Hemp.

Manawatu Herald, 8 September 1898, Page 3

Hemp.

New Zealand hemp is apparently maintaining its price. Last Saturday's cable message gives the quota-* tion for fair Wellington at £23, with a quiet market. If this pricp can be relied on for a few months millers will have no chance for complaint, as the quotation leaves an ample margin of profit for the producers. In any case it seem* to be the opinion of many in the trade that the extremely low rates that were current prior to the Spanish American war will not rule again for some time. The market, however, will depend upon the supplies of ManUa, and the latest news frrm that quarter is thu3 given in the Melbourne Jrgua:-" The Manila circular of tytessra Warner, Barnes & Cj.. dated Bth July, states that the quantity of hemp available for shipment on that date was 118,487 bales.

I Exports to Australia since Ist January amounted to 6768 bales, against 9605 bales for the corresponding period of 1897 and 8572 bales for the same period of 1896. Between the Ist and 21st July a considerable fall in the market value of Manila hemp took place in Lon don. On the Ist the mark • F.C.* was Bold on spot at £88, and for shipment £83 to £33 10s was obtained; but on the 21st the same mark was sold at £29 on spot and at £28 103 to arrive. The conclu** sion of the war has doubtless occasioned a further decline, particularly in view of the large quantity then awaiting shipment at Manila." Messrs Warner, Barnes, and Co.'s circular disposes of the theory that the Manila supplies had been destroyed, and the large visible supply must eventually depress the market. For the present we may trust to manufacturers, who bought New Zealand hemp extensively in anticipation of a long war, to maintain prioes at a high level as long as possible. Millers would not be wise in building their hopes upon the maintenance of present market quotations for any very lengthened period. — Post.