The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1910-06-15
WILLETT & GRAY'S
LATEST REPORT

The following report of Willett C
Gray, issued on June 2, arrived in the
Wilhelmina's mail yesterday:
The features of the week is that
the sugar stocks in the United States
and Cuba together reached the highest
point of the campaign and turned to
the downward trend. These stocks are
752,19O tons, against 76S, 1916 tons last
week and 692, 4S3 tons last year.
The Cuba crop figures now show vi
sible of $4,000 tons, against 1,S44,-
600 tons last year, gain of Psi, 900
tons which, with the addition of sub
sequent production equal to last year,
gives a maximum of 1854, 5S2 tons
crop.
1t will be interesting to note from
week to week if reduced receipts at
shipping ports reduce this figures.
The success of the European specu.
lation in the future depends upon seve-
raj circumstances, one of which of i'm
portance is as to whether Europe will
continue to take from Cuba sufficient
sugar to establish an evident or visible
short supply for our refiners. Thus
far about 125.000 tons are bought, but
not all shipped for Europe, without
diminishing supplies for American re-
quirements beyond safety
Should this safety point be passed,
however, by continued purchases by
Europe, the 90 cents per 100 pounds
difference in parity between beets and
cane will quickly show it by a closing
of a part or all of the difference, de-
pending upon the amount of shortage
that would have to be made up by our
refiners from full duty paying sugar,
or the bringing here from Liverpool of
the Cuba sugar stored there. Any
such possibility does not exist at the
moment and may not come at all if the
European spectators do not see the
Importance of this feature in their pro-
gram for higher prices and act accord
ingly.
Europe, however, is likely to want
sugars from outside sources more than.
American refiners will.
The Cuban planter continues to offer
freely at the present large profit on
the large outturn of his estates, evil
IDENTIFY preferring not to take chances
of the future, however brilliant they
may appear.
This slight distrust of that future,
caused by the quite serious reaction in
the sugar exchanges of Europe, has
brought the selling basis back to 4.24c.
per pound spot and nearby, and to
4.27c. to 4.39 C. basis for June and for
July 4.96c.
The European market finally stead
led at las. 34d., after continued de.
cline from the high point ultimate
higher values later in +he season. It
merely indicates that temporarily pre-.
sent supplies in the United Kingdom
are larger than required and that spe-
culators are giving more attention to
future than to present conditions,
August being now the favorable month
in their estimation-and the month of
vantage in realizations aimed for.
The intermediate months of June
and July may pass by with lite
change of conditions.
Our total worlds crop estimates are
increased as given elsewhere. Formosa
is progressing rapidly in production
and expects another increase next
season.
Cuba rains toned down from the pre-
vious week. The next crop has been
benefited by these rains thus far.
European beet crop news is variable
but on the whole somewhat favorable
good rains have fallen in western and
southern Germany and in France
where much needed.
In Eastern Germany and especially
in Russia all reports agree that grow
( ing conditions this spring have been
very favorable.
Zeno X. Myers has considerable