FROZEN PRODUCE LETTER.

Press, Volume LII, Issue 15608, 5 June 1916, Page 4

FROZEN PRODUCE LETTER.

FROZEN AND HOME-KILLED MEAT RISES. THE SOUTH AMERICANS* HARVEST. (iROil OUR SPECIAL CORFJESI'OXUEXT.J LONDON*, April 25. The present time affords no exception io what lias been experienced with, tho frozen meat trade since the beginning of the war. viz.. that it lias been completely under control while priecs in I other sections of food industry have at times soared out of range of the con- ! sumer. During the last month liomc- ! killed meat has become considerably J dearer on shorter supply. English rautj ton rising 1-Vd per lb and Scotch mutj ton ljd, while English and Scotch sides !of beef have i\-en about o 'd per lb. Frozen mutton has risen only id per lb, and frozen lamb -}d, which is not surprising for the Easter trade, when lamb generally conies into strong demand. Canterbury lamb is only Jcl per lb dearer ;it mid-April r.bis year than it was twelve months ago, whereas English mutton has advanced 2d. The contrast is all to the credit ol : tho frozen meat trade it-self, which lias -acted so loyally in consonance with the Advisory I Committee of Surplus Supplies. Indeed, j now more than ever is being seen the I great wisdom of the precautions which | have been taken in the reservation of ■ frozen meat supplies in this country. A huge reserve is undoubtedly necessarj- whichever way events go. Some people arc pleased to think that this reserve may be .necessary more than ever for the cessation of hostilities when there will be ii rush for frozen meat from all quarters of Europe, but we need not take this as an omen, as our four million soldiers need the meat urgently enough, and the amount- requisite i'or this, 2UOO tons per diem, swallows up any reserve quickly enough. Smithiiekl has shown fairly well maintained pifcchings of late, the increase in home-killed supplies about making up for the absence «? Continental meat, but not compensating, of course, for the minimum of frozen and chilled meat to hafid. FROZEN MEAT RATES. Frozen and chilled meat supplies from foreign sources have naturally gained their full premium in our markets, us I they are not restricted in any way as to prices for free supplies. For instance, I South American mutton has been mak- ! ing l()d and more per lb, as against J Sijd for good North Island meat, j Obi lied beef lias become dearer in company with home-grown supplies. South American hinds making up to 93d per lb, .and fores up to 7id; pork also has been extremely dear, frozen carcascs making up to lOd per lb. TWO ARGENTINE REPORTS. In the above circumstances, it may be well understood that suppliers of frozen meat outside tho British Empire have been having a goklen year, tho like of which they have not experienced even fourteen years ago, when tho trade Mas iill in their favour. Tho first two reports of the South American companies for the past year, viz., those of the British and Argentine Meat Co., Ltd., the amalgamation of tho old James Nelson '.and River Plato Companies, and the Smithfield and Argentine Meat Co., Ltd.. present- striking balance-sheets, and have been responsible for a littlo flutter in meat stores on an otherwise dead Stock Exchange. Frozen meat shares, by the way. aro getting more in repute in London than rubber shares, as ifc is felt that - the present enhanced price of rubber must fall when tile huge accumulated stocks are realised in certain regions, whereas frozen meat will only gain in demand at ; the end of tho war. Tho British and I Argentine .Meat Company, which in [ 1914.made a profit of £67,000, last year ! earned £652.488. an enormous jump", al- , most tenfold, which yields to its ordinary shareholders 12$ per cent., with a large carry forward of £210,000 odd, which has. however, to pass through tho mill of the Excess Prolits Tax lb was a year in which South American cattle grow'easier in prico towards tho close but throughout which huge profits wore made by that portion of the company's.jnoat—the smaller part, sold to the public. Tho difficulty experienced in finding enough meat cj put through the company's retail shops, says the report, involved large purchases of colonial meat at high figures. The Smithfield and Argentine Meat Company, a smaller concern (£325,000 capital, as against £1.452.726 of the former company) has done, relatively speaking, almost as well, the net profit rising from £25,732 in 1914 to £142,055 in 1S)15. Tho conservative policy of distributing only one-third of this among the shareholders is adopted, the ordinary shareholders getting a 10 per cent-, dividend with a 5 per cent, bonus, both free of tax. , Besides these two companies, there are, of course, several others, and the results of the Sansinena Company, which has. by the way. recently appointed a London Board for the first time, will lie read with interest. The American concerns which, after all. control the export of the larger portion of the refrigerated meat from the River Plate, must, be the holders of the lion's share of these great takings. In fact, the operations of the Americans almost stagger tho thought. Tho British Government. hy its recently-published settlement with the American over tho food ships' seizure, has shown that ifc has been necessary to compromise with the Americans in the question of meat supnlv to Europe: and the Yankee? must find Great. Britain^indeed a good customer at this time. FROZEN RABBITS. The frozen rabbit trade has been much firmer this year up to tho approach of tho warm season, and when next season opens prices a.re expected to be a good deal higher than the usual opening ramce. Special Sydneys have recently made 275-2S«. and New Zealand's 235-2"s. Queensland is a newcomer into the frozen rabbit trade, which business finds its chief difficulty, of course, now in the direction of freight. LONDON COLD STORAGE RATES. Owing to the increase in costs incidental to the war, the Port of London Authority has announced an increase in its rates for the cold storago of meat imported in vessels reporting after the Ist of this month. The management rate of 22s per ton per month, and succeeding charges, are now subject to an Lncroasc of 7>} per cent.