Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1910-03-22
REVIEW
OF SUGAR MARKET
CHINA BECOMING
GOOD CUSTOMER
Consumption of Sugar Is on Increase
Regardless of Advancing Prices
New Estimates Made for Com.
ing YEARLY Crop.

One Of the most interesting sugar
circulars received recently is that of
the Federal Refinery issued under
New York date OF March 4. The cir
cular says:
RAW SUGAR.-We have had n
firm market, but without much bust
ness. since our last report. On We'd
nesday about $4,000 bags Cubas, for
clearance not earlier than April Q,
sold at 3 Lice cost and freight for
96' test. the equivalent of 4.42c
duty paid, and last night the mar
kets in both Europe and here appear
ed 20 be assuming waiting ten
dency, with prospects in favor of lit
tie II any change either way In tho
immediate future. Today, however,
! the situation Is again materially
strengthened on the advices from
Cuba that Guma states that the
drought continues to such an extent
that n reduction in his estimate Will
have to he made. This has resulted
In an advance in Europe, as well as
In the sale of 10000 Cubas, for
April shipment. on the basis OF
10 lice cost and freight. About
| 100000 bags Cubas, for March ship
ment, have been sold at l-l6c cost
and freight to Messrs. Arbuckle
Bros. and d. II. Howell. Son & Co.,
advancing the spot quotation to i:42c
I duty paid for 96' Centrifugals, 3.92c
duty paid for SO Muscovadoes, and
3.G7c duty paid for So molasses
sugars. LII addition to this, $4,000
bags to 100000 bags Cubas are un-
derstood to have been sold at 3.OOc
fob. Cuba for shipment to England.
Sales previously made for shipment
to the United Kingdom refiners,
amounted to about $4,000 tons. The
closing quotation for March beet Is
lis 6hd. the equivalent Of 5.o9c
for these sugars laid down New York,
or g. points over our present spot
quotation. Such margin Is a large
one. For example. at this time last
year the difference between the spot
market for 96' Centrifugals. and the
p,i,e at which beets could be i'm
ported, was only A. points, SO that II
will be seen that gradual narrow
ing of the present excessive differ
entail would result In higher prices
here, even II there should be nc
further advances abroad. The rea'
son we have had such large differ
entail between the cost of Cuban and
beet sugars, duty paid New York. Is
because of the large Cuban crop. II
the outturn Is not to be as large as
was expected. holders naturally will
not from now on be as free sellers
II is estimated that about 100000
tons Cuba sugars have been sold t.
date. The total receipts since Jan
uary principally from Cuba), are
430,524 tons, while MEETINGS since
January have been 29s.000 tons
The total stock in all hands OF
March 2 was 209.O26 tons. 1t Will
be seen, therefore. that our refinerl
have sufficient sugars bought aheat
to enable them to stay out of Tho
! market, II there was no special in
/. centive to buy. On the other hand
at any concession from today's pric
, es, Cuba sugars could be exported Il
Europe, and our refiners have shown
no disposition so far to lot any guam
tlty OF these sugars be diverted Il
the United Kingdom rehners. and arr
hardly likely to do so. II the csti
mates Of the Cuban crop are now t
be reduced. The total stocks in thu
four ports are oO9,026 tons, ms com
pared with 2l1,6Sl tons last year
and the estimated anoats TO tn
United States are $4,000 tons
against $1,000 tons last year. Th'