Commercial.

Evening Post, Volume XLL, Issue 5, 7 January 1891, Page 3

Commercial.

+ We are indebtod to Messrs. W. A G. Turnbull and Co. for Spurling's New Zealand hemp market report, dated London, 29th November, 1890:— Since my last advices of Ist instant our market for Now Zealand, affected by the speculative demand and advance in Manila hemp, has been in a moat fevorish and excited state, and never within so short a period have prioes Bhown such extraordinary ohanges and fluctuations. Thp first public sales of New Zealand hemp whioh took plaoe after the departure of the last mail were held on the sth instant, when the whole of that day 'a supplies of 2,612 bales found ready and exoited bnjera. Commencing at an improvement of 30s to 40s per ton, prices gradually hardened, oloßing at an advanoe on some prioes of from £5 to £6 per ton Influenced by the above sales, holders were induced to expose heavy supplies at the anotions of the 12th, when, of the 6,611 bales catalogued, nearly the whole was withdrawn, biddings showing a most demoralized state of markets, with only some 70 bales sold at a decline of £3 to £4 per ton. Between the sales of the 12th and 19th instant markets again hardened, and somo 1500 to 2000 bales were placed privately at 30a to 40s per ton from the highest point tonohed on sth instant. At the publio sales of 19th a renewal of the same demoralised tone was manifested, and of 2561 bales catalogued 507 were (unexpectedly) forced off by one of our leading importers at a decline of £5 per ton. Under these oircumstanoes holders generally withdrew from the market, and only a moderate business resulted between 19th and the last publio sales of the 26th instant. These later sales of 26th, although forced, showed a Blight improvement on the current rates of the previous week. The exoited and abnormal Btate of our Manila hemp market, oombined with an unexpected Amerioan demand, led mainly to the extraordinary ohanges in our New Zealand hemp market at the early part of the month ; and prices both of Manila and sisal have sinoe fluctuated, thonph not entirely, yet to nearly the same extent as New Zealand hemp. Manila hemp during the past week has been very dull, and prices, compared with those established early in the month, show a decline of M to £4 108; whilst sual hemp (whioh at the departure of the last mail was offering at £26;, suddenly advanced to £34, and now offers freely at £28 10s to £29. Having regard to the extraordinary delivery of 2600 tons of New Zealand for the present month, it is difficult to aooount for the recent action of some holders, and it is thought, when these deliveries come to be generally known, that a sudden roaotion to higher prioes will again follow, the more so as, with arrivals of only 328 bales since Ist inst,, onr stooks are rapidly depleting. Consequent on the varied prices obtained during the month for the same marks, the writer has withheld the usual enmmary of marks and prices realized, and would only observe further that in the present unsettled position of the market the quotations in reference to value as shown in the annexed prices current must be treated as nominal. Our market

b closes very firm with an upward tendency, 1 biddings at 20a per ton over last Wednear day's sales' rates being refused to-day, i holders generally preferring to look r on, seeking snob, an advance as buyers , are at present unwilling to concede. J Prices Current :— Wellington— Fine to extra, I £23 10s to £25 ; good, £22 15j to £23 5s ; > good middling to fair, £22 to £22 10a ; comi mon to middling, £20 to £21 10a ; low and i ordinary (nominal), £17 to £18. Auckland— ■ Pine to extra, £23 10s to £25 10s; good, i £23 to £23 103 ; good middling to fair, £22 1 to £22 15s; common to middling, £21 to ' £22 ; low and ordinary (nominal), £18 to i £18l0a.