The Manawatu Herald. THURSDAY, FEB. 26, 1903. Hemp Market.

Manawatu Herald, 26 February 1903, Page 2

The Manawatu Herald. THURSDAY, FEB. 26, 1903. Hemp Market.

We are in receipt, through the Department of Agriculture, of the Manila Fibre Broker’s report dated 31st December last. This report though dealing as it does chiefly with figures, is of a most encouraging nature to hemp millers, not so much for high prices, though there is a side light also upon that, as upon the continuation of the industry. The year 1902 closed with a stock of Manila' of 119,889 bales. The year 1902 commenced with a stock of 103,178, so that even with increased production, which was 126,466 bales over the previous year, there left only an increase in stock on hand at the commencement of this year of 16,216 bales. The report discloses that the quantify of Manila hemp manufactured is absorbed as fast as it is made, the increase in the manufacture not outrunning the market. We find that in 1900 there were 940,070 bales manufactured, but in 1903 only 773,078 bales were, arising from various causes, aud it was feared here that an effort would be made to increase the output and thus lower the price of N.Z. hemp. Experience teaches us now that though the output last year rose to 899,628 bales, or 126,455 more than the previous year, the bales were sold leaving the usual stock of only 16,216 bales extra to the amount ordinarily held. The experience of the past has shown us that this stock disappears l very quickly in the new year aud we may expect such will be the case this year. Looking through the reports we find that the September one reports that the “ Market closes very firm and there are no settlers at under £40.” In November the demand fell, the report stating “we quote . . . sellers £B6 18s lOd, no buyers,” and on 80th November we have “ sellers £B4 16s 9d, no buyers.” This would appear to outsiders as rather a slump, but it is evident the season for requiring hemp was not at hand, as in the report for 31st December it is stated “ The market has ruled very quiet during the past fortnight. Sellers are very firm.” It will be noticed that the sellers on the spot at Manila are now firm as to the prices they hold for, though they were aware there had been an over production of 126,455 bales to that of the previous year, and though the stock on hand was 119,389 bales. Their action can be accepted as a safe guide for our action, aud impels us to expect a rise in the hemp market for the reason that the holders of Manila knew of nothing to agitate them, aud that the reports show in March the demand always becomes so satisfactory that holders are always quoted as remaining very firm. We can congratulate the hempmillers on tho satisfactory character of the latest report received from the Phillipines.