Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1908-04-08
SUGAR


AS the week progressed, 1t became |
evident that the conviction was gain
ing ground both here and in Europe |
that the official estimate of the Gu
ban crop must I've reduced. That Gu
ban planters had already realized |
this was shown by the way in which |
they were holding on to their present |
stocks and prospective production,
and by the impossibility of drawing |
from them firm offers, such as would |
have been freely forthcoming had
their views of the crop outlook been
as optimistic as those hitherto ad-
hered to in some quarters.
All doubts as to the seriousness of
the situation have now been dispelled
| by the announcement made yesterday
by Messrs. Guma- Meier that they now
estimated the crop at 100000 tons
minimum and 100000 tons maxi
mum, and by the fact that the num-
Der of Centrals at work was reduced
to 154. Even these reduced esti-
mates are considered by some Cuban
authorities as too high
The result of this weeks develop
ments in Cuba has been an advance
of .19c. in prices of cane sugar for
shipment and of Cd. per cwt. in Eu-
ropean Deets of this crop, and of
9 1-2d. in next crop now in course
Of being sown.
At this date month ago Cubas for
shipment were quoted at 2.3Sc. C. f.,
Porto Ricos at 3.73c. C. /. f., and
prompt Beets at 9s. . 3-id. (. o. b.,
the last named being equivalent to
2.7lc. c. {. for Cubas, a difference of
.33c.
Today, Cubas are quoted at Sc. CT,
Porto RicOs ut 4.35c. C. 1. T., and
prompt Beets at lis. 1-2d. (. o. b.,
the last in this case being equivalent
to 3.05c. C. f. for Cubas, a difference
of only .O5c.
AS, even at the advanced quota
tions, both Cubas and Porto Ricos are
hard to be obtained, 1t will not be
surprising il U. S. refiners turn to
Europe and pay the slight premium
necessary to get Beet supplies in the
large quantities that an equivalent
price would fail to draw from cane
countries. There are rumors that re.
finers have already resorted to Eu-
rope, but these rumors cannot yet be
confirmed, although there is more
than Il suspicion that they are true.
| To-
holders are following a wise course
in still keeping back their sugars is
somewhat doubtful, for they have
now to reckon with European COM
petitors. At same time 1t is unques-
tionable that the carrying ability of
Cuba is much In excess of its present
holdings of 10000 tons at the six
principal ports, for in May, last year,
the stocks at those ports reached
i2S,OO0 tons.
When the future of the market is
being considered, there is one impor-
tant point that must not be lost sight
Of namely, the extension of the Eu-
ropean Beet acreage that the advance
may give rise to. Hitherto, the opin-
ion has prevailed that Beet sowings
would not be increased, but the adj
vance of Cd. per cwt., during the
present month, in the quotations for
crease in sowings that will ultimate
ly act as a serious check upon the
market. II is of Importance to re
member that we are still six weeks
from the end of the sowing period in
Europe, and that there is yet time for
considerable extension.
European Beets have advanced
steadily, and today's I. o. b. quota
lions are: March, lis. 4 led; April,
lis. I'D: May, lis. Sd; August,
lis. I'd. Next crop. October-Decem-
Der, los. Sd.
The receipts for the week at the
three Atlantic ports were 62,307
tons.
observation-disclosures were circu.
lated this week to the effect that the
total output for this campaign would
not exceed 275,000 tons (2,240 lbs. }
but careful inquiry shows that a croT
of 10000 to $4,000 tons is all but
assured The first arrivals of foreign
sugar took place this week and con
sisted of $4,000 bags Porto Ricos anc
$4,000 bags Cubas.
REFINED. Yesterday all our re
= tiners advanced prices 20 points
bringing the quotations of the Amer
lean Sugar Refining Co., b. II. How
ell, Son & Co., and Arbuckle Bros. t
the basis of 5.10c. less l per cent
for Granulated, and those of the Fed
eral Sugar Refining Co. to basis o
j.2Oc. This morning a further ad
vance of 10 points by all but tn
Federal Sugar Refining Co. estab
fishes uniform basis of 5.20c. les
per cent. for Granulated. Thes
advances were fully expected by tn
Trade, in view of the increased cos
l.,f p.Na