Spurling's Hemp Report.

Manawatu Herald, Volume III, Issue III, 28 March 1890, Page 3

Spurling's Hemp Report.

Mr C. Spurting, of London, reports on January 25th : — Contrary to the general expectation that our fibre markets [would in the New year probably see a revival and im - proroment, both as regards demand and value, unfortunately neither one nor the oth«r baa, as yet, been realieed, and ourjmarkets since Christ* mas for New Zealand hemp (in sympathy witk a deoline in the value of manilla hemp of some £3 or £4 per ton, and in Mauritius hemp of £4 to £5), hu been depressed ; and quo* tatiooß to-day shows an } average decline on New Zealand of £2 to £3 on low and ordinary ; £1 to £2 on good medium ; and £1 10s on good to fine sorts. It is dicffio.lt, on any satisfactory basis, to explain the cause* ' -which have led up to the present * dull state of our markets, beyond the general absence of demand from America—now the great and leading consumer of fibres—and the fusion, ' or supposed fusion, of the two great buying syndicates of New York and Boston. Some people of rather nervous tempament believe further that the comparative high priceß yet ruling for New Zealand and for sisal may lead to the developement of greater production of competing fibres from other countries. The piiees at which, however, such other fibres, partioulary as regards the price at which sisal or istle in the Bahamas can be produced, are looked upon as visionary or chimerical. The arrivals of New Zealand hemp since 27th ultimo have certainly been much {heavier than during any similar period, comprising the cargoes per Otaki, Larpo Bay, Balston, Blair Drummond, Kirkcudbrightshire, with a total of 8f!l8 bales hemp, and 294 bales tow. Public auctions since 27th ultimo have cempriied 341 1 bales hemp and 800 bales tow, of which about half has been placed. For arrival within the last day or two some 500 tons •* guaranteed fair average Wellington ', have been sold at £26 per ton cf . and i. Oar market to day closes dull at annexed quotations, buyers awaiting the issue of next Wednesday's auctions, and of the action of the American syndicate above referred to.