The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1915-10-08
REASON FOR BREAK
IN PRICES APPEARS
Distressed Porto Rican and
Philippine Stocks Not
~ Wanted BY Buyers
Increased British Tariff Favors
Refined Imports As Against
.- - Raw Sugars

Sales In New York for the week end
ing september % amounted TO about
10000 bags Porto Riean and Cuban
and 1000 tons Philippine raws. Willett
Gray's report states, in part, that
raws declined Al cents, Refined declined
~ cents. Market quotations net cash
this date are: Centrifugals, 4.01c (Por-
to Rieos, 3.f5c); GRADUATED, 4704c,
Receipts, 53,5S4 tons. Meetings., A, 900
tons. Total Stock in Atlantic Ports
272,52S tons, against 262, tons last
week and 325,672 tons last year.
D. Estimated afioats TO the United Sta.
ties from Cuba and Porto Rico, 25,-
900 tons: Hawaii, 10000 tons; Philip
pine Islands 10000 tons; Various, 1000
tons Total 1900 tons, against total
$1,000 tons last year.
The lowest price named for refined
here on this 8atk basis Of Cane Fine
Granulated, in barrels, at 4.704c. net
cash. ..
Statistics BY Special Cables
Cuba-The entire island: Receipts,
952l tons, against 9,O38 tons last week,
5000 tons last year and 10000 tons in
1913. Exports, 49, ga tons Stock, 3O2,.
$50 tons, against last year 1851 900 tons.
Centrals grinding, against last week
none last year and ! in 1918. Stocks
in the United States and Cuba together
of 6O7,962 tons, against 624,624 tons
last week and ASSOC tons last year,
an increase Of 1876 tons from last
year.
Porto Rtcan DISTRESSED" Sugars -
As we go TO press weakness develop.
ed when it was learned that some 40
$4,000 bags Porto Ricos in port sold at
375c, basis SO. A small lot of Cubas
in store sold at 4.0lc, basis 90 degrees,
to operators, establishing market quo
tation at this price. A few small lots
are still on offer at the latter figure.
Operators who supported the market
to some extent last week are conspicu-
Gus this week by their absence.
War Influence Discounted
1t seems almost that, notwithstanding
the influence of the foreign war to
cause higher range of prices for sugar,
that this influence has now about be-
come obsolete, and sugar values are re-
turning to their normal basis, as exist
ed before the war. This normal basis,
however, has changed upward somewhat
Ivy reason of the increased cost of pro-
duction of Cuba sugar, about the
cheapest produced sugar in the world
perhaps, so that, instead of former
normal of &c per ID. c. & T., it is near
er the normal now to quote 21sc C. &
f. for the next crop Cubas.
Sales of next crop Cubas, either long
or short, were made on the Sugar FIX.
change Wednesday as low as 2S3c per
ID. for January delivery, which leaves
but moderate profit over cost of pro-
- ion when compared with the profits
which accrued from the last crop pro-
duction.
Cane Sugar Rules
The war, by shutting out European
beet, sugars from the world s markets,
stimulated the production OF cane su-
gar more rapidly than could have been
anticipated, so much, so in fact, that
with the stimulation also given to the
United States domestic beet crops, we
are now in the expectation of a very
considerable surplus of all sugars with
which to enter the year 1916.
In the immediate future, to the new
crop Cubas the pressure to sell the dom
este beet crop as fast as made will
necessarily reduce the capacity of tho
country to take cane refined sugar a.
largely as in former years at this sea
SOD.
Markets Are Changing
Cane refners' reliance for a market
must turn more and more to European
countries, and inasmch as the new SD
gar tariff of the United Kingdom
places a duty on raw sugar about one
cent a. pound higher than the United
States duty on Cuba sugar and about |
We higher than full duty sugar here, |
II Ia likely to expect that raw sugars |
will seek the United States markets in |
preference and that the United King.
dom will become larger buyers than eV-
err for our refners Products.
Some sales were made recently of |
philippine sugars to Great Britain |
which cannot be repeated under the |
about &c per ID. duty there, and hence |
must come here or seek a market in |
China or japan.
England can better afford to pay 2c |
per Id. duty On refined sugar for dis |
tribution by her Sugar Commission to |
consumers than the commission can af- |
ford to pay 20 per ID. duty on raw I
sugar for refining
Next Cuban Crop En- >rmous
There is very little news to report
as to this crop. The weather continues
favorable for the growing crop, with
heavy rains in all parts Of the island.
New machinery in largo quantities is
Srriving freely and the work of install,
tion is being pushed ahead 10 allow
nc Centrals to make an early start on
III, new crop, which promises TO out
mr', very favorably from present indi
CSdQnF.
sugars continue to arrive ut the ship.