THE HEMP MARKET.

Manawatu Herald, Volume XXXIII, Issue 969, 21 March 1911, Page 3

THE HEMP MARKET.

A BRIGHT OUTLOOK. During the past few weeks the outlook lor New Zealand hemp has improved considerably. Pour weeks ago the Agent-General’s report was to the effect that the market was dull and nothing doing, large shipments being expected Irom Manila ; the spot price for good fair being £l9 ss. Since then the price has gradually advanced and yesterday’s cable quoted both spot and forward shipments at ,£2O xos, and also advised that the market was firmer. It is interesting to note that during the period that our hemp has advanced £1 5s per ton, the price o! Manila has remained practically stationary. From this it will be seen that although the large output of Manila must necessarily affect the price of New Zealand hemp to a great, extenljit does not absolutely control it, as a number of manufacturers have installed special machinery to deal with phormium and there will consequently always be a demand for same. From present indications it appears that the price will further advance, as well-known buying firms, which are always kept up-to-date with information, were last week offering £iS for good lair—a price equal to about £1 per ton more than that quoted by the High Commissioner. Further, they were prepared to make contracts at this price up till the end of June. A well-known llaxmiller voiced the opinion the other day that flax was “ alright ” and that hemp was now an established industry and that there is no fear of the conditions prevailing some years ago ever again existing. We share this opinion and are convinced the hemp industry has a more permanent and brighter outlook.