Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-01-29

| The 1915 sugar year has been
marked by many unusual features
| Perhaps the most noteworthy of these
affecting the American market has
been the higher range of prices pre-
yailing. These prices have consistent.
| ly followed throughout the greater
part of the year level of from a cent
! TO cent and a half a pound above
| those of 1915. The causes for this
| condition are 10 be found in the de-
| crease OF beet sugar production in
| Europe, the exhaustion of reserve
stocks in all countries. and the UNI
usual demand thereby imposed upon
the producing territories of other
parts of the world.
January Low Level Month
The low prices of the year, both in
raws and refined. were recorded dur,
! ing the first half of January with
quotations of SO cents a pound for
extra fine graduated and 4.51 cents
pound for 96 degrees test centrifu-
gals, Cuban basis, duty paid in New
York. From this point prices began
TO rise until refiners' quotations for
refined reach the high level of 7.65
cents in May and were maintained
at this point until the first of Au-
gust
The raw market, it is worthy of
note, followed closely the course of
refined, establishing an average OF
6.45 cents during May with slight de-
clines in June and July, which, how
ever, were absorbed by the refiners
and were not reflected in quotations
for granulated.
During August and September a
sharp price decline ecurred in the
raw market, induces e large eX
tent by speculative pr Isl &c exerted
at this time. The abnormaI ,efiners'
margin, which meanwhile had pre-
vailed for considerable period and
at one time amounted to more than
cents a pound, finally brought about
reduction in refined prices in Sep
TENDER In October another decided
upward swing occurred in both mar
kets. This was due mainly to extern.
sixe purchases made by jobbers and
wholesalers, whose stocks had been
reduced to a very low point by the
hand to mouth buying policy which
they persistently followed during the
summer months, and partially to the
unexpected delay in the beginning of
the beet sugar campaign, which kept
this sugar from coming upon the mar
ket in sufficient quantity to exercise
its usual effect upon the price of cane
refined. g..
The firm stand taken at this period
by holders of Cuban supplies in gen.
orally withholding their stocks from
the declining market also served to
encourage the upward movement.
During the final month of the year,
with domestic sugar from the beet
growing states coming upon the mar.
ket in larger quantities and with re.
ports that the new Cuban crop would
exceed that of the previous year by
100000 tons, a logical decline took
place.
The high point in the price of raws
was reached in the final week of Oc-
tober with basis of 6.65 cents The
extreme range in SO degrees test GEN.
trifugals during the year, therefore,
was 2.14 cents pound and in refined
100 cents.
The chart published as a supple.
ment to this number of Facts About
Sugar shows the course of the raw
and refined market for every business
day of the year and gives compare |
son of these prices with those of 1915.
Not onlyr'ya the business of the
refiners unusually profitable during |
1916, but it was if exceptional volume
due to record breaking exports Of re.
fined sugar, which was imported as
Taws from Cuba and full duty paying |
countries and passed through the re.
fineries here. Exports amounted to
more than 100000 ordinary tons in
1915 and negligible amounts prior to
1914. Sugar was sent from the United |
States during the year not only to |
practically all the countries of Eu'
sible, but also to many other coun |
tries that never before had figured in |
this market as purchasers.
Record Cuban Crop
The Cuban sugar crop of the past |
year was of record dimensions amount |
ing to more than 100000 ordinary
tons. This vast amount of sugar was
readily absorbed. however. by the de-
mand from Europe, added to the re-
quirements of the American market.
The high prices realized by growers
brought to Cuba degree of prosperity
never before approached.
In the field of domestic production
the year was fairly satisfactory one,
both as to prices and output. Record
crops were harvested in Porto Rico
and the Philippines. 4 large proper
ton of the latter did not come to the
American market owing to exceptional
of demand in other parts
of the world. The Hawaiian crop fell
somewhat below that of the preceding
year, while Louisiana scored a de-
cided advance.
The results of the beet sugar cam
paign were disappointing when judged
by earlier expectations and by the
acreage devoted to beets, which was
much larger than ever before. I'm
weather conditions at both
ends of the season both in the inter
district and in the central
states cut down the Weld of beets,
a. Ia 1