The Hawaiian gazette., 1915-09-10

munitions In this country, together with
food products and other supplies, have
caused exchange to decline so that II
has taken around $40 francs TO pur
chase one dollar, instead Of about 5.lo
francs under normal conditions. The
premium on the American dollar ought
to be lessened by the inauguration Of
the working Of the new French com,
mercial loan, as announced in the. press
on Wednesday, under which q syndi-
cate Of American bankers have opened
a commercial credit for French mar
chants of $4,000, 900, 10 be Followed,
no doubt, by similar credits as neces.
sary, understood TO he secured by de.
posits of collateral largely composed or
American securities and backed bN the
Bank of France for ultimate payment
in gold, II necessary.
A Suggested Arrangement
This is reported commercial credit
and not to be used for the payment Of
purchases Of war munitions or other
French Government purposes, but to be
used for the payment here, in dollars,
of American exporters for exports or
supplies to French merchants, eliminat
ing any risk of exchange, the credit to
|
sight. It Is expected that Il viii be
possible to discount these drafts n
the local banks and banking institu.
tions. This loan ought to assist France
in her purchases of American Granu.
lated for export.
Philippine Islands
Manila, June 80, l9l5.--No further
sales in America have taken place, but
! sales amounting to about 10000 tons OF
| low grade Iloilo have been made to
China during the month, No interest
has been shown by United States buy
ers, but uoilo holders remain very
firm, the renewal of the Government
loan to the planters Of 2,000,000 pesos
for another year having given them
more strength.
News From Holland
Extracts from Monthly Report On
the Sugar Trade, July, l915.-DurinS
the last month in our market genPr'
ally calm tendency prevailed, with
little huctuation in prices. The inland
demand for refined. as well as the high
prices obtainable with the REGULAR ex
port, were reasons that the high posi-,
ton of prices could be maintained, and
offers were easily accented at Z % to
f % a. Even when 1t became known
that a quantity of $4,000 tons Cuba
sugar, bought for Holland, was centri-
fugated sugar, this did not influence the
market because it was believed this
sugar could be exported to the United
Kingdom after the working off.
ENGLAND Favortng Dutch
For Java the war is Of great advant,
age, because the British Government
10
colony, disregarding the question Of
the possibility of getting the sugar
somewhere else at lower prices. MID
idlefnen are doing good business, but also
some companies of planters, who have
struck the right time to sell, can be
satisfied with the results of the two last
campaigns. Moreover, because other
consumption countries of the East were
only buyers at low prices, as a result Of
big stocks. II is estimated that from
the harvest of 1915 more than two mil
lion piculs are already sold at prices
much lower than the value of sugar al
present.
Good German Beet Crop
Reports about the European beet
root crop are favorable. In Germany
and also in Belgium, where the weather
the farmers, a good development of the
plants took place. In Austria Hungary
the dry and 6bld weather did mu.h
harm to the plants aud ALTHOUGH 1t Is
too early yet to draw a conclusion. only
better weather can give a normal pro
ductiOn with regard to the decrease IL
s0wings.
On our market the tendency in the
| Al. L., 4
because the value depended upon the
altitude Of the Government WIN re
card to the regulation of commerce In
the next camDaign.~ Although nPgOtia
tions are still in progress. intentions
are said to be to issue certificates for
the export of 50 per cent Of the pro
drccd sugar only - when holders arc
willing t" place the remaining 20 per
cent at the disposition of the Govern
ment to provide for the consumption"
Confusion In Russia
Petrograd, August 3. 19l5.-The con
fusion because Of difficulties in deliver
ing is affecting the supply Of sugar &c
the army. The controller Of army sup
lplies for the south western front has
addressed ENQUIRIES to the All Russian
Sugar Manufacturers Association or
the question of assuring Ne. reQuisit'
. provision of sugar to the army. II
consequence, the sugar refhers held +
specisl meeting at which immediate ne
gotiations were opened up with the re
aDective factories TO obviate any pOssI
lie miscarriage in this respe"t.
Domestic Field and Factory
The Government report for AUGUST
rates the hest crop Of the whole tnitr|
States as S3.4, against an averaTr rate
Of S9.7 for the past 0 years. Michigan
Is placed go, against $50: Cobra Il
50 q, ayoinst 9l0, Utah 96n. agrinSI
o5.o, and California 900. against 900,
II is reported that the ucrhissIor
noted last week for the shining of best
seed from Germany TO the United Stat
was subject TO nayment in money an
not in foodstpffs or other products
while the sale called for payment II
loodstnffs 1t is hoped to overcome the
difficulty.
In California the SDrerkels factory
has not yet started sliciRg and accord
ing to latest reports will hardly 4" "
before the end of this month. Chino
/. 8 rta6 IN Auorat ag' nor gcha1ula Al