Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1908-01-18


their circular OF Dec. q give the
following review OF the 1907 sugar
market:
SUGAR MARKET, 1907. - The
year opened quietly with spot mar
ket at 3.5Gc., basis 90 degrees, and |
Cubas for January-February ship
ment selling at 2.19c C. f. These |
prices made non-privileged sugars !,
worth no more than 1.S6c C. /. T., and |
led to sales of San Domingos for |
transhipment from New York to Uni
ted Kingdom. Even these prices did
not hold, for, under pressure of in
creasing offerings, Cubas sold at
2.12c C. (. for February shipment
and Porto RicOs at 3.4Sc C. 1. T. Lou
isiana closed a disastrous campaign
In which the average yield was much
below that of the previous season,
and New orleans consequently reap
pearcd in the market for foreign SUI
gars and made moderate purchases
! of Cubas at 2.ljC c. (. The month
rad opened with 1922 Centrals at
work in Cuba, but by Goth January
| l70 Centrals were grinding and re-
| Ceipts of new crop at the chief ship
| ping ports had reached 254, 900 tons.
The accepted estimates of the Cuban
crop were at this time 100000 to
| 100000 tons. The storing of a
cargo of Javas, 1900 tons, and of
! 700 tons Cubas showed that Import
ers regarded existing prices as alb
normally low iand due to temporary
excess OF supplies from Cuba.
I In February, the market became
still worse and some sellers who had
the temerity to ship cargo of Gu
bas, without previously placing It,,
found that, once allOat, the best OBJ
tainable was 2.0Gc c. I. and their ac-
ceptance of this reduced the market
to that level Considerable quanti-
ties of Cubas for both February and
March shipment We're sold on this
basis and Porto Ricos for shipment
were sold as low as 3.3Sc c. o. f.. ba-
sis 90 degrees. During the depres-
sion some Cubas sold at 2.O3c C. f..
These low prices provoked resistance
on the part of Cuban sellers ana
their attitude forced buyers to pay
212c c..f, basis sc degrees, at which
ton 2Sth February Dthey bought
large quantities for second half
March shipment. This was the turn
ing point of the market. Consider
able purchases of Cubas and Porto
Ricos We're made for European as
well as local account prior to the ad-
vance, and these transactions helped
the recovery.
The Improvement which started in
the last days of February made fur.
Their progress in March. and in the
first week Of that month there were
large transactions in Cubas, first al
Else c. f., basis SO degrees, and la.
ter ut 2.25 c. !. This was followed by
Il lull, during which, under pressure
from belated sellers, prices reacted
to 2.15c C. T.. but this was only TEN,
porary, and before the close of the
month, there We're large transactions
for April shipment at 2.25c C. f., anC
May shipment sold at 2.2Sc C. I. Re
ports from Cuba spoke of poor Juice
and this led to less sanguine croI
estimates, and although. reiiner'
were having very heavy direct re
oeipts, they began providing for I'd
ture wants by accommodating stocks
by the end of March the Cuban pro-
duction stood at 1,0l7,000 tons. Or
/ the 5th March the Canadian tariff
was passed. 1t reduced the duty OF
Il. w. |, Sugars, basis SO degrees
from .550c per ID. to .525c per ID.
while retaining the duty on non pre-
ferential sugar at .S35c per h., tn,
effect being to make the preference
TO B. w. |. sugar .SlOc per 1b. IL,
stead Of ,2S5c per ". as formerly.
BY the first week in April som,
Cuban Centrals had finished grind
ing, and by the end of the month thu
number at work had fallen from lSt
TO 50. The market advanced as pro,
auction declined, and the month saw
business done in Cubas for shipmen
at 2.4GC C. T., basis 96 degrees. anr