Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1911-04-13
where SURPLUS
HAS gone TO
WilIett & Gray'S Explanation
OF Remarkable Changes
In Sugar Situation.

~ =" WV
gives very interesting attempt 10
answer the question, what has be-
come of the worlds sugar surplus that !
threatened the market carly In the |
year," The article follows:
Raws.
The present week under review we
look upon as the usual reactionary pc |
Rod coming at certain times in an up |
ward trend market, Europe as usual
taking the lead and the u. s. markets |
following a little behind Beet sugar
last week was at los. I'D. for March
and April, and los. Cd. for May All
changes were downward to los. led. |
to los. 51-4d. to los. 41-2d. for all
months at the close, and having been
1-2d. lower at los. Sd to 3 3-id. yes
tcrday and showing raIlying power to- |
day Cane Javas also declined led. |
to lis. 41-2d our market followed
slowly, nothing doing until Europe ap-
pcareh to have settled down at los. |
51-4d.. when buyers appeared and ac-
copied all centrifugals at c &c. c. Il |
f.. 96-degrcc test, amounting to some
600 hags.
The close OF the market IL barely |
steady at 21-2c. c. & f., 3.S6c net
landed. but all things considered we
look for Il return of tho advancing ten |
dcncy I'm Europe during the coming
week The weekly Cuba cable gives
no new basis for change In estimates.
which are now from 1,45S.0OO tons to
I,G72.S29 tons. The March production
appears TO be fully up to our estimate |
Many persons, however, look for less
than our estimate owing to an early
closing down of factories.
There is no special news from other
countries as to crops. We give consid-
cradle space to an analysis of the Euro
pcan situation which throws some light
on recent movements In Europe.
Four ports receipts 60.675 tons melt
Ings AZ 900 tons. Stock in U. S. and
Cuba together 477.l77 tons. against
i2G.5O2 tons last week and Gao, S33 tons
last year. ...
EuropCvn statistics and prospects as
seen from "A distance we have calcu-
lated n table herewith based upon the
latest and most complete European sta
tistIcs uncludIng otto LIGHT and +. O.
LiChp. The figures explain to some
extent the basis on which the CONT
mental markets have been SO firmly
held. and why large stocks available
for EXPORT from Russia have been re-
portcd lately.
For convention countries of Europe
the apparent supplies for the year Sep
TENDER !, 1910. to September L. 1911,
were on Septembcr 1, 1910, a stock car
ricd over of 62O.24S tons plus crop
of 5,35O 900 tons of beets. The require
mcnts of these convention countries
for the year to beginning September
amount of their exports over their i'm
ports met cXports) estimated on the
outturn Of some corresponding year,
say 10OS-O9, to which must he added
the amount required for consumption;
also based upon 10000.
The excess of supplies as above over
requirements leaves stock September
I, 1911. Of I,194,1S1 tons for cOnvcn-
tion countries and 60i.O77 tons for Rus
STA as compared with stocks at the
beginning Of the 19OS-O9 campaign Sep
temhcr /. 1908. T221Sl tons for con-
vcntion countries and 4a3,i25 tons for
Russia. showing surplus September I,
1911, over 1908 of i72,74O tons and no.
G5g tons respectively. provided the same
relative conditions exist throughout the
year 1901, as existed throughout
190S-09.
But Just here Is where q decided diff
ference Is shown by the table figures
for the six months. September ]. 1910.
to March /, 1911, compared with the
figures of the six months September l.
1908, to March !. 1909. The European
figures to March !, 1911, are now at
hand and show an Increase of net ex-
ports Of 2OO,75o tons for convention
I...NW