The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1910-07-26
WILLETT & GRAY'S
LATEST LETTER

Willett & Gray's sugar journal of
July IA contains the following con-
corning the raw sugar situation:
The week under reveiw has been UNI
usually qliet and uneventful. Only
a small business was put through, and
quotations for this remained at 4.33c.
per Id. until yesterday, when cargo
of Porto Rico Centrifugals due at this
port was placed to the Arbuckle re-
finery at 4.3Oc. per b., the best bid on
the market at the time.
There are several buyers at this
quotation, however, and 1t is fair to
think that this was an expectional
sale and that the current market quo
tation will soon be renewed at 433c.
per Id. basis, because the demand for
refined sugar is unexoeptionalIy large
and increasing and raw sugars will be
much wanted by some refners if not
by all. Sellers, as a rule, are not
urging their stock on the market, al
though on the basis Of &c. c. & +.
(4.S6c) a considerable quantity can
be purchased in all positions. We
expect to see this price made again
during the present month.
From Cuba, our weekly returns
show receipts of 5000 tons, against
1000 tons last year, increasing the pre-
sent crop outturn to 1,S13,5S2 tons,
provided receipts from this time for
ward equal the receipts during the
same period of last year.
The conditions for the growing
crop, as regards weather, continue
moderately favorable, especially in
sections where fairly good rains have
been experienced. 1t is too early yet
to estimate the coming crop, although
it will be no surprise if 1t proves to
| be large
Messrs. Guma-M Meier give the present
crop production to June Both as 1885,
675 tons.
Regarding European beet crops,
general rains occurred all over Europe
recently and where needed have done
observation-disclosures
month of deterioration for the ma
jority of crops So that while dam
age reports have been exaggerated,
there is no reason for indulging in
any undue optimism. Some disap-
pointment will be felt at our failure
to raise other large crops, because
the country really needed a big sur
plus, not only to facilitate lower
prices at home, but also to afford the
desired stimulus to exports. During
( the coming year we may ship COM
paratively little wheat to Europe, but
a liberal increase can be anticipated
in exports of cotton. The wheat crop
yields are now pretty sure to reach
in value between $s,O0OOOO,OOO and
50 900, 100000. If so, continued pros
perity for the coming year will be as
sured, and in the event of no foreign
complications the country will be safe
and the good dividend paying STOCKS
will advance from the present low
level.
The money situation is really better
than at one time anticipated, although
we are approaching a period Whei
firmer rates must be expected OWNS
to crop requirements. The policy o
retrenchment adopted by many OF th'
banks, especially in the interior, i
having a. beneficial effect. Report
of national banks for the last quartz
show that many of these institution
have been able to strengthen thei
reserves compared with the previou
> report of March 20. The improve
. ment in bank reserves, however, ha
been chiefly in the East and Centre
West. Many of the Southern an
Southwestern institutions still sho
decline in reserve strength. In tines
sections no doubt further liquidation
will be in order; but the pressure IN
: posed by interior bankers, unwelcon
as it may have been, will inevitab
, result in strengthening the cred
situation. There is still more or les
j apprehension of a money squeeze
certain sections of the interio
: though, the increased working pow'
), Of money arising from lower price
and dull trade will undoubtedly ter
D to mitigate any undue stringency. TT
New York hanks are now in a bett'
i position to afford assistance to the
: terror, and our ability to secure FL
3 tho, From, a ic al