New Zealand Hemp.

Manawatu Herald, 15 March 1894, Page 2

New Zealand Hemp.

_ .-« The N.Z. Loan and Mercantile Co. '3 circular, dated London, January 27, reports : — The yaerjust brought to a close was one of unexampled depression in the raarkot for all descriptions of hemp fibre. The principal causes are to b» found in the liquidation of the Nationa< Cordage Company of New York, one of the largest consumers of thip produce, and the financial difficulties which overshadowed trade in the United States of America. Importations of New Zealand show a. marked falling off, aggregating 1,088 ton? only, against 3J835 tons in 1892, 8,678 tons in 2891, and 11,640 tons in 1890. In

spite of the moderate supplies, the deliveries failed to koep paw with them, and the etooki at the clow were some 882 tons move than at tbt corresponding period in 1892. With regard to values we have to record t declining market throughout, with^ prices closing at the lowest point touched during the year. It is satisfactory to note, however, in view of the low level reached for Manilla and Sisal, that the depreciation in New Zealand is relatively mod.-rate. This, however, must in a great measure be attributed to the reduced supplies, which were less than those of any year since this fibre came into pro- | minence. | The course of the market may be briefly traced as follows :— During ! the first three months the moderate supplies offered at auctions were readily disposed of at prices ranging from '£25 to £26 per ton for fair medium Wellington in January to from £25 to £25 10s per ton in March for the same grade. During the latter month a large business was transacted c.i.f. to New York on a basis af £28 10s per ton for good quality Wellington. During April business was practically at a stand- ! still owing to scarcity of supplies, although prices were quoted somewhat easier, but in May, in sympathy with the decline in manilla there was a further drop of about £1 per ton. During June and July, fair medium Wellington receded to from £22 10s to £21 per ton, further declining towards the end of August to from £19 to £20 per ton. Throughout September the market continued steady at these prices, but subsequently, on receipt of 2000 bales reshipped from America, a further depreciation was witnessed, fair medium Wellington being quoted from £18 to £18 103 per ton in November, while at the close of the year this description ruled at £18 per ton with but a slow demand. With prospects of further re*hipments from the United States and an increase in direct supplies owing to the absence of demand in America, the outlook at the close was far from satisfactory.