The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1910-06-28
LATE REPORT OF
WILLETT & GRAY
Continued from page five)

beet quotations were worked up to
over Is shillings, or nearly 1c. per III.
above the normal value of Cuba Cen
trifugals in this market. Now, the
inevitable result of such initiation of
prices is being experienced in rapid
decline in the European markets.
Inadequate supplies no longer figure
to the extent they have in supporting
prices, for the unusually high quota
lions have drawn sugars more rapidly
to the highest-priced markets than the
refiners or consumers are able to di-
gest there.
It is going to take some little time
to recover from the conditions grow
ing out of the above-named circum-
stances, and for the market to take
"a new departure based upon the final
outcome of supply and demand, as
they are likely to exist at or near
the close of the present campaign. -"
Messrs. Guma-Mejer, Havana, cable
us today, increasing their maximum
crop estimate $4,000 tons, to 1,75O,0O0
tons, which figure we published in Fe-
bruary 10th as our maximum esti-
mate; and they say that this will
prove the absolute maximum"
Based on this conclusion, we make
visible production to date 1851, 900
tons, leaving receipts of only 100000
tons still to come in, against 1852
tons last year.
With the same receipts as last year
the crop shows 100000 tons and an
immediate falling off in receipts must
be expected in confirmation of Messrs.
Guma-Mejers positive assurance.
We give herewith the Board of
Trade Omitted Kingdom) figures for
May, showing imports of all sugar
l215,585 tons, against 1885 tons last
year. Stock in bond now is 1885
tons, against $4,000 tons last year
when invisible stocks continued large
1t is evident from the May consump-
ton of 142,9OS tons, against 82,573
tons last year, that this invisible stock
of last year went largely into con-
sumption and the June figures Of
stock and consumption should return
to about normal basis.
Imports into United Kingdom from
January LIST to May 31st are $500
tons more than last year, confirming
what we have written about the high
priced market drawing supplies thith-
erward.
The United Kingdom consumption
figures for April-May together are g.
271 tons less than last year, which
amount probably represents that taken
py consumers from the invisible stock
There is no pretence that the con-
sumption is reduced for any cause.
In the United States, however, we
have a somewhat similar, though
smaller, invisible stock situation in
refined sugar this season to that in
| the United Kingdom last year.
Refiners have considered it good
policp to melt heavenly rather than
store the excess of raw sugar arrivals,
but the product has accumulated to a
considerable extent, the stock of re-
fined in refiners' hands at present be-
| ing much larger than the normal, as
will be noted when we publish our
estimate of six months consumption
to July LIST.
Cuba weekly figures give 5000 tons
receipts, $4,000 tons exports, stock in
Cuba and United States together $685..
1877 tons, against 699,572 tons last
week and 61795O tons last year. Nin'
centrals are now grinding.
In the following week last year the
six centrals were grinding, which mum
Der continued working until August
with receipts of 1000 tons to 5000
tons per week.
French refiners are reported to have
bought several cargoes of Cuba sugar
for use this season. The details OF
the Cuban sugar exports for May
showing destination, are not yet re
ceived.
San Francisco imports are $1,000
tons larger to date than last year.
The reports of the next Cuba cror
are variable as to weather, rains are
scattered and insufficient, except il
tho aas+arn eaction Tho rast n
the island presents poor and back
ward appearance.
The European Beet crop is reported
upon favorably by F. o. LIGHT by ca
BILE.
Other reports coming last two weeks
confirm desired rains doing good; eX
cept France, which had an over-suppE
keeping the crop backward, Easter