THE HEMP MARKET.

Manawatu Herald, Volume XL, Issue 1778, 19 January 1918, Page 3

THE HEMP MARKET.

MAXIMUM PRICES INCREASED

HIGH COMMISSIONER’S

CABLE,

The following cablegram has been received by the Prime Minister from the High Commissioner relative to new and higher official prices for hemp. The message is as follows: —“With reference to your telegram of 2nd January, have addressed representations to Hemp Controller’, who states that owing to decision of Shipping Ministry to increase freight on all classes hemp, and also increase in market values in the Philippines, Manila maximum prices increased to: I grade, £120; J grade, £100; K. grade, £95; L grade, £93; M grade, £80; higher grades unaffected; secondly, New Zealand increased to: Good fair, £99; high point, £97; fair, £9O; and tow: Ist grade, £74; 2nd grade, £7l; 3rd grade, £O9. Thirdlyßast African Sisal, Ist grade, £99; 2nd grade, £97; tow, £BO. Fourthly: —St. Helena maximum prices fixed as follows :—lst grade, £97; 2nd grade, £9O; tow: Ist grade, £7l; 2nd grade, £09.”

The higher prices are viewed with satisfaction here, but in consequence of the small amount of tonnage available for hemp cargo for London, the full values cannot be availed of. The shipping companies are believed to undertake shipments to London of’l,ooo tons of hemp per month, but as a matter of fact the space required for this relatively small quantity is not invariably obtainable. There are other markets, however, Ncav York, for instance; but there prices are fully £2o’ per ton under London —viz., £79 as against £99 per ton. Given sufficient tonnage, the above rales for the New Zealand fibre Avould be of great benefit to the Dominion. All depends upon the shipping, however. Incidentally, it may be mentioned lhat the St. Helena hemp, above referred to, is from the New Zealand phormium tenax, Avhich has done very well as an exotic on the famous island, and provided congenial employment for a number of its inhabitants Avho had keenly felt the loss of shipping and other business of the past.