Review of the hemp market

Title

Creator

Spellman, L. L

Language

English

Source

The American Chamber of Commerce Journal Volume 6 (Issue No.10) October 1926

Year

1926

Rights

In Copyright - Educational Use Permitted

Fulltext

26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1926 REVIEW OF THE HEMP MARKET By L. L. Spellman Macleod &Compan}> This report covers the Manila hemp market for the month of September with statistics up to and including Sep tember 27th, 1926. U. S. GRADES: The first of the month found the U. S. market fairly firm with the ex porting houses of fering in New York on the basis of JI 12%<*, I 15(? and F 16 There was a fair amount of hemp sold dur ing the first week and prices advanced from to VtC on the various grades. By the 10th the demand was apparently fully sup plied and prices commenced to ease off. By the 15th sellers were offering on a dull market at JI 12<\ I 14 and F 16<\ these prices showing a decline of from to For the balance of the month bus iness was slack and the market closed with shippers offering on the basis of JI 11%<\ I 14%<* and F 16(\ During the entire month the trend had been downward and the loss averaging about a lb. on the various grades. A fair amount of hemp was sold the early part of the month and the buyers continued to take Housemarks and special grades so it is believed that the sales ran about average. On the first of the month Manila ship pers were buving on the basis of E P40.—, F 38.—, G 26.—, H 17.—, I 35.50, JI 28.—, SI 37.—, S2 34.50, S3 28.—. There ap peared to be a real scarcity of F, E and grades above and exceptionally high prices were paid for these grades separately. The demand for all hemp was strong and prices costinued to advance until about the 10th of the month when purchases were made on the basis of D P48.—, E 45.—, F 40.—, G 25.4, H 17.—, I 36.—, JI 28.—, SI 39.—, 52 35.—, S3 28.—. There was no fixed price and quotations varied from P0.50 to Pl.— for the different grades according to the parcels. The demand, however, was for the high-grade hemp. By the 11th prices had started downward and by the 15th there were practically no buyers in the market. By the 20th prices had drop ped to the basis of E P42.—, F 38.4, G 25.—, H 16.4, I 34.4, JI 27.4, SI 37.4, S2 33.4, 53 27.4 From then on to the end of the month very little hemp changed hands and the market closed with shippers indicating nominal prices on the basis of F P37.— to 38.—, I 33.— and JI 26.— to 26.4. None of the shipping houses appeared to be at all anxious to buy. ‘ On the other hand the dealers had disposed of all their Septem ber hemp and a good many of them had nothing to arrive before the middle of Oc tober so there was no pressure to sell. U. K. GRADES: The first of the month found the U. K. and Continental market fairly steady with shippers offering on the basis of J2 £46.—, K £37.10, LI £35.10, L2 £34.—, Ml £31.— and M2 £29.—. The second week found the market lifeless with prices tending downwards. The shippers reduced their prices about 10/ a ton on the average. By the middle of the month the market seemed to. be slightly better but prices were unchanged. The London spe culators offered to sell at reduced prices but the shippers refused to follow. The last half of the month the market re mained fairly steady and a reasonable quan tity of hemp changed hands. The market closed fairly firm with average quotations showing about 10/-loss during the month, Sellers were offering on the basis of J2 £45.-, K £37.10, LI £37.10, L2 £35.10, Ml £34.-, M2 £30.-. There were buyers of the better grades at 10/- less than quotations but there was apparently no market at all for Ml and M2. The Manila buyers on the first were pay ing on the basis of J2 P22.-, K 17.25 LI 17.25, L2 16.25, Ml 15.50, M2 14.50. These prices held fairly steady until about the 10th when there was a decline of from 10.50 to Pl.- a picul. The market here closed with neither buyers nor sellers an xious to operate, with nominal prices on the basis of J2 P20.75, K 16.25, LI 16.25, L2 15.25 Ml 14.25, M2 13.25. FREIGHT RATES: Freight rates are unchanged. STATISTICS: We give below the fig ures for the period extending from August 3j to September 27. 1926 Bales 1925 Bales Stocks on January 1st 153,181 131,228 Receipts to Sept. 27th 955,879 909,720 Stocks on Sept. 27th. 157,691 156,531 Shipments To Sept. 27,1926 To Sent. 28,1925 To— Bales Bales United Kingdom .. 192,658 Continent of Europe 132,194 Atlantic U. S. . . . 256,816 U. S. via Pacific . . 126,426 Japan.......................... 177,072 Elsewhere & Local. 66,203 Total ........................ 951,369 273,519 94,355 211,987 116,549 126,753 56,254 879,417 For More Than 27 Years Discrim inating men have found that we do the best tailoring and have the largest Jli selection of good suitings. 12 Escalla Phone 706 For the Home Folk Begin to plan now for their Christmas. Send them something that will genuinely please them. Japanese Kimonos, made to order, from dainty wool challies or all—silk crepe—beautiful pat terns—are gifts which will cer tainly bring joy. Place your orders now while we have plenty of time to make up the kimonos before the Christmas mail. We have a most attractive as sortment of real Japanese silks and new cotton crepes. Be sure to see them. Osaka Bazar Japanese Department Store 332 Echague Phone 216 Christmas Cards XA7 HEN the time v v comes, don’t fail to see our selec tion of Christmas Cards, the finest we have ever shown. DENNISON CHRISTMAS GOODS—SEALS - RIBBONS ETC. EMBOSSING & ENGRAVING I FRANK’S STATIONERS 13 137 ESCOLTA IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

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26

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