TOPS THE MARKET.

Auckland Star, Volume LXVIII, Issue 301, 20 December 1937, Page 14

TOPS THE MARKET.

NEW ZEALAND LAMB. SMALL LONDON SHIPMENT. PREMIUM OVER AUSTRALIAN. Early New Zealand lamb discharged in London at the end of last week from the steamer Hertford, easily topped the market. The consignment was a small one, and sold at 9Jd a lb compared with the ruling rate of 8d a lb for Australian and 7}d for Argentine, according to a report received to-day by the Meat Producers' Board. The market is strong owing to a shortage of supplies. Stocks held over in storage from last season have been exhausted, and there is not enough offering to meet the demand. It is anticipated that the large consignment due now in London by the Karamea will sell well.

Exporters say that they needed a good return in London to cover the high price paid to the New Zealand farmer and the cost of shipping. The opening schedule of prices paid here by export buyers ranged up to 9Jd for first quality. The exporters, however, benefit by the 23 per cent exchange premium. Since the first lamb came on the market the local buying schedule has been lowered and the latest rates are on a basis of Bjd for firsts. Freezing works have been very busy in the last month, and the first peak of the season is now past. Towards the end of January, after a temporary decline in activity, it is expected that they will be working at capacity again.