WELLINGTON NEWS

Hokitika Guardian, 30 March 1926, Page 4

WELLINGTON NEWS

THE 11 KMT .MARKET. (Special t,o “ Guardian.”) WELLINGTON, March 2ij. The lii'inj) market is passing through a difficult period. Of all the cordage lihres. .Manila hemp may lie said tr> dimiinale iln- markel. that is to say tlii* pine nl Manila governs the prices lor the other lihres. For some weeks past the higher grades of Manila have " nose-dived.” although the lower grades have not fallen to the same extent. or proportionately, and the general effect has been that all cordage lihres have declined in value. Sisal quotations, both for American and African productors are easier, and the greatest difficulty has been experienced in finding buyers for New Zealand hem]). A few days ago a cable message was received from Manila describing the markel there as weak and declining. which is an unusual message

from the source as exporters in .Manila have everything to gain from striking an optimistic note. It is difficult to say where New Zealand hemp value stands, as buyers have not named any limits since the close of last week. The interest in hemp is limited and many people would view it as a decadent industry. hut this is far from being the ease. It has its place in t lie export trade figures of the country, and if the schemes of those interested in the industry materialise it will plav a much

more important part in the future. 'I here are many swamp areas in the North Island where the phorniium tenax thrives, hut it. the- summer it is clinked with the overgrowth of raupo. and in the winter it is drowned in the accumulation oi water. The scheme is to partly drain, these swamp areas to eliminate the raupo. and to plant the swamps with selected tubers, or with sect], selecting for the purpose the Max that the ancient .Maoris found most serviceable for the weaving of the Max mats and tunics that lormed their principal clothing. It is suggested that this work should Me undertaken by men familiar with the work in Maxmills; in. fact that they should he settled near those swamp areas deriving their living from the sale of the Max and hv working in the Haxmills that must he set no. The scheme, in short is to seiontilieially deal with the Max. to grow it in its natural habitat under best conditions. New Zealand hemp is an excellent cordage Mbre and is believed to lie unequalled for hinder twine. I here is always a good demand for it. especially in the I'niled States and Canada, and while prices fiuctuato as is inevitable, they are seldom, below a profitable level. Where are the Dangers.'’—When l lie deputation nt commercial men waited on the Prime M mister on Tuesday lasi. ami urged the dangers oj I loverumcn t interference in trade. Ihe .Minister of Agriculture who U’MS mv-v/wit eulil •

“Where is the danger about conipnlsoi'y control.*' I hear a lot about it, hut T cannot get anybody to explain it." A correspondent of the ‘■Evening Tost" supplies the explanation. He sa.vs [ha! one of llu* main objects of the Dairy Control limit'd is to eliminate speculation, and it intends to arrange selling prices dav to day as the market justifies. The Board will, undoubtedly. hope to keep the price high, the buyers to keep it. low. The wish for higher prices will ioMoeoce the Board’s judgment. which will he based on eonelusions of its l.nodon members, who in turn will he guided by the Loudon manager. This virtually places the fate of the industry in the hands of one mail -stocks then may 'acciiinidate through error of judgment on the part of one man. the Loudon manager, in fixing prices so high as to alienate the buyers. Inreing them to resort to Now Zealand compel ilor- for their requirements. .Mr Grounds has said that \ Tooley Street will he subject to intensive supervision. What can this mean but an attempt to control their business!' There arc very grave dangers J ahead of control, none the less reai because a farmer like the Minister of Agrieniture (aonot diseerti them. It may In- added that to the Loaners who know nothing of tin* mechanism and rant idea I ions of markets and of the London markets in 'particular. mav think it quite a simple matter for the Control Board to dictate to Tooley Street, and say that ’‘New Zealand butter most he sold at sildi and such a price." The Hon. \V. 'Tomher It,roves slated tin* other day that men with acute brains in London handled the marketing of the produce.—men wen had made a specialised study of their business, and it is these men who are to he subjected to ‘'intensive supervision."