Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-11-19

government will now abolish the i'm
port. duty on Spanish sugar.
There is no special news from Atis.
tria.
The German crop is now coming
forward mostly in satisfactory way.
We hear, however. from the east that
the drought in June.August has had
some Influence so that the estimate OF
Mr.. LIGHT viii not be reached. eas
lLicht's estimate was 2,580, 900 tons,
against Willett & Gray's Of 1000, O0o
tons. w. & CD
We give herewith our European
beet crop estimates as they apply to
each. and every beet producing coun-
frye Also interesting reports as TO the
harvesting of these crops under wa.
conditions. The weather is quite fav:
.orable for good crop conditions.
The Louisiana crop is being rapid.
.ly made without meeting its usual
prompt delivery market conditions.
and hence Is acclln1ulating s,insold,
which may prove an advantage "a
planters in the end II able to carry Il
along or. arrange for its being refine
on the 'toll' principle. IS
The basis Of this toll arrangement,
ais we understand it, is for the refineT
to take the raw sugar from the plant,
er and refine sanfe allowing the plant,
er SO Tbs. Of grannlated for 100 IBIS.
sraws. the planter. paying the refinet
&c per h. for cost of refining, pack.
ing, labor, etc.
We understand tafs is being done to
some extent by the Gramercy refinery
in Louisiana, and effers to do the same
are reported made by the Federal re-
finery, New York, and declined by the
planters. {
Our Philippine cable Is important in
its estimate of increased crop outturn,
19T3.14. as the largest for several
years
All reports from Cuba favor the out
turn of a full cro9.
Supply and Demand.
The recent episode Of the remark
able rise in the price of sugar from
2.2Sc per Id. to 1-2c per ID. in bond.
from August IS; 20 18th, and the equal
L. remarkable decline from 5 lie Aug
ust. 18th to 2.44cs November End, viii
long be- quoted and used in various
instances as the most instructive proof
of the proposition that supply and
demand control and make prices.
The supply and demand conditions
on August LIST made the price 2.2Sc,
and the supply and demand conditions
on November End also made the price
of 9 &c per Id. As developed later,
there was at no time between August
and November any important
change in the actual supply conditions
that should have called for the adj
vance in prices that was made. The
visible supplies of sugar were so large
at the beginning of the last sugar
campaign as to bring the price Of sug-
ar down to or below the cost of pro-
duction. s
The price had recovered slightly TO
2.28c August /, the supplies had not
been drawn upon to any unusual ex-
tent. and the 2.2Sc price was then a
normal value on the supply and de-.
mand basis. "a
Between August ] and November q
the visible supplies had been drawn
upon to some further extent. but still
sufficient supplies remained to meet.
the demands as to warrant the 2l44c
value again.
What caused the intermediate rise
IN price of over 100 per cent?
1t was simply the mistaken sudden
conviction thae took possession Of
Great Britain and the United States
that because of the cutting on of Euro
pean beet sugar supplies the cane sug-.
al supplies would be insufficient for
the demands of the two countries.
Immediate action to possess the sup
plies at any cost soon developed the.
unchanged facts that supplies were