The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1912-03-18
OF RAW
SUGAR SITUATION

Willett d Grays, under date of Feb
ruary 30, gives the following review
OF the raw sugar situation of the
world:
Raws.-The week under review has
been reactionary, both at home and
abroad. The large and free purchases
by our refners gave them sufficient
supplies to increase their MEETINGS TO
make rapid deliveries Of their con
tracts for refined, more rapidly. IN
fact, than the holders of the contracts
desired, so that some of the surplus
production came on the market from
second hands, causing an irregular re-
fined sugar condition temporarily, and
less demand from the refners for the
raw material The reaction from the
previous high level of 7-16c. c. & f.,
and $50 per ID. duty paid, for 96c.
Centrifugals has now reached 5-16c.
C. & f., and 4.67c. per h. duty paid,
and at which $4,000 bags Porto Ricos
afloat was sold, making a spot quota
ton.
The immediate future depends upon
the disposition of Cuba sellers to press
their sugars for sale, or otherwise to
wait until our reiners are ready to-
accumulate further supplies.
The European markets are very
similar to our own at the moment.
The U. K has in sight sufficient sup
plies for two months wants and an
absence of future buying. The quo
tations for both beet and cane raw
sugar have seriously reacted. Beet
sugar from los. I'D. last week to
los. I'D. this week, and cane Java
to les. Cd.
Looking ahead as to requirements
the U. K. SAes necessity for provid.
ing only for the months Immediately
preceding September, as on Septem-
Der / the Russian contingent of 2OO,-
900 tons will be released for shipment
against requirements at that time, and
in the meantime the 100000 tons of
Russian excess shipments, this cam
paign, authorized by the Brussels con-
vention, will have been received.
TIE European situation is therefore
not now as stringent for supplies as it
appeared some time ago, and it is now
estimated by our friends abroad that
only 10000 tons from Cuba will be !
required to complete the U. X. needs
of this campaign, a good part of which
has already been purchased.
II such proves correct and the Cuba
crop reaches it's full 100000 tons, as
now seems possible, there will have
to be a general readjustment OF re-
cent expectations of extreme high
prices for sugar at any time this sea
son.
We deem it we'll to call attention
to the danger of speculative buying OF
either raws or refined at much above
the high level of prices already touch
ed, and at the same time would not
be at all positive that for limited
period during the summer months the
prices of both raw and refined will
not rise some distance above the re-
cent level of 8 1-2c. c. & +. (4.S6c0 for
raws and $500. for refined, so that
buying freely for necessary supplies
through the early summer months is.
fairly safe proposition.
Our latest Cuba crop analysis shows
an improving tendency to the crop
outturn, not requiring any reduction
in previous estimates of 100000 tons.
The itemized returns received during
the week from various estates con-
firms this statement Notwithstanding
the receipts at shipping ports in Cuba
remain behind those of former years
and appear difficult to be madeSup
except from long continued favorable
weather for the remainder of the
grinding season.
| Frequent Interruptions by bad
weather have already reduced the
working days, and should such con-
tinue, the final outturn may still be
curtailed, but for the present at least
it is advisable to look for a full croI
of sugar in Cuba this season
No other matter of interest like
Cuba bears upon the sugar situation
at this time. Since the Brussels con
vention decided the status of Russian
supplies here is little of importance
on the other side to look for. Con
sumption in some parts of Europe ap-
pears to be slightly curtailed by the
prevailing high prices leading to less
requirements from imports, and in
general, the basis of supplies to de-
mand is becoming more evident as
the time goes by.
AS an indication of values during
the summer, Java sugars have been
offered during the week for June ship
ment (August-September arrival, at
10 Qd p . or,oI 4