Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-11-07
Preliminary Estimates on the
American and European
Crop Is Published

Willett & Gray's latest Sugar Jour
nal SAYS:
STATISTICS BY SPECIAL CA
rBLES.- Cuba. - The six principal
ports: Receipts. none; exports $4,000
tens; stock, $4,000 tons.
Harvesting has ended.
Receipts entire Island 1000 tons,
against 1000 tons last week. 1000 tons
Stocks in the United States and Gu
ba together of 242,796 tons, against
273, 1886 tons last week and 148, 100
tons last year, an increase of 94,6S7
tons from last year.
Europe-Stock in Europe, 494, 900
tons, against $4,000 tons last year.
VISIBLE SUPPLY. Total stock
Of Europe and America, 1876 tons
against 532, 109 tons last year at the
same uneven dates. The increase of
stock is 204,687 tons against an in
crease of 267,743 tons last week To-
tai stocks and afloats together show a
visible supply of 7S1,796 tons against
653 100 tons last year, or an increase
of 12S,6S7 tons.
RAWS. - There has been no
change in quotations for the week un-
der review. 80
Centrifugals of Sc degrees test are
still 2sc. c.&f and 3.4Sc per 10. duty
paid. s,e
The business has been light and
without need of special comment.
The notable feature is the compile
ton OF the annual sale of consider
able portion of the Louisiana crop for
early delivery to refiners. The amount
cepted by the refiners is stated at
5000 to 100000 bags, before De-
cember 18th, and the price is S.31c
per h., basis SO degree test, deliver
ed in New Orleans, which is figured
IS the equivalent of 3.48c per lib. de-
iiyeTed in New York for Sc degree
test centrifugals. IL. .-.<s.
This establishes q continuous sale
and purchase Of these sugars for the
next two months at 3.4Sc per Id. basis
without regard to the fluctuations of
| the New York market either up or
down. The quantity represents pos
sibly 100000 tons of the crop, which
is likely to be nearly as much as can
be produced of refining grades during
the period named. M i. =
As this purchase will supply the
place of an equal amount from other
sources, Ii is scarcely likely that the
present New York price will vary To
any marked extent, although the
strong and rising markets of Europe
would seem to invite buying from
Cuba should any concession become
necessary with Cuban sellers
We give elsewhere herewith our
views of the general sugar situation
and outlook, as seen by our revised
estimate Of the world crops herewith.
The present views abroad, as indi.
Gated by the advancing course of
values for beet sugar. appear to con,
firm our own. E
The cable today reports an active
demand for beet sugar at the advance,
which represents a smart rise of Sd.
per fcwt. for the week, for this and
next month, and 2114d. for futures OF
May delivery. = ~
Cane Jayas are at los. 101sd. elf.
basis, which cannot be compared with
last weeks quotation of lis. lid,
floating landing basis Hereafter the,
quotations will be given in the new
basis, which is virtually the basis for
9615 test centrffugals, cost, freight
and insurance.
Inasmuch as our present value of
centrifugals is 3.4Sc per h., against
4.14c per lb. parity Of European sugar
landed in New York, it would seem
that some explanation of the large
difference of 66 cts. per 100 lbs. would
be in order. but the only explanation
is the usual one of supply and de-
mand. So long as supplies here can
be had at this difference below Euro
pean parity there is no occasion to
pay any more for urneeded supplies
This condition will regulate itself
eventually under new tariff basis in
1914 and probably in the way of the
course of the European markets more
closely. We somewhat doubt if very
much of the next Cuba crop will find
its way here, at the mere cost of pro-
duction (2c C. & f. provided the U. K
markets retain their strong advancing
tendency, which is now so prominent
in the general situation.
Our domestic beet sugar producers
did wise thing in withdrawing their
competition from the extreme eastern
markets. There is encouragement in
this paper this week, we think, for
the curtailment of disposition to dis
pose Of their entire production at cur
rent prices before March l, 1914. They
may do better later!
Messrs. Guma-Mejer give final out
turn of the Cuba crop of 1928 as
2,42S,537 tons, or 1860 tons over
their first estimate and 532.553 tons
in excess CT the previous crop.
Mr.. Himely's final outturn does not
vary materially from the above, his
crop outturn being 2,429,240 tons.
NEW CUBA CROP PROSPECTS,
In general there were smaller than
usual paintings made for the new
1914 crop, and the weather condi-