Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-03-24
half OF CUBAN
PRESENT CROP
ALREADY SOLD
Will Be Hard for Foreign Buy
ers to Obtain Much Sugar
Without Higher Prices

That the entrance of foreign buy.
ers, notably the Entente nations. into
the sugar market is practically Ger.
tain. and that when they do start buy
ing they will have 10 pay prices hiGd.
er than those ruling on March 3. was
the opinion expressed in the weekly
RiOnda Company on that date TIE
market resume issued by the we'll
known firm follows, in full:
AT last weeks close the market
became firmer. with operators secur-
ing a moderate quantity OF Cubas in
prompt positions at &C CT. (5.02cD, and
refiners taking all the Porto Ricos
available at prices ranging from 4$3c
TO 1920 landed. according TO position.
Meet Higher Views.
Continued strength. coupled with
a necessity on the part OF the domestic
trade to provide for future require
ments of refined sugars. resulted in Il
sharp advance, beginning with refn-
ers purchasing all the Cubas prOCur-
able at 4.06c CT (5.0ScD on 29th ult,
and yesterday meeting the higher
views OF sellers by paying 4.25c CT
C5.27c) not only for MarchApril ship
ment, but also for some Cubas afloat.
Our spot quotation has consequently
risen to Sic. basis SO deg. which rep
resents an advance o: .25c per pound
on the week.
Even at this advance in values the
reported business aggregates only
about $4,000 tons Cubas, 10000 tons
Porto Ricos and 1000 tons full-duty
sugars, making a total insufficient for
one weeks present rate of MEETINGS,
especially if the 5000 tons secured by
operators is taken into account. Lat
ter buyers also paid 4.3l25c CT (5.33c)
for May shipment Cubas.
Runners circulating here during the
past fortnight concerning business in
raws for shipment to Europe on the
basis of about 365c fob. lack con-
firmation, and with local buyers lEI
Cuba paying 3.70c fob, it certainly
appears doubtful If anything approach,
ing 10000 tons (the quantity men
tioned) could have been put through,
European buyers no doubt
gladly would have taken it, as stocks
in both United Kingdom and France
have reached a very low level, and
the temperance of those buyers in
the market is now looked for at al
most any moment.
Situation is Strong.
That our market should have dis
played such decided strength in the
absence of large foreign business
makes the situation all the stronger,
Al, oil .yNFr haaU-
ily taxed to fulfil domestic and Tor
eign contracts heretofore entered into,
and Cuba having already sold practi-
cally half of her current crop at very
prices, it will doubtless
prove difficult for foreign buyers to
obtain appreciable quantities unless
they are willing to pay higher prices
than those now ruling for fob. sugars.
+"Refiners' MEETINGS at United States
Atlantic ports this week amounted to
1900 tons, and adding about l0,OO0
tons for New Orleans, gives the large
figures of 50, 600 tons handled in that
period. A continuance of operations
at this rate, which it is reasonable to
EXPECT. would require 320-S50,000 tons
Of raws per month, and with present
scarcity of steamer tonnage 1t is hard
" possible that arrivals can sufficient
" exceed present melting require
ments to permit of any accumulation
Of stocks by refiners anywhere near
the rate attained in bygone years.
All indications therefore point to a
very strong situation when the usual
brisk summer demand for refined
makes its appearance. -@ -
The weather in Cuba has continued |
Try, and there are complaints through
,ut the island of tonnage of cane per
lcre falling below original estimates,
but in view of the higher yield OBJ
aimed, it is yet too early to forecast
any reduction in estimates OF the
alnnd,s nroductian this &c nlns.ien.' i