Manawatu Herald. TUESDAY, JAN. 17, 1899. The Fibre Market.

Manawatu Herald, 17 January 1899, Page 2

Manawatu Herald. TUESDAY, JAN. 17, 1899. The Fibre Market.

♦ A RECURRENCE OF HIGH PRICES NOT TO BE EXPECTED. The "CorJage Trade Journal" (New York) of the Ist December, in an editorial on " Fibre Market Fastors," says: "Different oauses have produced a situation in the fibre world which is well calculated 10 make those who use it or, handle the goods made from it think carefully before they invest in either the raw material or manufactured goods. War caused an extraordinary advance in the market values of inauila, and sisal, always largely dependant on the price of manila for it? value, advanced quite as much. New Zealand, which had been used to a very small extent for the last few years, once more assumed an importance as a substitute for manila and sisal, and its value rose correspond ingly. Mauritius, which had practically disappeared from the American market, although used to some extent in Europe, was again sought by manufacturers at prices that enow^u 1 a liberal advance 1 . Aa the values of hard fibre rose, manufacturers, with the necessary machinery, turned to soft fibres, to be used in making varieties of cordage that could be substituted for hard fibre cordage. American hemp consequently advanced in value, as did Russian hemp. Even ap.jt. jute waa stiffened by tht demand caused by the advance in hard fibre. These results had oc curred by the end of the last bindertwine season. "When the demand foi fibre to be made into binder-twine for use in 1898 ceased, there came something of the reaction which usually follows a rapid advance. . . . What effect has the movement of prices had on the purchasing, selling and using of fibre? Turning first to the London fibre market it is found that the use of sisal fibre has greatly diminished. During the first ten months of this only 143 tons of sisal were delivered to manufacturers, against 844 tons during the same period of 1897, a reduction if 201 tons, or nearly 60 per cent. On the other hand, Mauritius and New Zealand have been used to a greater extent this year than in 1897. Mauritius deliveries during the first ten months of this year ag gi-egated 766 tons, against 568 tons luring the same time iast ytar, an increase of 208 tons, just about the same amount as the decrease in the deliveries of sisal. New Zealand deliveries amounted to 858 tons for the ten months of 1898, against 782 in 1897, an increase of 126 tons. Deliveries of Manila hemp to British manufacturers for the ten months of 1898 show that no scarcity of that fibre was felt, for they amounted to 334,000 bale?, against 823.000 bales in 1897, an increase of 11,000 bales. Stocks on October 81st, 1898, amounted to 89,000 bales, against 67,000 bales, a reduction of 28,000 bale*. How much soft fibre has beeu used in Great Britain and Europe in p ace of hard fibre it is, of course, impossible to learn. From ih foregoing figures it will be seen that ihe supply of Manila in Great

Britain to November Ist was somewhat more than in 1897. If it may be assumed that Russian hemp, jute and other soft fibre has been used to some extent there in place of hard fibre, and that merchants have followed the usual course of buying fcom hand to mouth daring thu la-it few months, the conclusion to be drawn is that British manufacturers on November Ist, 1898, had larger stocks of Manila fibre or Manila goods than on the same date in 1897. If this be true, they can wait a while for some hemp now on the way or to be shipped before purchasing." This gives suoh a clear exposition of the hemp market that nothing further can be added in explanation, except that hemp millers in the colony cannot reasonably expect to see a recurrence of the high prices which ruled a few months ago. When the contracts on hand have been run off, it is not improbable that several mills will be shut down. This would be unfortunate, for the reason that the flax-milla aff >rd employment for a section of the pupulation for whom it would be difficult otherwise to make provision.