Manamatu Herald. FRIDAY, MAY 31, 1889. THE PROSPECT.

Manawatu Herald, Volume II, Issue 270, 31 May 1889, Page 2

Manamatu Herald. FRIDAY, MAY 31, 1889. THE PROSPECT.

In our last is3ue we gave the latest quotations of New Zealand hemp in London. The report i\-.ad 1 rather unpromising, bei g % , " arrivals heavy, market weak, medium quality has fallen £2 10s per ton." \ Afa 1 now and then iv auy product, of which the supply is fluctuating, must be expected, and we believe we read the news to be as bad as the senders could make it, or why quote only the fall of the medium quality ? "We were informed in the cablegram referred to, that the market price would be £31 10s, and this was on the 24th inst. Yet we now have a cablegram dated the i 27th inst, in which Lis stated that "N.Z. hemp has declined, and is now quoted at £33 15s to £S4. The . drop previously recorded hardly agrees with the last news. There ■ appears to be but very little trouble taken in giving correct quotations and but little credence need as yet t been given by the hemp miller to ' tbe reported rises and falls, when a F pound or two is only the difference. . We would however strong y urge . on them to act upon the advice ; reudered by the experts in all their reports, and that is, to keep up a j good standard of quality. It alwnys appears unfortunate that the hempmillers in this district refuse to act , together for the protection of the r own interests, as undoubtedly some very bad samples are being shipped away from this port. Ihe Loan and Mercantile Agency Company in their latest circular report that the market in April has been very quiet, and at times depressed Manilla having fallen as much as £7 a ton without inducing buyers to operate with any freedom. Othpr descriptions have been more or less affected ' by this heavy decline, but it is satis* factory to note that, while supplies 1 of New Zealand have been fairly liberal, they have quiokly gone into consumption at prices which mark a fall of not more than £1 to £2 per ton on the month. Whilst, however, the spot market has remained comparatively steady, b lyers, having regard to the less assured outlook, have b°en unwilling to buy for forward delivery, and with the , exception of a parcel of Auckland sold to arrive at £35 per ton c. i. f. , no business in distant lots has been

reported Mr Spurling's report also mentions that the groat difference in value (for the purpose of mpp-mak-mg which still, exists between fair Manilla on the spot at £39, and for fair average Wellington at £3*3, is likely to prevent any material fall iii the value of New&utl&nd; but the tact that for the past week or two the Americans, as r*-" withdi-"- • ~*iel buyGi'fi, have ~«ix' from the Phillipiue market, coupled with goo I recep's of hemp at Manila, it is pvdbaule that the detiiine df H to 1 Jc:J j)er tdii in this &r"tiele during- tlld jJdst fortnight may ye"t be greater under any forced, sales. It wduld appear therefore that thji i^arket . still xo niain& $&6& } arid Ih'at thS withdrawal of so many bales at auction at £35 was in accordance with purchases made to arrive, as the report referred to above, mentions that lor arrival 50 tons are reported sold. ' gfuayantee'd fair' average ' Wellington, January shipment, at £32 ; and ' guaranteed fair average ' Auckland, March-April sailing at £35, all c. and f.. and f . p. a. insurance. Allowing for risks of insurance, lauding charges, discount, &c, these sales would be equal to spot prices of £35 and £38 per ton respectively. Hemp millers inaj' therefore be of good heart if they keep the preparation of the fibre up to the mark.