FROZEN PRODUCE LETTER.

Press, Volume LIII, Issue 15812, 30 January 1917, Page 9

FROZEN PRODUCE LETTER.

UNION COLD STORAGE DBTELOPMBNTS. TRADE AND TAXATION. tI'EOM OUR SPECIAL COURKSroNDENT.) LONDON, December d, 191 G. There are already signs in the meat market of the falling off of home supplies, and this, in company with the cooler weather, accounts for the rather livelier demand at last setting in. As a matter of fact, prices rule perfectly steady, and ihc consumer must congratulate himself that the pricc of English mutton early in December, in the third year of war, is only 11 id per lb wholesale. Recent releases have continued on the careful basis of about 00,000 lambs and ewes per week by tho Government, and there has now been a better demand for the lambs which, fetch 9Jd per lb, as before, South American lambs selling stcadily at a traction under 9d. Larger supplies of frozen pork from America .are coming to Jiand. Frozen beef is decidedly iirmcr at existing values, namely, (iid for fore Government bull and cow beef, and 7id for hinds. South African, beef is "a good penny in a*l J vance of these rates, indicating its ptesent £ood quality. As to the Christmas markets, the anticipation of some that poultry, game, etc., will keep meat at its comparatively cheap level, 1 do not consider justified, as all sources of poultry and jjame imports will yield only a small portion of their old quota. It "is quite on the cards that in the next five weeks wo shall experience a period of considerable scarcity.

SOUTH AFRICAN PROGRESS. Favourable reports are to hand from Franco regarding the first large cargo of 3GGQ tons of .South African beef which was discharged at Havre direct from Natal about a month ago. Tho French military authorities took charge of this, and the lean quality of tho beef is said to have made it particularly popular with French consumers. The fact that such a large shipment was managed speaks volumes for the pro-, gross of the infant industry of South Africa. Moreover, 50GU boxes of butter actually went in the same boat) from the same source, and. this is to be followed up by a similar shipment later. There arc, in fact, many signs' of th& African trade quickly getting on to a large organised scale; extensions of cold-storage accommodation in various parts of the Union are of, the latest being a large provision for t.he new trado at new projected abattoirs for the corporation of Pretoria. REFRIGERATING INCREASES.

This is the time par excellence foij increases in the capital of refrigerating undertakings, and since my la6t letter two such announcements have, been made on the market. The Smithfic'.d and Argentine Meat Co. is seeking authorisation to increase its capital from £350,000 to a million sterling, and to issue forthwith £300,000 further capital. The Smithfield and Argentine concern ja the smallest of tho frigorificos eomt>anies operating in the River Plate, and seeing that the English companies between them export only 21 per cent, of the total Argentine output, and the native-owned companies 9 oer cent., it is satisfactory to sec this English conccrn increasing its capital. The big American meat companies, which own the several works, exporting 70 per cent, of the Argentine's

total output, have between them, of course, a total capital of nearly €100,000,000. Another new capital issue is that of the Union Cold Storage Co.. which is. by the-way, quite the largest British refrigerating undertaking in the world, and the only one which, with its capital of £2,300.000, can put up a decent fight against tho Americans, as far as money power is concerned. Tin? I'niou Company has just gained sanction for the increase of its capital by a further £700,000, wfcich it requires, it says, for four ships be built to facilitate ite overseas operations. In the past year this company has made a total profit of £248,000, some £.>SOO loss than that made in 1914. Conditions of trading were, io was stated, more difficult, although the company's gross earnings had been well maintained. At its nineteenth annual meeting last month, it. was reported that its new Zarato works in the Argentine were iust commencing operations, and that tie Port Darwin works were hoped to be ready for operations for next season's cattle. AlO per cent, ordinary dividend is paid, tho same as a year ago.