The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1915-08-13
DECLINING VALUES
BECAUSE
Customary, Summer Buying Or.
ders For Refined Have Fail
ed To Materiailze
Hence Prices Have Been Cut
49, For Both Raw and !"
Refined ID

The only sale of raw sugars for the
week ending July 20, as reported by
Willett & Gray, was one lot Of 100000
bags Cubas, nearby and August, at AGA.
On this date cane Bne granuIated, in
barrels, was selling at $3.50 net casn.,
Cuban exports during the week were
81 900 tons. Stocks in the United
states and Cuba were about 10000 tons
less than the week before and 10000
tons more than year ago. Ten Cuban
centrals were still grinding compared
with four last year. 49, .
At the close there was declining
trend with sugars for August shipment
freely offered at Az, with strong pros
pect of further cut on actual sales.
Out Prices for Real Sales ~.
Willett & Gray's report in part states
that importer stock held at New York
were llT,749 tons, and as it is under
stood an important part Of this stock is
held in store against sugar futures on
the Coffee Exchange, there is a disposi.
ton to dispose of part of these sugars.
Tn fact, during the week, there has
been an effort to sell at least 10000
tons from store, and as an inducement
to buy, storage and insurance were al
lowed in instances up to September /.
| This continued pressure to dispose of
sugars has naturally caused buyers to
hold of, which accounts for no sales be-
ing reported.
The decline in sugar futures noted
above has had an influence on the mar
ket. On Tuesday September options
| -
but this option has since recovered to
3.55c.
An important cable was received this
week from London stating that Eng
land had purchased large quantity OF
the Mauritius crop. During the week
some 10000 tons of Cubas were sold
to England at 5000, fob. Cuba.
Refined Quiet
No improvement is experienced in
the demand for refined sugar from this
country. While the daily demand out
turns q fair volume, the amount Of
business does not seem to reach season.
able proportions. New business is very
quiet, and even though outpOrt refners
we're shading the price to 5.90c, and
here was a reasonable amount Of sec
ond-hand sugars obtainable at the same
price, the concession in price did not
| m to interest the country to any ex-
tent.
We received q telegram from Denver
this week stating that all grades Of re-
ined sugar had declined ten points in
that locality. There is a possibility
that this decline has been caused by
'fferings of new crop California beet
sugars in the Colorado markets at
price low enough to cause other refners
TO reduce prices to meet competition
IT this report is confirmed, it is more
than likely that before the mid lie OF
August new crop beet sugars will be
offered for sale at the Missouri River
markets, and even in Chicago territory,
but whether prices in these markets
will be affected or not remains to be
seen.
Prices Trend Downward
| Late on Wednesday the Federal re-
duced graduated to 5.S5c and allowed
! Withdrawals on contracts at the reduced
basis. Today the cut was met by other
rehners and the market has further de-
clined. Withdrawals against contracts
were allowed ON the basis of the decline
10y all refners. New Orleans declined
to 5.Soc and California & Hawaiian Co.
reduced their basis to 5.70c.
The demand for refined for export
shows some activity under reduced
brices. Since last Thursday there has
been some 5000 tons of sugar sold for
France, purchased in several lots, tho
latter sales being made at 4.6Oc net
cash, in bond, fob. New York.
Cuban Season Closing
The few remaining factories cOntinhe
to grind, there being ten still working,
against eleven last week, four last year
md eight in 1918, making receipts this
year Of good volume for the season
10000 tons. against $4,000 tons las!
year. Visible production is approach
ing nearer to last year, being 2,4o2,3Io
tons, against 2,447,349 tons, or a de-
crease of 44,979 tons.
Exports keep steady at $1,000 tohs
total, being approximately the same as
last weeks and the two preceding
wears. OF this amount $500 tons are
destined for New Orleans and il 800
tons for Europe, according to Mr.. Hime-
". The complaints of last week that
the weather. was too hot and without
! ufficient rains seems TO have been re-
'ieved, as this week 8 cable says the
weather is now favorable for the grow
ing crop. Stocks in the island continue
o decrease slowly, but are still con
siderably above the figures at this time
for the two previous campaigns.
'ritish Purchases
We mentioned last week the posi-
hility that the United Kingdom Sugar
commission had secured some 100000
tons Javas, but it Is difficult to say