Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-04-01
PRESENT SUGAR
STOCK MUST BE
BELOW NORMAL
RefinerS Still Unable to Accu-
mulate Reserve, and For
eign Buyers Show Up

That present sugar stocks are be-
low normal, and that the drought IN
Cuba may necessitate stopping grind
ing as early as April, are two points
made in the sugar market review put
out on March II by the Czarnikow-
Rionda Company OF 112 Wall street,
New York. Their market letter fol-
lows:
After refiners and operators had
absorbed all the sugars available at
the close of last week on the basis OF
4.50c c. I. for Cubas and 5.40c, de1iy-
cred, for Porto Ricos, our market
opened very strong this week. When
the insignificant offerings at the high
er figure of 4625c c. (. (5.64cl were
promptly snapped up, sellers immedi-
ately raised their views another .125c
per ID. TO 4.75ce for Cubas and 5.64c
G. /. I. for Porto Ricos, but even at
these prices only a comparatively
small amount of business transpfred
before 4.S75c c. I. was asked and paid
yesterday for prompt as we'll as April
shipment Cubas. The spot quotation
has. therefore, been advanced SIC per
ID. on the week TO $3.50, basis sc deg.
''Non-preferential sugars were also
purchased by both local and Canadian
refiners at prices ranging from 4.3f5c
to Also c. /. T., New York delivery.
No New Cause at Work.
"This steady and uninterrupted up
ward course of the market which, in
three weeks since February "a has
witnessed an aggregate advance of ex-
actly lie per pound, is due to the same
causes which have been prominently
in evidence since the turn of the year.
These consist Of an unusually active
demand of both domestic and foreign
origin for refined sugars, and the IN,
ability on the part OF refiners to &C
cumulate any stocks owing to receipts
OF raws being only about equal to the
quantity actually required for melting
purposes, q greater freedom of sup.
plies being prevented by the very
marked scarcity of steamer tonnage
prevailing In the Cuban trade, to-
Rether with some reluctance on the
part OF holders in the island to hastily
dispose OF their produce.
slnstead of offering any prospects
of relief to this condition Of stocks,
the present outlook would indicate the
DEVELOPMENT OF an even tighter stu
alton III this respect as the season
progresses. BY the first of May last
year stocks in all hands at the three
Atlantic ports had already mounted to
306 $3.50 tons, a figure which existing
conditions make II impossible to even
closely approximate by that date this
year.
..---a r.....l-a.a
&Renewed inquiry for Cubas on T.
q. b. terms has resulted in small guam
titles for April shipment being re-
Gently dealt in at 4.50c fol-. foreign &C
count A more active demand for
limited States GRADUATED for export
also made its appearance this week,
and though moderate transactions
were booked at $500 in bond, or a
fraction lower, before the recent
sharp advance was recorded, subse-
duent bids at the former price have
been declined.
eThe total exports of refined sugars
from the Atlantic ports since January
i exceed by 147.S1l tons those of the
corresponding period last year, and
as reffners' MEETINGS show an increase
of only $4,000 tons, it may logically
be concluded that about $4,000 tons
less sugar was distributed among the
domestic trade during that time.
These figures apparently indicate that
present stocks of refined throughout
the country must be considerably be
low normal
Reports from Cuba continue to
complain Of dry weather, and in some
quarters ID is predicted that some
Centrals might consequently have TO
stop grinding as early as April. How
ever, time alone can tell whether o.
not that will be necessary, but thu
rapidity with which the current crop
is being reaped and the reduced esti-
mates Of cane supply put forward by
many planters certainly indicate an
earlier general cessation of grinding
operations than was the case last cam
paign, swhen late grinding was impera-
tive in order to offset the delay ex-
perienced at the beginning of the sea-
son by reason of unusually wet
weather.