The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1910-06-14
LATEST REPORT OF
WILLETT & GRAY

Statistics of the week are import
ant, especially as relates to the Cuba
crop. From an analysis of the week
reports-2S centrals working, receipts
$4,000 tons, and stocks cabled yes
terday as normal on estate-it is now
reasonable to expect that the visible
production for the remainder of the
campaign will be at least as much
as for the same time last year, say
1S9, 5S2 tons. If this quantity is
added to the visible production, this
season to date 100000 tons, it will
indicate a crop this year of 1,759,5 S2
tons; therefore we now accept a to-
tai production of at least our maxi
mum estimate, 1,750,000 tons.
We are rather congratulating our
selves on the conservatism of our
Cuba crop estimates throughout this
season. While estimates have been
jumping about from 1,S5O,O0O tons to
100000 tons, highest and lowest, we
started the campaign October 81, 1909
with our estimate Of 100000 tons,
which we have consistently maintain
ed, only varying by introducing, on
February 10, 1910, maximum l.
100000 tons and a minimum 1,650,000,
until this present. We shall now
simply add to the visible from week
to week, as above.
The week under review shows 1920
per lb. advance in spot quotations,
which is the only quotable change in
figures. The market, however, has
shown much greater activity than
previously and sales for shipments
particularly have been liberal and
have included spectators here and
Europeans as buyers.
The speculation is for higher prices
later on, the sugar going into ware
house in meantime. Europeans paid
2. 90c. to 2.92c per lb., f. o. b. Cuba
for centrifugal. Spot and near by
sales were at 4.24c. to 4.27c. per lb.
basis landed, June clearance at 2 .94c
C. & f. a. 30c), and I'd half June at 3
C. c. G. f., SO deg. test, with an early
July sale of 20 to $4,000 bags at &c., f.
o. b. Cuba SO deg test, for the U. K
With their large present supplies
of raws beyond the present outlet fol
the refined product, refners are in.
creasing their MEETINGS and storing
the refined for future increased de-
mand, so that from now on the fig
ures of consumption will include a
considerable amount of invisible stock
above the normal, but not in the
hands of the trade. This accumula
ton will also act as a hedge against
the time looked forward to when tho
, offerings of raws may be reduced
and higher prices asked.
, The strength of the European beef
, sugars during the early part of the
! week should have given quite {
, bulge upward to our market, but haC
} only the effect of increasing activity
J at .03c. advance and checking the de
, declining tons of the market. Bee
) sugars touched on Monday the high
: est point of the campaign thus far
: los. I'D. for prompt, 15s. 3-4d 70,
+ June and los 2 lid. for August, bu
;. closing on reaction to las. II lid. 70
this and next month, and 15s. for Au
! gust.
y A London writer says: "a disaI
+, pointing feature is the continual dull
ness of the New York market and tn
fact that Cuban Centrifugals remail
= so much below the worlds parity"
. European operators seem to hav
:, been disturbed because on the lit
we predicted a decline soon to 4,24C
The decline occurred on the 18th, a
forecasted, and did not prove to b
an exceptional business, the Quoti
ton remaining current for spot ST
CARS, with sales thereat, until the 24t
. inst-12 days. Europe cannot unde
stand why our market should col
- tinue so much below the parity of tn
;, worlds basis; as we have frequent
' pointed out it is simply because I'll
y supply of duty free and privileged S
, gars have been so abundant for Am
y rican requirements as to make OF
y market Independent of the outsiC
world.
d OF course there is time enough al
d sugar enough left in Cuba for Il
lie planters to realize surplus prof
u when they are ready to demaI
worlds prices, but as mentioned, o.
es refners are partially prepared f
combating such pretensions by the
refined trade policy.
Foreign letters are beginning
Ill specify in figures the expected
H. crease of the next European be