Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-12-23
new CROP Price
IS EXPECTED TO
GQSTILL. HIGHER
Europe to Take Most Of Cuba's
Output for First Two Months
and Supply is Scarce

The wide difference in price for
present delivery and futures will have
to seek a common higher level, be-
cause Europe will take most of the
product of Cuba's first two months
new crop grindings, and will further
deplete the small reserve in the Unit.
ed States by purchases, according to
the forecast of the sugar market made
by the Czarnikow-Rionda Company,
liz Wall street, in their market let
ter of December 8, which follows:
.As will be seen from jump OF
43c per Id. in the spot quotation from
Alto to soc, basis go, very strong
and advancing market has ruled
throughout the past week. The last
advance of .06c was recorded yester.
day on sale of 1000 bags immediate
shipment Cubas at 4.19c CT, sugars In
this position being so scarce as to
command a very high premium over
more distant supplies.
The opening business of the week
comprised small transactions in Gu
bas with outport refiners at &c CT.
(5.02c) for December and 3.50c CT.
(4.515c) for first-half January, but the
Increased firmness of sellers subse.
quently resulted in their obtaining
3.625c CT. (4.64c) for sugars In the
latter position, 3.50c CT (4.515c) for
all January and 3.375c CT. (4.39c) for
firsthalf February. For Cubas in
store here 5.14c, duty paid, was will
ingly given for the limited quantity
available thereat, while 3.85c, basis
So, was paid by refiners for lloilos
also from store. Total reported trans
actions amount to about $4,000 tons,
of which $1,000 tons were Cubas, prin.
cipally for January February ship
ment, only very moderate quantity
of December sugars being included
therein.
During the week small volume
of business in United States granu-
lated has been done with France and
Russia, while the former country also
purchased Cubas for March shipment
at 2.90c fob.
Price Not Reasonable. e.,
The forecasts made in our pre-
vious issues that, as the year drew
toward its close, the supplies avail
able for this country would diminish
to such an extent as to find stocks
here on January 1, 1916. considerably
below those on hand at the start of
this year, have been steadily material
izing from day to day, until now the
combined stocks of Cuba, Atlantic
ports and New Orleans, together with
afloats, show an aggregate of only
275, 103 tons against 1861 a year
ago. And the existing difference will
be further widened by present COM
paratiyely heavier MEETINGS of our re-
finers for domestic consumptions and
owing to the large proportion of Gu
ba's December-early January, produc-
ton being already under contract for
shipment abroad, to say nothing of
the European demand for American
refined sugar that will have to be
met. This view of the situation does
lot appear to justify the recent rath-
er wide difference in values represent
ed by sales of first-half January Gu
bas at 3.625c c.f. (4.64c) and Decem-
Der at &c CT. (5.02c), for with prac-
tically nothing more of that periods
production available for United States
requirements, prices of the two posi-
lions should eventually meet at a
common higher level, and correspond
ingly enhance the value of later
months deliveries. I.
1T is of great interest at the mo-