Hemp Market.

Manawatu Herald, Volume III, Issue III, 2 May 1890, Page 2

Hemp Market.

* - — ' . Mesßrs Ide and Christie, of Lon* don, report on March 20: — " Today's values are— Auck'and. £21 to £28 ; Lyttelton, JE2O £27 ; Wellington, £18 10s to £25. A heavy ye* ductjon in tlie vulh'e' of all white roping hemp* since we Ip.t wi'cfter has to be recorded, but ol the three., Manila, sindl^and New Zealand, th» (attar ha* suffered le«*t. Thu#

Manila has declined £6 to £7. sisal £8 to £9, and New Zealand £8 to I £4. The cause is easily understood ' when we cay the American circle i distinctly dec. me to huy hemp at HgUres for the moment, and ina-' i much as they take more than half i of tha world's production, and that ■ growers have thus been forced to '. ofier their holdings our way, some idea of the weight pressing on home '. markets may bn imagined, and has opened to buyers' view the possibities of a return to the currencies ol eleven lo twelve years ago, and im* parted geneial fright all round. Without doubt there will be some reaction, possibly as rapid as the ' all haa beep, but its date i_ quite guess work. Even already the heavy drop in Manila. has attracted buyers, and a recovery of £1 10s to £2 from lowest point has been shown in last transactions. The firmer tone was, as air ady noted, reflected in yesterday's sa cs ot iN€w Zealand Most open delivery contracts in this fibre haye been closed on hasis £21 to £22 '. per. tpnibr fair Wellington. Nothing done for arrival. Our deliveries continue remarkably good, but they follow, we judge, rather ander contrasts made last year than-. -.this'.; were it otherwise the fall cou d hardly have been so heavy. The carrying through of old-dated arrival contracts, now that ships have come in is not without difficulty. Many complaints are heard regardiug quality, and the present state of our market dees not help to smooth matters over. Itis to be desired that the present unce tainty respecting America's requirements will soon he resolved, and admit of some forecast being made for the benefit of all interested.