Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-01-23
GENERAL REVIEW OF SUGAR
TRADE CONDITIONS FOR 1912

Ler 3Oth when 3.7:}c. per lb. was quot
ei on sale of Cubas for January llth
clearance.
Late Summer Rise.
The situation in July and August
causing a rise TO 4.36C per ID. early
~ September was that it became evI.
dent then that all the remaining
privileged sugars would be required
for our consumption. and as the 90
cline from 4.S0C in February to sic
OF July 2, was as great as lose. per 10
there appeared to be ample room fOf
some improvement. which proved cor
rest for the period of two months. unit
1850. per ID. was quoted September !
WREN from other causes then visible
renewed the downward trend to end 81
the year, closing at 3.73c. ped ID. sc
deg test Centrifugals.
During November and till Dec emte.
10th quotations were without change
at 4.O5c. per h., during which time
The privilege" sugars were virtually
exhausted. as had been anticipated
! and several refineries closed for lack
of supplies. Notwithstanding that the
Cuba crop finally exceeded all earlier
estimates, 1t was not sufficient for re
quirements, and the year closed with
the smallest stocks recorded in very
Eiany years.
Domestic Beet Sugar
The coming of the domestic beef
sugar crop on the market from states
this side of the Rocky Mountains in
tober-December, did not have the
effect of reducing prices to consumers
as in former years, from the cane
refiners' quotations, but it did I'M
idoubtedly have the effect of not in
creasing those prices, to consumers
as would have been in evidence under
the altogether insufficient quantity Of
available raws to admit of refiners
supplying all the demand of the
country.
The domestic beet factories placed
their prices at the usual full differ
ences below the cane refined. and in
instances at greater differences, in
order to dispose of their products al
rapidly as possible, but owing to the
largely increased crop it is evident
that less than 40 per cent of the croI
has gone into consumption in 1912
the remainder coming to market ir
1918. - H.,
AS regard price prospects. for 1913
Indications now are, that with the
largest domestic beet crop left over
and with the largest estimated Cuba
crop ever harvested, and other prefer
entail crops abundant, that the United
States will 60 through this year with
out having to go outside of prefer
entail sugars for abundant supplies
to meet all requirements, unless
Europe should take an abnormal guam
tity from Cuba.
Low Price Limit
These prospects of supplies would
naturally bear towards a lower aver
age of prices for the year 1913 than
in 1912, but whether prices will de
cline to such low level as antici
pated by some extremists is another
question for consideration.
Cuba for instance is not wholly de
pendent upon the United States fol
a market. Already some United
Kingdom refiners have begun buying
there, giving as one reason their
preference for cane raw sugar over
beet raws for working. Again the
limit of decline in Cuba If prices are
not supported from European buying
would seem to be &c per lb c. & f.
at the time of greatest pressure, say
February-March-April; this price be-
ing undoubtedly at or below the pres
ent cost of production generally, if not
exceptionally.
Again, 1t is quite possible that with
the incoming of the expected reduc'
ton in duties, rise will follow in
Cuban values at least a portion OF
such reduction, if the change in duties
comes while Cuba prices are near the
low level, with increased demand and
natural recovery of lin bond" prices
than being in order.
Hence, in conclusion, while the
average value of Sc deg. Centrifugals
in 1913 will be below the average
Of 1912, still the average will nc< like
ly be much below the present "in
bond" value, plus the duty which may
be in force.
Calculations would be upset in case
there should be free duty, of which
there are no present indications, but
rather OF reduction of so per cent
as a maximum, or SO cents per 100
lbs. as a minimum, from present rates