The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1914-03-20
BETTER
SUGAR PRICES
Willett q Gray's Report Says
Worlds Crop Estimate Is Re.
duced by $4,000 Tons.

Willett & Gray's report Of March 8
Predicts a stifening of the sugar mar.
ket and an increase in raw sugar val,
nes. In part II says,
Raws-The week under review covers
two days under old.duty and four days
under new-duty basis
THE transition from the old 20 the
new Inns been marked by no special feal
lures, inHsmueh as Il has been antici,
patel aud virtually discounted during
the month OF February for both raws
aud refined.
The easier tone noted last week In
raws continued, end after the buying
became exhausted At 1.32e e. & Z. for
w Vnbas. he sellers accepted &c c. & {.
for some $4,000 bags prompt and seci
ond.half March clearanees and ship.
ments. $780, ,.
Selling Due to Pressure.
This reaction Is theAdireet result OF
pressure to sell under nnfayorabla esn
|ditions. The accumulation of supplies
in bonded warehouses;, in anticipation
Of the reduced duties, must b, manu-,
faetnred and distributed 10 the coun,
try before regular buying Of new sun
plies on normal lines can be resumed.
Some refiners, however, have been d 81
posed TO anticipate requirements for
April and May at an advance over
prompt values, which is an Indication
'of Improvement to come in raw sugas
values.
This impression should not be inter.
ferud with by anxiety on the part of
Cuban holders 10 sell in advance of in.
q,iTies from refiners, to any consider,
able extent. ~.
a feature worthy Of note is that the
United Kingdom has renewed its buy
ing IN Cuba for shipment abroad TO q
quite considerable extent, some $4,000
tons having been engaged this week at
the equivalent basis Of about Q 00c to
2. 02c per ID. c. 4 Z. New York.
e. CI9rnikow, London, February 18th,
says: " Further contracts for Cuba sug,
ars are quite likely to made for the
United Kingdom during the next few
MONTHS ..
Hence it would seem that the Ameri.
can re6ners will be subject to compe.
tition for Cuba sugars right along,
which, 10 doubt, means q steadiness Of
prices which might not be maintained,
otherwise under the accommodating pro-
duction Of the island tFpfto date the
visible production shows some l40 600
tons increase over last year. Exact
figures to March LIST are nearly due,
from cur Cuta friends, III.
European outlook Favorable.
European crop reports remain I'M
changed and favorable, and the beet
sugar markets keep quiet, with eonl
tinnedy casier tone aud tendency under
small fluctuations. \
The replowing" noted by f. o..
lsicht applies to the grain crops Of
Europe, which have boon reported UNI,
favorably. If the grain crops are IN ow
ont OF danger no increases OF estimat, ID
beet sowings are likely TO be made.
We give herewith ourTparity table Of
prices at New York for European beet
sugar (. o. b., Hamburg and Cuba cen-i
trffngals, p6' test, C. 4 4. New York,
computed at the new-duty basis. y
Ehilippine. Island sugars of the best
grades are coming to Atlantic ports ini
increased amounts, some 16 900 tons ali
ready having been sold for February to-
May shipments at 9 SOC 70 2 soc per,
lb,, basis So which prices are not now
The lower grades find IA
better market nearer home. t'l
Notwithstanding the Heterogeneous
OF the Louisiana planters, some reports
say that a fairly good acreage has been
planted IN sugar cane. A good growing,
season Is especially desired by sugar,
planters to. ''maae ends meet from
now ON. 49,.
Atlantic Port receipts and MEETINGS
are about equal and. stocks remain prac.I
tcally unchanged. a > \
On special advices from Porto Rico
we reduce the crop estimate As 600 tons,
to 100000 tons for this spaEon. II
Crop Estimate Reduced.
Note that our Cropsisof ethe World,
given herewith, are reduced lS5. 900
tens by reduced European and Porto
Rico estimates. ~ st#,s| -
The attorney generals decision re-
garding Cuban sugar duties is consid.
hire, 81
Refned--,'he only change to be
noted in the transition of the refined
market from the old to the new duty
basis is that thosa refiners whose list
prices were above &c less 2H came 10
this lasis also, so that the price OF
W less 20, which has been the bottom
price during the entire month Of Feb
ruary, is considered as having fully dis
Solmted the reduction in duties on raw.
sugar.
Treaty Point Defined.
Cuban sugar duties--By courtesy of
the department of justice, Washington,
we have received u full copy of the
decision of Attorney General j. c. Me-
Reynolds. 1t is brief and to the point,
and maintains that the proviso in Ar
ticle VIII of the treaty, which limited
Cuba sugar duty to /. 34se per H.. D6o
test, has been repealed by Section b,
Article Nv, of the Underwood Bill,
which reads that the "proviso in Ar
ticle VIII Of the treaty is hereby abro
gated and repealed. -
. Section 4, paragraph 5, repeals all
Inconsistent acts and parts of acts, -
The proviso of the act of 1903 is
Inconsistent with the present law and
Is therefore repealed" VIA &c.,.
t'The 20 per cent preferential on Gu
ban sugar continues on and after March
lst. ,,H'