The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1908-06-07

being put on lighters, and the trade
generally expects that these viii event
ually be sold at some concession, and
il is said that in view Of the lower
European cables refiners today would
not be willing 10 pay over the parity
OF rs cents cost and freight for
Cuba, for these supplies This is eQui-
yalent to 424c. duty paid for 90 cen
trifugals, or say 10 shillings 1-2d., +
o. D., making our spot quotation near
ly one-fourth cent per pound under
the Europe parity. In view of the
limited supplies of cane sugar avail
able this price is of course unwarrant-
ed by the situation. and due entirely
TO the pressure to sell of these few
nearby lots and is not therefore fair
criterion of the market. Distant su-
gars are as firmly held as ever and
/ we see no reason to anticipate any
pressure to sell sugar for shipment as
1t IS a certainty that as soon as re-
finers show any interest in the mar
ket sellers will withdraw and compare
| lively little sugar viii be obtained
without fun prices being paid The
market closed quiet with the spot quo
tation normal on the basis of 4.36 cents
duty paid for SO degree centrifugals.
| At the close the spot and af1oat sugar
/ has been sold TO the American Sugar
/ Refining Company on the basis of us
cents cost and freight for Cubas equal
i to 4.24 cents duty paid New York. The
| total amount obtained at this figure
was between %. 900 and 80 ,0G0 bags. re-
| dhcing the spot quotation one-eighth
cent.
In Cuba the situation is very much
the same as here. buyers and sellers
are apart in their ideas and there is
very little sugar offering for sale. It
Is to be noted that the stocks in the
Island are being materially reduced
the present supplies being $4,000 tons
less than last year, and 175,000 less
than two years ago. On the whole
there appears every reason to main
tain our opinion that the crop will be
about 100000 tons and deducting $4,000
tons for home consumption leaves
about $780, 900 tons for exporting pur-
poses. The remaining stocks in the
Island are in strong hands, mostly the
larger shipping houses and bankers
who are in position to hold out for
higher prices and there is no question
but that if they are willing to carry
these supplies until the Ref1ner's me-
they will obtain the advance asked.
After once realizing these prices re-
finers cannot be expected to continue
buying the market UP and to incur
the additional expense of carrying
these stocks until they are needed for
MEETINGS.
Regarding Europe. this authority
quotes a correspondent as follows:
Field work remains late and sowings
not yet finished. 1t is reported that
about ten Russian factories cannot be-
gin work for want of money and Rus
sian bankers will not give any fur
Their loans on sugar. The Russian fac
tories cannot make any payments in
advance to the peasants and this
makes the decrease of sowings rather
larger than expected. Belgium
may have a small increase while
France will have an increase of about
ten per cent but it remains uncer-
tain whether the increase of beets
will mean an increase of sugar pro-
duction, because in France great
deal of roots are to be worked for al
cohol and the present prices for al
cofiol pay better than for sugar"
AS regards Porto Rico this authority
continues: 'One of our correspond
ents writes US under date of May II.
Tt is estimated that only one-third
of the total amount of the present crop
is unsold, and as the weather con-
tinues to be very dry laboring does
not suffer any interruption and 1T is
expected that in short time the works
will come to an end on all the Plan
tations. On the other hand the actual
persistent dry weather is causine
great damage to the plantations for
the next crop and the losses expert
enced by want of rain undoubtedly
reach high figures
GOOD RAINS ON OAHU.
Splendid rains in the Koolau noun
tains on the Wahiawa watershed are
reported and the water in the Wahi-
| ava reservoir rose nearly three feet
in less than twelve hours Friday night
and Saturday. All the gulches in this
watershed are running well. This is
the best possible good news for Wai-
alua plantation as it indicates a con-
tinued supply throughout the summer.
There We're heavy rains UP Nuuanu
Valley Friday night also, sufficient TO
give very good volume of water at
Iuakaha Falls. This would indicate
| that there was a good rainfall through
out the Koolau mountains refreshing
the supplies, artesian and other for all
the plantations dependent on this
source.
PIONEERS PROSPECTS.
Tt seems certain now that Pioneer
Mill will begin paying two per cent.
a month with the first Of July. While
this is not official it is believed tt be
authentic. A keen observer and one
exceedingly well informed figures out
that Pioneers earnings this year above
operating expenses. depreciation and
fixed charges. will be equal to at least
thirty per cent. The estimate of this
years crop is $4,000 which this gentle
man thinks is exceedingly conserva-
tive.
At s72 ton net, which is also con-
sfdered conservative, this is $1,So0,oVo.
The deductions for operating expenses
and other things last year was some
thing over $500, 600. Allowing $4,000
this wear. and ten per cent. of the net
earnings for sinking funo and depre-
citation leaves $4,000 available for
dividends which is a little less than
90 per cent of the capital stock. Six
per cent. has already been paid this