Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-05-15
CUBAN CROP IS
SMALLER Than
FIRST BELIEVED

r. Cuban sugar is promising a smaller
surplus than earlier predictions ind
Gated. according to the latest market
letter of the CzarnikoW RiOnda Com.
pany, 112 Wall street, New York. y.
Y. The circular gives the following
timely information:
. SUBSEQUENT sales by Canadian re-
timers TO United Kingdom have in
creased the total Quantity of such
transactions to about $1,000 tons. a
similar quantity having this week
been placed by United States refiners
with European countries. Italy con-
tinues inQuiring for both raws and re-
fined, and further small transactions
in raws lately consun1mated were pre-
sumably for delivery there.
Notwithstanding the comparative
inactivity for this time of year dis
played in our n,aket during the past
fortnight, the absence of any selling
pressure from Cuban holders clearly
demonstrates the strength of the sit
uatiCn, which, as previously stated,
is not only due TO a general belief In
higher prices as the season pro-
crosses, but also to the inability of
sellers to put large offerings before
buyers by reason of continued scar.
city of steamer tonnage from which
there are as yet no signs of relief. p:
1.-The most important development
Of the week has been the announce
ment by MIR. H. A. Himely of a re-
duction of $4,000 tons in his Decem-
her forecast of the Cuban production,
his present estimate being $3.50, 900
tons, which comedies with general ex-
pectations that the final outturn will
be in the 'IleighborhOod of 10000
tons. Taking latter figure as basis
for comparison, would mean a pro-
duction Tn the island this campaign
of 400, 2G8 tons in excess Of that of
1914. However, with exports to
March 81 241 900 tons more than had
been shipped to same date two years
ago, leaves the remaining supplies
available from Cuba only about $780,
600 tons greater, rather small sur
plus in proportion to the relatively
heavier demands now being made
upon it by both the United States
and foreign countries. This angle of
view appears to furnish added con-
firmation of present unusually strong
statistical position Of the article i
Allied Nations. 4
The latest sugar circular from
Nevers & Callaghan. 80 Wall street,
New York, N. Y, says, in part: Il
The purchase by. England during
the past two weeks of about 10000
5000 tons of refined sugar from
Canadian refiners caused the local
buyers for these refiners to become
active in our market for full duty.
paying sugars, sales of which at
4.13-16c, basis sc degrees c. i. f. for
April arrivals records. new high level
for this season for this class of sugar.
mo confirmation has been made
of recent purchases of Cuban raws
by Europe, but Italy is credited with
buying for April; May and June ship
nrent at prices in the neighborhood of
450 (. o. b, the quantity being esti-
mated at 100000, 900 tons. 4
The weekly cable on Tuesday from
Cuba reported receipts of 169,549 tons
and 1S5 centrals grinding, as comparl
ed to 100000 tons receipts and ia
centrals at work at the corresponding
date last year. Mr.. H. A. Himely
announces a reduction in his estimate
of $1,000 tons, to 3,e80,000 tons, due
to the extremely dry weather pre-
vailing. Rains are badly needed for
the growing crop and indications now
point to a considerable shortage next
year unless more favorable growing
are Obta med -,