The practice of the Hawaiian planter is to sell his sugar to refineries in San Francisco, New York or Philadelphia, under contracts extending over a term of years. It is agreed that the sugar shall be shipped as soon as made and that the refiner will receive it immediately on arrival, the price for each cargo being that quoted in the open New York market for ninety-six-degree centrifugal sugar on the day preceding its arrival.
STEAMER LOADING SUGAR ALONGSIDE DOCK
LOADING SUGAR AT AN OUTPORT IN HAWAII
The value of raw sugar, like that of other staples, is based on supply and demand, and the price fluctuates from day to day according to the requirements of the refiners or the necessities of the sellers.
There are certain rules or trade conditions governing all sales, so that when one man buys and another sells at an agreed price, each knows what he is bargaining for. For instance, raw sugar is bought on the ninety-six-degree centrifugal basis, that is, the price agreed to be paid is for centrifugal sugar containing ninety-six per cent of sucrose. If it contains more sucrose, a higher price is paid; if it contains less, a lower price is paid; all according to an established scale of additions and deductions. Then again, the time of payment for the sugar is well understood. It is usually ten days after the sugar has been finally discharged from the ship, as this allows a sufficient period in which to determine the exact weight of the sugar and the percentage of sucrose it contains. An instrument called a polariscope is invariably employed to determine the amount of sucrose present and the results obtained from its use are absolutely accurate. A description of the operation will undoubtedly prove interesting.
POLARIZATION
The practical working of the polariscope is based upon the property of sucrose to rotate a ray of polarized light to the right.