Hemp.

Manawatu Herald, 13 August 1904, Page 2

Hemp.

The hemp market is falling, but millers do not appear to realise this, for their quotations for spot hemp are above parity of London values. Advices from America indicate that prices will decline further, and there are two reasons to uphold this view, First, the shrinkage in the American crop and the consequent smaller demand for binder twine has left the manufacturers of this class of cordage with a great quantity of unsold twine which ,-must be'carried over to next season; secondly, owing to the slackeningdemand and increased production the value of sisal is going down, and .sisal is preferred to New Zealand hemp. The present London quotation for New Zealand hemp is £29 10s for spot and future deliveries, but millers here .are asking as high as £26 xos, but they ask in vain. Were quotations reduced by £2 per ton a certain amount of business is possible. The history of the hemp trade is one of constant fluctuation. During the past four or five years values have been fairly steady and highly remunerative, but almost similar conditions prevailed ten years ago, when New Zealand hemp soared as high as £42 per ton. When the collapse came it went down to £9/ and the industry ceased to exist for a time. Although it is not anticipated that any such disaster is now threatened, still it is obvious that the market is tending downwards, and it is as well to face the., position. The absence of any real trustworthy information as to the position in the terminal market is the cause of much blundering at this end, and the Department of Industries and Commerce might bestir itself to supply it. What is wanted is a plain statement of the position—not one coloured to create a sense of false security. The flax industry is of very great importance to the colony, and every effort should be made to uphold it.