Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1912-07-11
SCARE
ON SUGAR STOCK
STRIKES EUROPE

! Willett O. Gray's Journal for June
- reviews the raw sugar market in
/ part as follows:
The week under review may be
classed as European market scare,
pure and simple. due To the improved
outlook for worlds supplies, and the
effect on this side has been the check
ing of the beginning of an improve
ment here by the payment of 1-32c-
per lb. advance on one day. which has
been entirely lost and values returned
TO the previous 1-2c C. & f. basis,
with a movement to a lower level
The special weak movement in Eu=
rope began from the quotation of last
week when beet sugar was lis. 8 3-4d.
The first days decline was / I'D to
lis. lid. The second day saw 1-4d.
decline to lis. Cd. The next gave
/ lid more TO lis. A 1-2d on Mon
day. . lid more ON Tuesday, Sd. more
Wednesday to los. IL lad
Today the quotation is los 4d,
showing full shilling decline for week
C22c per lb) and bringing beets at
Hamburg to parity of 42Sc per ID.
for centrifugals at New York against
nominal values here of 3S3c per Id.
The decline in Europe during the
past four weeks has amounted to Is
5 lid. on prompt beet and 10 1-2d
on October December beet.
Cane Javas Sympathetic.
Cane Javas also show sympathetic
movement of Cd. decline to lis. Cd,
which 10 auuaI IN y Ar not n o. 70
Liverpool, against Cubas at 2.52c c. f.
& i. to Liverpool bringing Jayas below
the parity of value of centrifugals in
Cuba for shipment to the u X, thus
leaving remaining supplies from the
Cuba crop at the disposal of the IT, S.
refners, and new crop Java sugars
available for the u K in place of
Cubas.
Javas for the u. S. are approaching
closer to the parity of Cubas and may
enter into competition a little later on,
but not now. los. Sd. being asked for
July shipment (September arrivaD,
equal to 4.0Sc landed.
The Cuba crop continues to make
progress toward a bumper crop. of l.
$4,000 tons or more, notwithstanding
the rainy season and local insurrec
lions. ~ akt-t.syt
European beet crops show favorable
progress in all directions and, no doubt,
has much to do with the. weakness Of
prices abroad. SID ,..t
The outcome of sugar legislation is
SO uncertain that it affects the value,
particularly of the, large stock of Phil
ippine island sugars still upshipped.
Sellers are anxious to realize and buy
ers do not respond. Offerings of ,sug-
ars at aloe. per lh, basis So degrees,
for shipment not meeting business, bids
of &c. peralb. are solicited. Buyers, |;
however, limit their possible buying to /
nearby cargoes on account of tariff !
.I.
Unable to Operate.
Many refiners in Germany and Aus
tria are unable to operate for want
Of raw material pending the harvest
ing of the new crops. There is stock I
of Hungarian raws at Fiume but being
declared for export, can not be used
at home, and of the $1,000 tons beet at
Hamburg there are 1880 tons Ger /
man sugars which German refiners are
seeking permission to reimport.
Such apparent deficiencies in sup
plies cause the premium on prompt de-
liveries, which will disappear when new !
crop sugars are available.
1t is well to note that new crop beet |
quoted at 9s 3D. is the parity of 4.04c |
for centrifugals, and if we should be !
to import full duty sugars
in quantity later on our market should I
rise closely to that parity. But if we
can get along with privileged sugars |
the limit of decline here should be to /
about SAC less or to 3.70c. for 90
degree test, with Europe remaining +
firm There is a possibility, however, i
that we will need a few Javas this /
year. perhaps not enough to bring the (
.wo markets together.