New Zealand Hemp

Feilding Star, Volume XI, Issue 29, 22 August 1889, Page 3

New Zealand Hemp

C. SPUELING'S BEPOET. London, 12th July, 1889. My last advices were of the 14 th ult. Since that date, and until within the past week, our market, under the depressing influence of the values of Manila and Mauritius hemps, has shown signs of great weakness, especially for the low and inferior grades, which have been forced off as low as £24 and £25 per ton ; whilst common and fair medium have been freely dealt in on the Bpot from £26 and £27 respectively. In my circular of the 14th ultimo I directed special attention to the "considerable falling off in quality of recent shipments from the colony, and to the great neglect as to the cleaning, the decorticating and preparation of this fibre, adding further that many parcels were all but useless for the purposes of the ropes maker, and quite unfit to be spun on machinery at present used here." These remarks during the past month have proved to be more than justified by the prices realised by importers. During the past week, however, an improved general demand has been experienced for hemp, and an average advance of 10s to 20s per ton has been obtained for common sorts, whilst good and fine are firmly held for full prices some sales of good and fine Wellington having been made at £33 to £34. It is much to be regretted that an article so full of promise to the colonies, and of such intrinsic value if properly prepared, shippers, tempted by our late rates, should be induced to sacrifice their future chance of bringing into use an article of such worth as New Zealand hemp. It is also to be regretted in the interest of shippers that consignments to this market falling as they do into the hands of brokers of comparatively short experience, many forced sales are made, and and at such irregular prices as to be detrimental to a market already sufficiently capricious. To day our market shows buoyancy, with an increased demand for really good and fine descriptions, and closes firmer for most descriptions. New Zealand Hemp Tow.— A few sales at £6 to £7 per ton should be sufficient to deter shipments of an article of no value here the proceeds of which with charges and freight absorbing the whole value.