Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1909-04-03
SUGAR
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Willctt & Gray's Sugar journal fol
March is speaks as follows OF tho
raw sugar market and the new tarin
Eill:
Raws.-The week opened quiet, with
| buyers Indifferent and small sales a
/ 2 7.lGc. C. and f., equal 3S0c. landed
Tor SO test, and European beet at los
10 sd. On ilrmer advices from Eu.
rope, however. our market became ac.
tive, with large sales of Cubas at
2 l-2c. c. and f.. and Porto Ricos al
2,SGc. followed by further consider.
eblc business in Cubas at 2 g.1Gc. r.
and f., and Porto Ricos at 3.92c. landed.
all basis 80 test
Spot quotations show an advance for
the week Of ice to age. for SO test.
with tendency upward. At the close
however. II Ii rumOrcd that prompt
shipment Porto Ricos have been sold
at 39S l.2c.
Beet sugars in Europe at the close
of the week advanced to los. Cd, tho
parity Of 4 PIC for ccntrlfugals. or .2gc
above our market.
The cause Of the strength of the
London and New York markets is the
unwillingncss Of holders In Cuba to
offer much more sugar than sufficient
for immediate wants of refiners. as
they find money in plenty for carrying
sugars and have faith In the future of
the market. The reduction of 2OOC
tons In the weekly receipts at the Cub
an Six Ports to $4,000 tons added
strength to the markets generally.
AT the close, sales have been made
To Federal and to spectators of Cublq
for April shipment at 2 5.Sc. c. and z.
equal to 3.9S lie. landed for SO test.
or 20 l-2c. below the parity of April
beet; this price may soon be paid for
prompt shipments and would seem to
be high enough for the present. unless
there are unforeseen important devel.
opments, as It will cost the refners
more than the above 80 1-2c. differ.
ence in parity to carry any excess of
supplies until needed
a little later, the upward movement
Will probably take another start
Recent advances here made the
value Of non-prlvileged sugars about
2.2Sc. C. and T.. New York, and will
likely attract San Domingo and other
sugars here. instead of to the United
Kingdom and Canada, where they have
recently been marketed.
We give tarir news in another col |
umn.
New Tariff eill.-Congress met n,
in extra session, al the
call OF President Taft, on Monday tho
18th instant and, on Wednesday. the
new tariff bill was introduced in the
House OF Representative by Chairman
Payne Of the Committee on WAYS and
Means. The bill will be known as the |
Payne Tariff Bill.
As we have anticipated. no change is |
In the duty on raw sugar, the |
new bill providing for the presep;
rates OF 1,6s5c. on SO test sugar from
countries, and 2.34sc. |
IN Cuban SO test, but granting the
of importing free of duty.
'oO'OOO gross tons Philippine Islands
sugar In any one fiscal year July 1 TO
Tune 800 the excess of this quantity to
pay full tariff rates.
AT the last moment the committee
Inserted In the bill provision reduc.
ng the duty on refined sugar from
l.90c. lthe present rate to l.9Oc. per
pound. This proposes a reduction I'm
ne rehners protection from ~ 1.2c. to
W lie. per pound. which, II finally
approved, would admit of the import
u foreign refined sugars at time and
would reduce to the extent of .O5c. per
'ound, the protection on refined sugar
Produced by the domestic beet fac
cries.
The rates mentioned are minimum
'ates, but, provision is made for the
assessment OF maximum rates, equal
o the minimum rates plus 20 per cent
N articles imported from countries
which discriminate against the trade
II the United States.
1t is provided that the bin shall On
nto effect the day following Its enact.
nent.
Before the bill can become law, It
must be passed by the House of Rem.
esentatives, be passed by the Senate
PROBABLY be referred to Conference
OF the House and senate)
nd be approved by the President.
The Bill proposes changes in duty on
numerous other articles of Importance.
nd many weeks will be devoted to it's
consideration in the House and Senate.
Though the President urges quick
ction' Present indications are that Il ,
annot become a law before July LIST.
II is not expected that the introduc. ,
ION OF this bill wlll'have any effect on
he sugar market for the present, II
hnh 4