THE HEMP INDUSTRY.

Manawatu Herald, Volume XXXIV, Issue 1031, 26 November 1912, Page 3

THE HEMP INDUSTRY.

IS THE HIGH COMMISSIONER’S CABLE RELIABLE ?

The High Commissioner’s cable on the hemp market this week reports a further drop iu prices, the reason given for the fall being ou account of advices from Manila of heavy receipts, aud ot speculative opera! ions. The output of Manila hemp last week was also above the average —38,000 bales. From enquiries made in Wellington yesterday, we are informed also that the Commissioner’s report ou the prices ruling in London at present, is not correct, aud that it is impossible to sell hemp there at the present time within £2 or ,£3 of the price quoted by the High Commissioner, in fact, buyers are not operating with New Zealand hemp. Of course, the quotations from the High Commissioner are based ou information gathered from the merchants interested in hemp iu England, aud a reason given for these prices being above the actual ruling quotations is that the merchants from whom this information is gathered have stocks of New Zealaud hemp ou hand, aud naturally, they are anxious to, if possible, keep prices up. From what we were able to gather yesterday, Irom what should be reliable sources, spects of the industry are g*ood, aud it is generally believed the present fall is only temporary, aud that the market will right itself in a very short while, provided there is no attempt to place large quantities on the English market. If the sale of hemp is pushed in Loudon, a further drop in prices is the natural consequence. The correctness or otherwise of the Commissioner’s report brings up another question ot vital interest to millers, aud shows one of the disabilities under which some of those operating in this aud other districts, where similar slidingscales of royalty are in operation, are working under. The royalty payable is based on tbe reports of the High Commissioner each month, aud if the prices quoted are above those actually ruling, as is undoubtedly the case this week, the miller stands to lose very seriously. Under these circumstances, and iu the interests of the industry, it is essential that tbe Commissioner’s reports should be as authentic as possible.