Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1912-07-19
Higher PRICES
NOT PROBABLE
WiIIett & Gray See No Indica-
ton of Material Recovery
in Raw Sugar

Willett & Gray's review of the
sugar market under date of July is
as follows:
Last week closed with Centrifugals,
96o test, quoted at z 15-32c. c. & I. or
3.S3c. landed, since which time pres
sure of offerings resulted in sales of
some SOC, 1000 bags at reduced prices.
for the most part at 2 7-16c. c. & L.
(3.SOc) for July and August ship
ment Cubas, and. towards the close,
at 3.77c. for prompt and July Porto
Ricos and Cubas.
Refners' purchases during the last
three weeks amount to more than
100000 tons, which, with present
holdings and previous engagements,
consequently they show little inter-
est in nearby sugar. All o. the re-
naming available privileged" sugars
will be in demand sooner or later this
year, however, and, in order to OBJ
tain full value for them, they should
be held until wanted.
The weakness which has developed
in the market is due to the improved
prospects of ample future supplies
throughout the world, and to the con-
tinued increase in the present Cuba
crop, with the desire to dispose of the
greater part of the stock in Cuba be-
fore it deteriorates in quality by be-
ing held there in the rainy season.
Our cable from Cuba reports entire
Island receipts for the week of 10000
tons and % Centrals grinding against
10000 tons and 5 Centrals at same
time in 1910. If receipts continue so
comparatively heavy much longer, the
crop outturn may reach 100000 tons
and may obviate the necessity of i'm
porting any considerable quantity of
Beet, Javas or other full-duty sugars
this calendar year.
Present prices seem low, especially
after experiencing the extraordinarily
high prices during the last twelve
months. which weres due to the fail
ure of the European beet crop, but
prospects are now entirely different.
Prices here are closer to the cost of
actual sugars in England than have
recently been realised. Scarcity of
beet sugars this year compelled Eng
'lish refiners to use cane sugars, which
were abundant, and Javas are quoted
today at lis. 3d.; floating landing
equal to lis net per cwt., or 2.40c.
per pound c. & f. for prompt delivery,
against Cubas at 244c per pound c
e +. to New York, or 2.49c. per pound
C. & +. to London, showing that our
market is now .O9c. above the parity
of the London market for cane sugars
for actual use by the English refiners.
Foreign cane sugars for use by
American refiners, however, are above
the parity of New York market be-
cause of the Cuban preferential duty.
Jayas for July shipment (September
ARRIVAL being quoted at los. Sd. C. &
#. to New York. equal to 4.01c. landed
duty paid, against Cubas for August
September arrival selling at 2 7-16c.
C. & f., or 3.S0c landed, or .21c less
roa Cubas. Thus Cuba is receiving
.127c. of the .337c. concession here in
duty granted by the Reciprocity
Treaty.
The decline here has been going on
since February, when Centrifugals
were quoted at 4.80c., and are now
3.77c., a reduction of Lobe, which
has caused loss to producers, refners,
grocers and others dealing in sugar.
Prices now appear to be close to bot
ton for the season, but we see no in
dication of any material recovery for
the present, and little desire to spec
ulate.
European markets for Beet Sugars
are rather higher on buying by
shorts" taking profits, and special
demand from German refiners, the net
advance for the week being 2Ad.
F. o. LIGHT cables us that the
weather favors the growing beet crop
for Europe.
Cuba cables report continued rains,
but not sufficient to cause all centrals
to cease operations. 4 Official advices
received in Washington are that one
of the leaders in the negro insurrec-
ton has been killed, and that there
are now good reasons for expecting
that there will be no further inter-
ruption to such grinding, as the
weather will permit. 1T would be pre-
mature to say, however, that the pc.
lltical troubles of Cuba are ended.
Congress will doubtless soon re
sumo the discussion of the Sugar Tar
iff, now that both the Republican and
Democratic Conventions have adj
journed.