The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1916-05-19
HALF MILLION TONS .
IAVAS TO BRITISH
But Lack Of Immediate Supply
Ss q. Holds Prices At High
Level va
Heavy Buying At Present Values
Indicates Refiners Anticipate
"a Continued Strength

sales or raw sugar at New York dur,
ing the week ending May totalledl
about 100000 bags Cubas and Porto
Rieos. Winett Gray report; Centrals
grinding l39, against l62 last week;
l72 last year and IA in 1914. VA
Stocks in the United States and Cuba
together LOSS, 299 tons, against l,042,-
95l tons last week and 1,0lS,746 tons
last year, an increase of 1883 tons
from last year. .. -. W " ~
Up to last week Cuban holders had
made repeated advances in thew price
pretensiGns because Of having no com
petition from the producers of the only
large sugar crop in the world that can
confpote successfully with Cuba, viz, !
the sugars Of the Island of Java. |
Tbs, most important item of news this
week is that reported in private cable |
advices from London that the British
Government has bought some 100000
tons sugar from the new Java crop |
beginning to mature in May. 1t is |
therefore evident that Cuban planters
have advanced prices TO point the |
parity of which is quite satisfactory |
to Java planters, and Britain has Sc |
cured supply of sugar from Java |
which otherwise may have been bought |
from Cuba and the United States.
The purchase had an immediate senti.
mental effect on our local market, held
ers overlooking the fact that sugar
available from now until September
should not be classed with sugar avail.
able later On. Hence a disposition to
eel perVaded the market for awhile
and was accepted by refners to secure
fair line of supplies at q reduction to
B.4Oc.4-,. r 'tII,I
Sugar Reached 6.65 <. II
Operators, however, were not infiu.
enced by this selling movement, but
in the face of it made somewhat ex.
tensive purchases Mt and later ut the
highest point yet reached, 6.65c. III
y At this writing the operative side
holds good, and practically no Cubas
are now on offer at below 59scc G. & f.
for shipment, and we must record for
the week further addition to the only
slightly interrupted advancing move
ment of Lice per h., from 6.46c to I
6.52c per Id. duty paid for nearby
positions.
The Cuban holders are no doubt re-
ceiVins strength to present and pros
pectVe value of their sugar for sew
eral months to come by the fact that
both Grcut Britain and France, and t
other European countries, must con, .
tinue buying for requirements up to y
August from Cuba and the United =,
states. After the sentimental effect OF r
the Java selling has passed by the ris- y
ing tone and tendency of the market -
IS likely to be renewed, and the mar :,
ket is strong, with few offerings in :,
nearby positions at 6.52c, and with :
6.65c for June.
Renewed activity is reported on an
FOB. basis, and considerable business =
(probably $4,000 tons) is understood to " "
have been put through at sc fob. y
Cuba. \
Cuban Business .
Cuba receipts are slightly smaller, at a
1000 tons for the week, commensur. +
ate with the closing down of fifteen b
CeDtrals during the week, leaving TAI q
working on May 4. Exports to the !,
United States Atlantic ports of 60,2O8 b
tong are sufficient for refners' melt "a
ings when taken with the usual re- o
ceipts OF Porto Rico, Hawaiian and a
other sugars. Exports from Cuba dur.
ing the week also included 1881 tons n
to New Orleans and 1893 tons to y,
Europe, making total export of 1O2,. q
14S tons. Stocks continue to increase, .
having reached 930,OS5 tons total. Wis. r
IDLE supply TO April 20 is 2,388,4l8 tons, h
against l,7S0,707 tons last, year and o.
! ,93S,3Sl tons in 1914. Weather con. e
ditions' are reported as unsettled X
United Kingdom y
Reports state that the demand for ~
refined continues good, even with the i
advance in duty-paid prices caused by hi
the half-penny increase in the duty. ~
stock in bond on April was 9S, 500 tons, Il
against $4,000 tons at same time last Il
year This deficiency is about Offset by 4,
the Royal Commission Is recent pur- .,
chases of about SOC, 1000 tons April-July n,
JaVas, against last years United King, m
dom imports of only 20l 1888 tons Javas. A
April 10 the French government is, n,
sued proclamation calling on the beet a,
producers to plant and cultivate all ~
the beet roots possible. ~
April 20 the French chamber of dap.
uties voted to tax several commodi- h,
ties, including sugar, The amount of II
tax has not been announced. - G,
Refined q. =, wy N
Sugar market has ruled steady r
throughout the week. ...... n
BUSINESS in general has been quiet /,
both for Withdrawals and new con Il
tracts. but toward the close buying was m
stimulated by the stronger raw mar =
kHt, and there has been some slight in il
crease in the volume Of withdrawals o.
owing to the; American 3 request for
shipping instructions on all outstanding h
contracts up to and including 6.90c o
sugars. Il N
Reaners continue to limit the buying Il
. 4 f. %