Review of the Hemp Market

Title

Creator

Smith, T. H.

Language

English

Year

1928

Rights

In Copyright - Educational Use Permitted

Fulltext

April, 1928 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 REVIEW OF THE HEMP MARKET By T. H. Smith Vicc-l’residcnt and General Manager, Macleod &> Company This report covers the markets forManilahemp for the month of March, 1928, with statistics up to and including April 2nd, 1928. U.S. Grades: At the openingNewYork show ed an easier tone with shipping houses offering at a shade off the closing prices of February. Sel lers soon appeared basis: D, 15-1/8 cents; F, 11-1 2 cents; G, 8-3/8 cents; I, 10-3/8 cents; JI, 9-3/4 cents; SI, 11-1/2 cents; S2, 10-3/8 cents with rather an inclina tion shown to shade these prices if actual busi ness was likely to result. Demand was prac tically non-existent and by the middle of the month there were sellers basis; E, 15 cents; F, 11 cents; I, 10 cents; JI, 9-3/4 cents; SI, 11 cents; S2, 9-7/8 cents. Buyers continued very cautious at this lower level, very little business having been done on the decline. Market ruled quiet for a while, turning steadier toward the end of the month with shipping houses firm at a slight increase on last rates asked, prices appreciating to a basis of D, 16-1/4 cents; E, 15 cents; F, 11-1/2 cents; I, 10-3/8 cents; JI, 9-1/2 cents; SI, 11-1/4 cents; S2, 10-1/4 cents. A lack of demand at the increased asking prices of sellers soon turned the market to the dull side, market closing with a declining ten dency basis: F, 11-1/8 cents; I, 10 cents; JI, 9-1/2 cents. High-grade hemp not enquired for and nomi nally down in price in sympathy with other grades. The Manila market for U. S. grades opened quiet but steady basis: E, 1*32; F, P27;G, 1*18.6; H, 1*17.6; I, 1*23.4; JI, 1*21.6; SI, 1*25.4; S2, P22.6; S3, 1*22, with rather buyers at quotation and dealers asking slightly higher prices. A dull tone was soon apparent in sympathy with the lower range of prices cabled from New York and by mid March buying values dropped to a basis: D, 1*34; E, 1*32; F, 1’25.4; G, 1’18; H, 1’17; I, P22.4; JI, 1’21; SI, 1’25; S2, 1’22; S3, 1’21. At this lower range a fair business was transacted, but again values slumped in sympathy with the U. S. market to D, P34; E, 1’31; F, 1’25; G, 1’17.6; H, 1’16.6; I, 1’22; JI, 1’20.4; SI, ?24; S2, P21; S3, P20.4, the tone being quiet but steady. Toward the latter days of March the market improved on reserve of sellers to D, 1’34; E, 1’32; F, 1’25; G, 1’18; H, 1’16.4; I, 1’22; JI, 1’20.4; SI, 1’24; S2, 1’21.4; S3, 1’21, dealers contracting for only moderate quantities at this higher level with here and there export houses offering 4 reales higher for immediate supplies. Market closed around these prices and tone fully steady. U. K. Grades: London opened quiet but steady at the closing prices of February, tone however turning dull with sellers J, £39; K, £34; LI, £‘32.10; L2, £31.5; Ml, £31.10; M2, £30. Tone continued quiet and by the middle of March there were sellers J, £38.10; K, £33.10; LI, £31.10; L2, £30.5; Ml, £30.10; M2, £29.10 with a possibility of these prices being shaded 5/- per ton to get business. Market registered a further decline of from 5/- to 10/- per ton according to grade. The end of the third week of March, however, showed a firmer tone which developed into a strong market for distant posi tions, prices touching J2, £39.10; K, £34; LI, £32; L2, £30.5; Ml, £30.10; M2, £29.10. News of heavy receipts and estimates, added to full shipments, during last week of March caused the U.K. market to collapse to sellers in nearer positions J2, £38.10; K, £33; LI, £31.10; L2, £30.5; Ml, £30.10 with little business doing at this smart reduction in prices. Market closed on the easy side with sellers at last prices to Make Your Money Work For You The sooner you open your account, the sooner it will begin to work. Our Savings Accounts Department is anxious to assist you. Do not worry about your time. We will give you quick and efficient service. Your time is gold and so is ours. interest annually, added and compounded quarterly Do your Banking by mail Our provincial customers are highly satisfied with our banking process and their deposits are mailed to us regularly. Won’t you be one of them? One Peso will open a Savings Account with us Write us for further particulars regarding Savings Accounts Philippine Trust Company Commercial and Savings Bank “The Good Service Bank” Tel. 2-12-55 Plaza Goiti, Manila P.O.Box 150 perhaps 5/'- less per ton. All prices c.i.f. per ton U.K. The Manila market for U.K. grades ruled quiet but steady at the opening of the month: J2, P18.4; K, 1*16.2; LI, 1’15.2; L2, 1’14.4; Ml, 1’14.4; M2, 1’13.4; DL, 1’13.2. At these prices the few free pat cels coming into Manila changed hands. By mid March prices were down to J2, 1’18; K, 1’15.4; LI, 1’14.4; L2, 1’13.4; Ml, P13.4; M2, 1’12.6; DL, 1’12.4 with a small business doing thereat. Prices then declined to a nominal basis of J2, P17.4; K, 1’15; LI, 1’14; L2, 1’13; Ml, P13; M2, 1*12, but piactically no business passed at this level, prices quickly firming up again toward the end of the month to J2, 1’18; K, 1’15; LI, P14; L2, P13.4; Ml, 1’13.4; M2, 1*12.6, to perhaps 4 reales more on some grades, at which values there, however, were sellers at the close. Japanese market has been a little more pro ductive of remunerative prices on the lowest basis of quotations ruling in Manila. The finest of Manila fibers—careful craftsmanship Johnson Pickett Pure Manila Rope For marine use, for the plantation and farm, for lumbering, for the mine,—wherever rope is required JOHNSON-PICKETT ROPE CO. P. O. BOX 1457 MANILA, P. I. “PICKETROPE” Freight Rates remain unchanged. Statistics: We give below figures for the period extending from February 28th to April 2nd, 1928: Stocks on January 1st. .. . Receipts to April 2nd........ Stocks on Aprii 2nd.......... 1928 1927 139,632 112,382 348,334 323,741 147,781 109,325 340,185 326,798 S h ip mi e n t s To the— To A pr. 2, 1928 Bales To Apr. 4, 1927 Bales » United Kingdom......... 99,631 91,937 Continent of Europe.. 50,898 36,627 Atlantic U. S............... 66,046 84,060 U. S. via Pacific......... 23,641 30,048 Japan............................ 70,650 57,451 Elsewhere and Local.. 29,319 26,675 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

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