Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-01-23

Willctt & Gray's Sugar Trade Jour
raj for January gives the following
sugar review conditions for the past
year:
The prediction made in our last an
nual review that sugar values would
average lower in 1912 than in 1911 is,
fully confirmed The average in 1912
is 4.1G2c per h.. duty paid. for raws
(960D and 3.041c. per ID. for refined
granulated, against the 1911 averages
of 4.453C. per 10. for raws and 5.345C.
per ID. for refined (standard of each
gradc); a difference in favor Of con
sumers Of .304c. per ID.
The difference between raw and re-
fined in 1912 is Sic. per h., against
$500. in 1911. a decrease in refiners
margin OF .0l3c per ID. A review OF
conditions which led TO this benefit to
consumers and disadvantage to refin-
ers is of interest at this time. At the
opening of 1912 cane crop reports and
estimates were very favorable in all
directions from which the U. S. refin-
ers obtain their principal supplies and
especially so as to Cuba, Porto Rico
and Hawaii. In fact, the liberal stock
carried over by refiners from 1911, in
| connection with very free offerings
from Cuba and Porto Rico of January
shipments at 70c per 100 lbs. below
| the European parity for beet sugar,
! rendered our markets Independent of
| Europe for the first week in January,
| which advantage to U. S. consumers
continued uninterrupted, at varying
rates, until October LIST, when the ex-
haustion of preferential supplies re-
stored values to the parity of Hamburg
and necessitated purchases on that
| basis until December 10th, when the
new Cuba crop began to exert its in
fluence on prices for the next cam
| paign. However, the worlds price in
1912, applied only to purchases of $685.
600 tons sugar during that intermedi-
ate period between privileged crops,
the total importations of full-duty sug-
ars reaching only $4,000 tons in 1912,
against 199,062 tons in 1911, and r.
393 tons in 1910.
European Speculation.
The decline in values, therefore, be-
gan at once, and to the extent of 23c
per 100 lbs. the first week in January
from the closing week of December.
However, a combination of causes
originating in the United Kingdom
checked the decline temporarily and
made sharp rise of Ale. per 100 lbs.
to 4.S0c. for Sc deg. test, on February
10th, which proved the highest point
Of the year. This phenomenal rise
was without sufficient basis for its
continuance, being merely an emotion
al affair. OF the United Kingdom opera.
tors who thought they saw opportuni-
ties for investments in Cuban sugars
and hence bought quite freely, then
and following later from time to time
until the total purchases for Europe
from Cuba reached 11S,063 tons during
1912. These purchases when making
mad some influence on our markets, as
without them there would have been
no need of. our going abroad for the
$4,000 tons we were obliged to import
al full European prices. However, in
spite of these foreign purchases from
Cuba, the planters continued selling at
prices always below the parity Of
Hamburg, reaching at one time 0.945c.
pei ID. below on April oath and aver
aging for the entire year 0.473c. per ID.
below. No new incidents interrupted
the downward trend of prices until
%.77c per ID. was reached July I'd. the
lowest point of the year, until Decem-