The Hawaiian gazette., 1917-05-04
WAR TAX CLOUD
AFFECTS MARKETS
Refiners Believe Sugars In Stock
Win Pay Same As Sugars
Yet 10 Be Made

/
Since our report Of the thirteenth
instant the option market, in its capa'
city as a barometer, kept steadily climb
ing until Wednesday morning when .
sharp. recession started in and the
downwafd tendency continues this
morning, writes the New York corresi
pondent Of local sugar house.
| April and May shipment Cubas which
were on offer on Tuesday az 51kc are
today offered az $50 without interest.
ing refners. II Is true the quantities
offered are not large but redners are
in a fairly comfortable position and
are not disposed TO anticipate the
course Of events.
The proposed legislation, which inl
| Dictates tax on refined sugar as Il
passes into consumption, is restraining
any tendency to speculation for il is
believed that all refined sugar not in
physical possession of ultimate con-
sumers at the date of enactment viii
have to pay the tax.
Big stocks Stored
We understand that speculative in
terests have stored in warehouses very
considerable quantities Of refined sugar
in the belief that sugar bought prior
TO the passing Of such law be ex.
empt, but competent opinion is insis-
tent in stating that all such sugar will
be the first care of the internal rev.
enue officials whose business it will be
/ to ferret out any attempts at evasion.
Consumers Stock Up
| Meantime said ultimate consumer has
| taken time BY the forelock and in large
numbers has anticipated, his wants for
from six 70 eight months ahead. Re-
/ fners have made some slight attempt
/ to put stop to this practise which only
| has the effect Of making a bad situas
tion worse and is driving the price up
1 in some localities to prohibitive figures
to the great detriment Of the small
consumer whose p0cketbook does not
permit Of his anticipating his wants in
this manner ~ "a
Ecubkn Tfeienfs Risihg t
| The freight situation in Cuba Is still
acute but we hear that in some cases
sellers Of raw sugars rather than de-
fault on their contracts have given an
additional ten cents per one hundred
pounds to the ship-owners as extra
freight money, it being estimated that
this concession win Offset the higher
rates Of insurance on hulls pnd the in,
creased wages to seamen The asking
I rate OF the Ward Line fast boats today
! is seventy cents per one hundred
pounds from Havana 70 New York.
| Regular cargo boats are asking about
five cents less from the north side and
about five cents more from the south
side elst,
I British Are Buying
All Of this week the British Commits
sion has been buying Cubas I. o. b.
the Island at about 4g0e which means
in view. Of the freight rates mentioned
above from SIZE to 5000 @. & r. New
York. Their total purchases are esti-
mated at about 100000 tons during the
past ten days.
| In this connection 1t Is reported in
the telegraphic news today that no
consumer in Great Britain will, be per.
mitted to have more than two weeks
supply in his possession at any one time
and that revenue officers are empower.
ed to enter and search houses suspect
ed Of boarding for which oifense a
sharp penalty is prescribed. Such a
law, If enforced, would be very pro-
ductive revenue producer in this yici'
nifty today.
Cuban Six Ports
Figures for six ports in Cuba TO the
end Of last week follow:
E: :ss9f. .,.. s ssS '''. ssSs: tom
Hsttsras o !. $4,000 tons ss,4Oi tons
leans g....'.s.. 1900 7.4se
Ending Short Season
| Factories are still closing down fol
the season far short Of their expecta'
tions.
This condition Of Affairs applies par
tieularly TO Centrals away from ths
coast and in the province Of Camagney
The great Chaparra and Delicias fac
tories are said TO be turning out more
sugar than last year and the whole sew
lenteen factories Of the Cuba Cane Sugar
corporation are grinding steadily and
without Interruption.
Later today the American took 5000
bags Cubas for prompt shipment al
i5Hc G. & r. There are further offer
ings AZ 5 5-16c and Porto Riccs a
6.27e G., r. which may later be tnker
at li6e lower. These lots are in tbs
hands of weak holders and il is pre-
dicted that with these offerings out 81
| the way a stronger market will de
velop. tt s.
Refined Sugar "
All refners are said today TO be oui
Of the market except the American
which continues TO dole out sugar
| They quote 7ise basis. The report 81
the street is that very large buyers OF
refined sugar have offered as high al
sac for $4,000 barrels, but refnerl
have all the business they can TAXI
care Of FOR the next sixty days and Dc
not feel Ike taking on more business
even at this tempting figure 50 long al
their supply Of raw sugar remains du
bi0us.
What is causing some wondermeRi
among those eonyersant with the facts
! is that while brokers seem 70 be I'M
able 70 buy sugar from relners groeerl
IN many sections are advising theil
customers to buy and are prepared q
deliver by the barrel. t