to care for, decline to add to their
difficulties by relieving importers OF
sugars arriving unsold. This may
compel the storing of some sugars in
port which, otherwise, would have
found a ready market, as the prices
asked are below what can be obtain
cd for sugars due week hence.
To these local and temporary ad.
verse conditions has to be added the
prevalence of weather unfavorable to
the expansion of the demand for re-
fined.
But the influences operating
against the market have been over.
borne by those operating in its IA
Ior, the chief among the latter being
It prolongation Of the drought in Gu
ba and the cessation of grinding on
= additional Centrals, thereby reduc.
ing the number at work to As, as
against ia at this time year ago
1t has all along been recognized
that the determining factor in decid.
ing the course of international mar
kets would be the Cuban crop. SC
long as the December estimate of a
crop possibility of 100000 tons was
entertained, the hopes of higher
prices as IA result of United States
drafts upon the crops of Java and Eu-
rope were kept in check, but the re-
ports of the last few weeks have
proved the correctness of the later
forecasts which point to a crop whose
total will fall short of the early esti-
mate by something like 100000 tons
That the sugar world has now accep-
ted the reduced estimate is seen from
the course OF the market for Beets
and Javas, which since the opening
of the month have advanced Cd. and
cd. per cwt., respectively. The ad-
vance in our spot market during the
same period has been about 1-Sc., and
in Cubas for second half May Ship
ment 3-32c. per lb.
The total Cuban production up to
oOth April was 1,231,7S7 tons.
The Cuban news has not been the
sole influence at work in advancing
European Beets, for that market has
been helped by good demand from
consumers and the Trade, by the sow
ings being less than expected, and by
the weather being somewhat less ia.
vorable for the crop.
The business done this week has
been much larger than is reported,
and it is believed to include several
Cargos of Javas for June August ship.
ment. Today's quotations for Javas
are: los. Cd. to los. Cd. C. f., accord
ing to time of shipment, for Cubas,
2 1l-16c. C. f.. basis 96-degree for
June shipment
European Beet markets have ad.
Yanced Sd. per cwt. for May-June, I'd
for August and 4d for next crop.
Quotations are: May, los. 2 lid,
June los. 3D., August los. 3-4d,
Next Crop-October-D 9s,
10d. The sowings in Convention
countries are estimated to be 1.38
per cent. below those of last season.
REFINED.-An advance of 10
points was made by all local refiners
on Sth inst, bringing The American
Sugar Refining Co., B. H. Howell,
Son & Co. and Arbuckle Bros. to basis
4 soc, less l per cent. for Granulat-
cd, and The Federal Sugar Refining
Co. to basis Also. New Orleans adj
vanced 20 points to basis 4.90c. There
has been a marked improvement in
the demand.
Willett & Gray's circular of May 16
says of raws:
RAWS.-During the week under re-
view the raw sugar markets, both at
home and abroad, reached the highest
point of the campaign, beet sugar be-
ing quoted at los. IA d. and centrif-
ugals at 3.S6c. per lb. for So test on the
spot with large sales of Cubas for
June shipment at 5S C. C. and f., basis
IS test. equal to 4.01c. landed for SO
test. Porto Rico centrifugals for June
shipment have been sold to New Or.
leans at 4c. for SO test.
A natural reaction followed the con-
tinued advance in Europe, the close be.
ing at 9s. I'D for beet sugar.
In this market trade came to a stop
for while, partly because of Europe,
but more because of the continuance Of
the longshoremen's strike, which