Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-01-18
EXPECTING HIGH
PRICES TO rule
CONTINUED from page one)

Continued from page one)
usually higher levels of values espe
cially for commodities of indispens
able character required to be import
ed from foreign quarters.
Sugar being among the articles
particularly affected, and with United
States and Cuba the sources OF near
est available supply. steady volume
OF business with United Kingdom and
France was augmented by smaller
sales to Holland, Portugal, Greece and
even TO Russia. Shipments to 18th
December of last crop Cubas to Ell
rope amounted to 375,S79 tons, and
exports OF United States refined to
same date aggregated 373,052 tons,
making a total of 74S,931 tons. in add
ton to which less significant quaint
ties we're drawn from other West In,
dian sources.
Big Demand for Cubas.
Owing to this extraordinary situa.
ton abroad, Cuba faced vastly in
creased demand in a campaign so hin
dered by unfavorable weather condi'
tons that her previous years produc-
ton had not been closely approached
until end of June The inevitable re-
suit. was sharply advancing course
of prices witnessed in the opening
level of &c. c. f. (4.01c.) being driven
UP 1c. per pound to &c. c. f. t5.02c.)
as early as 9th February. This, how
ever, exceeded generally accepted
views as to justified values, but, aside
from temporary slight reactions, a
fairly steady level was subsequently
maintained between 3.75c. and 3.94c,
c. f. for Cubas (4.77c. to 4.95c., duty
paid, till late in August, when the
short erratic period of the year set in
During the six weeks ending 4th Oc-
tober there was recorded an aggregate
decline of Isle. per pound to 2.625c.
c. I. (3.64c), the lowest price of the
year ruling for only two days. A con-
tinuous advance during the following
two months, aggregating 1.56c. per
pound, had by End December estab.
lished new high mark for the year
of 4.19c. C. f. (5.20c), which was .1Sc.
above February's high point of 5.02c.
After prevailing for a week, various
declines later in the month, aggregat
ing SEC. per ID. from the high level,
has brought closing quotations for
prompts down to 3625c. C. f. (4.64c.)
for Cubas and 4.45e. C. !. f. for Porto
Ricos. n ....@.......:a p.
In trying to forecast the conditions
likely to prevail during the coming
year, certain factors, which a year
ago tended to somewhat weaken the
effects. of the then impending decrease
in the worlds sugar production, due to
the European war, are found to have
been eliminated Amongst the most
salient Of these was the fact that two
years of comparatively low prices had
naturally resulted in fairly large &C
of Invisible stocks the
world over, and that consequently
both United Kingdom and France
were in possession of comfortable re-
serve supplies, consisting of German
beet importations in the former and
of the home production in the latter.
Production Short This Year. ..~.+ sts:-
Upon the presumption that invis-
ibles throughout the world have since
dwindled to very low point. it will
be conceded that the sugar required
for future consuming purposes must
be drawn from the actual production
Of the current campaign, and, turning
to the figures of the world, it is seen
that estimates for 1856 fall 100000
tons short of last years production
and 100000 tons below the total at
tanned in 1894, the last campaign
hostilities in Europe.
Narrowing the perspective down to
the more important foreign countries
that constantly will have to turn their
attention to sugars which ordinarily
have been at the almost sole disposal
Of American requirements. there are
found Great Britain and France,
which are credited with an annual
of about 100000 tons
and 100000 tons, respectively. Pub
ished statistics for these countries
show that United Kingdom imported
100000 tons from Java in 1914 and
264, 700 tons to 31st October. 1915,
France having taken $4,000 tons from
hat source this year. With the
French crop this year estimated at
100000 tons less than its predeees.
SUI, anu Will 1UutCdIlOHS pOlHIIHS ~
smaller receipts from the distant isl
and of Java owing to greatly reduced
stocks in the Far East, as well as by
reason of the relatively higher cost of
involved in such long
voyages. the two countries above men
TONED should find it necessary to look
elsewhere for supplies to replace such
falling off in Jayas, and Cuba is the
most logical substitute. .--
louisiana Cane Short. 49,.
Coming now to the situation in
United States, figures indicate an APP
parent falling off in consumption OF
,ver 100000 tons this year, which
nay be ascribed to the, reflection in
'efiners' MEETINGS during the early
months of ABSORPTION of fairly large
of invisibles by the
rade during latter part of 1914 How.
ever, as the increased production OF
domestic Beet was practically Offset
~ q considerable shortage in the Lou.
siana Cane output, and in view Of
present small stocks and the general
tate of prosperity predoDlinating
throughout the country. there is every
eason to anticipate material in
.rease in consumption next year.
Therefore. crop in Cuba now es-