Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1912-07-24
CHANGE SUGAR
REVENUE Plan
Forecast of Result of Demo
cratic Victory Next
November
WOULD SATISFY
SUGAR INTERESTS
WiIIett & Gray Do Not Believe
Sugar Tariff Will Be Dis
turbed This Session

OF the bearings OF POLITICS OF THIS pres
identiaI year upon the sugar interests.
The review in full is as follows:
The weak tone noticeable last week
giving possibility of further decline.
has given place to firmer and steadier
condition, leading to free buying by
refiners and particularly by the Amer
lean whose purchases probably reach
100000 bags at 2 49, SIC. c. & T. (3.77c1,
during the last few days.
! These purchases cleared the market
of all offerings not in position for de-
layed sales.
July shipments are now held firm at
7-16c. C. & (. with the trend in favor
of the seller, and so there is encour-
agement to look for some improve
ment from the present low basis, as
compared with prices and conditions
elsewhere. The week is especially. no.
table for the upward course of the sug-
ar markets abroad within the specula-
tive arena OF the sugar exchanges It
is known that a large short interest
existed in these exchanges and the
week developed a strong desire on the
part of the short sellers to cover their
contracts. which being taken advan-
tage of by holders Of long contracts
caused a somewhat phenomenal rise
In old crop beet sugars, while leaving
the value of the new crop compare
lively unchanged.
Manipulation Of Beets.
This manipulation of beet sugar is
shown by the quotations of the week,
starting at los IL lid, advancing to
n q
followed by daily course of rising
markets to lis. / 1-2d. to lis Id
to u.s. 3d.; to Us. at the close (4.54c).
Cane Javas participated from lis 3D.
to lis. 10 I'D, only showing that it is
the paper contracts that are mostly
interested. The difference in parity be-
tween centrifugals and beets has re-
turned to us. per 100 lbs, while be-
tween centrifugals and Javas 1t is only
Ale. per 100 lbs
Speaking of Javas, our regular cable
herewith is. of interest 1t had been
expected that probably, as much as
100000 tons. mostly or Java whites.
would be exported In June, mostly in
tended for England, bat the cable gives
only $4,000 Ions exports, Of which 49,.
600 tons have American options
These American options may or may
not be awaited of, however. The in
formation given in our Philippine Is
lands cable herewith rather indicates
that some Javas may eventually come
hereto cover less supply than ex-
pected from these islands. The ex-
ports in June to u. S. are but 1000
tons. against 10000 tons elsewhere
Notwithstanding these sugars pay no
duties, their present value here is less
than their value elsewhere
The Tariff Outlook.
Possible tariff changes on other sug-
ars of foreign origin is responsible for
lack of interest shown by our refin-
ers in these sugars of more distant
shipments than a few weeks. AS re-
CARDS such tariff changes, we refer
especially elsewhere, and can add that
our up-to-date advice from Washing :,
ton Is even more emphatic that nothing
definite will be accomplished at this
session of Congress to change the
present rates of duties. After the Lor-
inner case is disposed Of the wool bill
comes first, the excise bill second, and
then the sugar bill If the excise bill
(Which proposes an income tax to re-
place the loss OF sugar duties) should
be voted down, as it almost certainly
will be. it is doubtful whether the sug-
ar bill will be brought to a vote in
the Senate But If it should be it
would fail, as probably all of the Re-
spublicans and few of the Democrats
would vote against it.
The political situation in the u. S.
is exceedingly mixed and the results
| of the election for President. coming
in November, are indeed problemati-
cal, with the tone and tendency, at
the time. favoring a Democratic VIC
tory. Should such result we have rea-
son to believe that the sugar tariff
question will be dealt with in an en-
tirelN new method, similar to that
which prevails in all sugar producing
countries, customs tariff combined
with an internal revenue tax so ar
ranged as to give the government a
small revenue on every pound of sug-
ar which goes into consumption, while.
at the same time, reducing the cost of
sugar to the consumer very materially.
We do not believe the Democrats, If
they regain power. win do away en-
| tirely with revenue from sugar. re-
placing it with what has always been
a disagreeable income tax upon the
people The people see an income tax
every time the bill is presented and do
! not see or feel the indirect tax on
sugar.
The final settlement of the always
arising conflict over sugar tariff, by a
radical change in the system. would,
J we believe, be acceptable to all sugar
interests.
/ Increased Consumption.
At the close. today, the Warner paid
a small advance for prompt shipment
sugars at 2 7-16c. C. & f.. equal to
S.Soc.. and the offerings for forward
| shipments are comparatively light at
| any price
! Weather conditions for all growing
crops come to us. this week as very
4 favorable. Europe. Cuba, Demerara
and the West Indies all agree in this
il We give herewith our usual table of