Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1908-08-25
SUGAR

Czarnikow Macdougall & Co. re-
portz as follows on the sugar market
under date of Aug. Z.
SUGAR MARKET. - Our last re-
port was dated 31st July.
During the first days of the week
our raw sugar market remained I'M
changed, with more buyers than SELL
ers at i-ic., which was the closing
price of the previous week. After
the holidays the European market
opened steady, and ours showed signs
of a slight Improvement, which, how
ever, did not materialize because of a
sudden collapse in European beets.
which declined on the 9Th inst. to
los. 3D.. and close at los. 3-4d. for
August. These declines doubtless
arise from European holders having
lost hopes of the expected American
demand and from the very favorable
weather for the growing beet crops,
all of this resulting in bringing the
prices of old and new crop closer to-
gether than they have been for a
long time.
New crop Beets. October-D December
delivery, dropped from 9s. I'D. to 9s.
s I'D. a decline of 9 3-4d. against a
decline of 5 lid. in old crop. As
the lowest price for beets in the
present year was 9s. Cd. on February
| 9Th. and this was when the Cuban
crop was at its height. 1t seems very
improbable that the decline can ex-
tend more Just now when the con-
sumption is In excess of production,
and especially IL II is borne in mind
that under present labor conditions,
the beet-grOwer cannot produce the
article as chcaply as in former years.
This seems to be confirmed by the
slight decline In new crop this week
as compared with the decline in old
crop.
There was some Cuban sugar on
the market at one time Mt 2 3-4c.. c.
T., basis % degrees. and Porto Ricos
at 4.17c.. but refiners showing no In
terest, holders withdrew the sugar
from the market for the time being
There is no doubt that when refiners
become buyers again they will be
able to pick UP some small lots at
very near the parity of the present
low level of the European market.
There ARE not very large blocks OF
sugar on offer from anywhere. which
is quite fortunate for the market.
Rcfiners, with very few exceptions,
having secured the largest portion OF
their requirements up to the end OF
the year, are not I'm favor of decline
In raws; but for the same reason that
their stocks are ample for their i'm.
mediate needs. they do not have Il
buy, and under these circumstances
any sugars forced for sale must brint
low prices.
Even after the recent collapse II
European prices. the parity OF los
3-4d. is 4.12c. duty paid. or 2.77c
CT. basis So degrees for Cubas. ant
IL the refners had the active demand
all looked for at this time of the year
there would not be any necessity fol-
prices to go below 4.17c. until latel
in the season.
The main cause for the unsatisfac
tory condition of the market Is tn,
absence of the demand which hat
been anticipated for the refined ar
ticle and which, for some cause o.
another, has not put in It's appear
ance, and many now fear is not goini
to do so until after the new crol
sugars come into play.
Java shipments in July were 100,
600 tons. much more than expected
The Javas afoat with United States
option are 200, 900 tons, against 81,
600 tons last year.
European quotations today are
August, los. 3-4d.; September, los.
New Crop, October December, 9s. I'd.
January-March. 9s. I'D.
The market closes weak at abov,
prices.
The receipts of foreign sugars n
New Orleans for the week consiste,
of 10000 bags Cubas, 5000 bag
Porto Ricos and $4,000 bags Beets.
| OBSERVATION-DISCLOSURES have been II
only moderate demand throughou
the week. Prices continued un
changed until yesterday. when
general reduction of 10 points wa
made. bringing all refners' quota
tions to the basis of 5.10c. less l De
cent, for Granulated.
Receipts for the week at the tire
Atlantic ports. 24.026 tons. Melt
!ngs, 10000 tons.
The Federal Reporter, commentin
on the sugar market under date q
August IL, says:
Sugar.-Our market has been bare
~ steady, and the spot price could no
be called better than 40Sc. duty pai
Tor 30 centrifugals, as a sale wa
made this morning of $500 bags Port