COMMERCIAL.

Press, Volume LVII, Issue 17320, 5 December 1921, Page 8

COMMERCIAL.

THE MEAT TRADE. PROBLEM OF ACCUMULATED STOCKS. DEPUTATION TO COLONIAL 6EOKETASY. (Received December 4th, 5.5 p.m.) LONDON, December 2. Mr M. L. Shepherd, Acting-High Commissioner of Australia, Sir James Allrn, High Commissioner for New Ze«v lar.d, Mr A. H. Ashbolt, Agent-General for Tasmania, Sir J. D. Connolly, Agent-General for "Wost Australia, and rhc lion. J. M. Hunter, Agant-General for Queensland, waited as a deputation on Mr Winston Churchill, Secretary of Slate for the Colonies, in reference to co-operation in buying up the accumulated stocks of Australian and New Zealand beef. Representatives of tho Hoard of Trade, tho Ovorsea Trade Department, and tho Treasury accoropnniod Mr Churchill. Mr Shepherd presented a written statement, which outlined proposals designed to clear tho market prior to tho ai rival oF new shipments, and to ensure rehabilitation of the reputation of Australian beef in Britain. He sugKiVitad that financial assistance was anticipated, but even with the assistance it would bo impossible to clear off tho stocks in under four or five months. Meanwhile the Australian and New Z(inland trade was suffering, meat works wero closing down, and shipliionts were being restricted. Sir James Allen, Sir J. D. Connolly, l>hu Hon. J. M. Hunter, and Mr Ashbolt supported Mr Shepherd. .Sir Philip Lloyd-Grseine, representing the Oversea Trade Department, explained that the Department was conducting food relief in Control Europe, and would co-operato in the disposition of stocks in relief if the Government authorised it. Mr Churchill Was ■warmly sympathetic. He said he was anxious to help linancially and otherwise. Ho discussed with tho deputation various schemes, but (lid not decide finally. He suggested the deputation should formulato definite proposals, and renew tho interview next week, upon which lie would ask Cabinet to authorise the expenditure. FROZEN PRODUCE LETTER. AVALANCHE IN MEAT PRICES. THE YEAR'S HEAVY MARKETING. (TOOK OT7B SPECIAL CORRESPONDENT.) LONDON, October 20. The last week or two has seen a considerable reduction in the general lMiigo of meat prices in the various markets of the United Kingdom, and the contributing causes of this are not only over-abundance of frozen meat supplies and large marketings of homekuled meat, but also a disturbing inciv."iso in the inability of the working Ch .os in this country to, purchase meat. This growing poverty, is farming, and is a factor to be seriously consiuered, for .the future. Chilled beef, for instance, has dropped to as low. as 6d per lb in Smitniield market this week, as compared' with, lid two or three months ago. This is the efctrome drop, but average values run much higher, 'and Smithfield, which is the best market of the Kingdom, the provinces. being weaker than London, has its consumptive capacity noticeably reduced. In the first nine months of this year .Smithfield. has had marketed altogether 288,000 tons of meat, of which 162,C00 tons were beef, 105,000 tons mutton, and 18,000 por}c. This big total:':is only' about 16,000 tons less than .the:record year of 1913, eo that the has borne well the unusual strain put upon it. Inde&d. the \ • total* imports of frozen' aniP onilled fcoat into Great Britain this year form -the most 'hopeful sign for the future, as their increase has been sustained ex- ' ec-edingly. well by the market here, con- ' 'sidemg ihe awful depression .of the times.: Over 14} million cwt. of frozen ; and chilkd meat has been landed in the ' 4 United Kingdom, in : the first nine omnths .of 1921, this registering the huae increase of 2,900,000 cwt. on '1919. That alone might have war rank's-; ■ ed a bigger slump than now is, , Quick Tall is Meat Values. Thore are still quite a number of ships, whose discharge has been de- <. layed: in the Thames by. reason of the congested state of the cold stores, and * v'lqgat, as a consequence, is not only being railed' to outlying stores, but >is being.transferred to-several ships whioh are.'lying idle in the docks .for Want of - - outward :cargo. ' "Messrs Vestey Bro> v thers^have' thos employed several of thpir Blue Star liners. The sight of unemployed J ships lying down the - Thamesi'-is a melanoholy one. The perspectre of, tie Royal Albert Dock, for * * -instance, • a stretch of water a mile - and*a K quarter l6hg, waa this week occu- " pied by'iw£ rows of liters, mostly with > hatches. Lamb values have very heavily slumped during the past month, and the abundance of light-weight New Zealand carcases on offer is greatly 'embarossing sellers. Bates have drop-- ■" , ped -about 3d per lb during'the past x two. weeks, and at the moment stand • at conly 9d for Best, and lightest new season carcases. Therenever was such a. wild variety in 'prioes. as the smaller ■' and weaker - holders' or parcels are : 1 sacrificing their holdings m order to got'-clear. New Zealand mdtton to-day y only fetohesr fijd for the heavier ; weights, and 7d for the Smaller carcases, and u t very dead market at that. An Atutralian Menage. Some curious speculation has been ' caused as to the meaning of the report 'that a deputation' waited, in Sydney, ■ . 6n the new Australian High Commissioner for London,, asking him to urge the Imperial "Government to make Aiis- - . trqlian niSit' available to consumption without regard being had to profit. ~ This is a queer communication,: and • would appear -to, be the panicky out-. ' come of the extremely bad state of the freezing trade in the Commonwealth, wherO it is said that between 10 and 15 millions, sterling's worth of meatworks are now idle. It would hardly 'seem feasible, however, toremedy such a state of affairs by a procedure altogether unbusinesslike, especially at a time, when business is so much awry in " T this -country. If what the' Australian producers desire is a special position for Empire meat on this side, it could be given in other ways, and no doubt . there will be a very, strong movement -in the next few months to back up the Empire meat business in Great Britain in contradistinction to trade in the foreign:article. •

s r a A FroxenMeat Contract. r Tiki© has just been given in the King's- Bench Division of .the High Oourtof Justice a judgment regarding a claim in a frozen meat dea}. The - plaintiffs.were the W.- Angliss and Co. Proprietary, Ltd., of Australia, . who sought to get a declaration that a contract which. they had. made in Sep- ; tember of this year with a Smithfield salesman was no longer subsisting and binding. Ten thousand Australian kmbe had been sold to the defendant in ' a written contract, and three weeka •" the defendant had sought to nave "W- cancelled for financial reasons. « had repfod that they

would hold him responsible for damage consequent on breach of contract, whereat defendant replied that he had wished to have the contract canielled, but that he had not intended to repudiate. and if cancellation were not accepted the contract must remain in force. The judge, who cpngratulated the parties concerned in the prompt and amicable way in which the proceedings had been brought forward, ruled thai as the defendant only expressed a strong opinion that unless there was a favourable change in the market he would not able to perform the contract, there was not such a repudiation as entitled the plaintiffs to lict, so that there must be judgment for the defendant with costs. OUTPUT OF BUTTER. SUBSTANTIAL INCREASE IN AUCKLAND. (sracui to "the nuns,") AUCKLAND, December 3. A record output of butter from Auckland province for the expired portion of tho season has been established. This is due to the fact that many farmers have increased their herds, while others who formerly engaged in sheep-farming have entered the dairying industry, owing to the favourable prices realised for butter in comparison with those for wool and meat. The favourable season experienced so far has resulted in an abundance of feed being available for the herds, consequently an increased milk supply has been experienced. It is anticipated that the total output of butter for the year will exceed all expectations, and that another record will be established. The quality of butter received, into the Farmers' Freezing Company's grading stores last month totalled 160,092 boxes, this being a record. In the previous November 116,350 boxes were rtored, the quantity received during the month just ended being an increase of 43,733 boxes. To date 384,164 boxes of butter have been taken into the company's grading stores this year, compared with 283,400 for the corresponding period last year, an increase of 100.764 boxes. This is also a record for the province. Cheese production up to the present is considerably iess than. it was a year ago. This is in a measure due to the fact that a number of factories which formerly mado cheese haive gone in for the manufacture of butter. It is expected, however, that as the season ad-' vances tho cheese returns will increase. During November 19,013 crates of cheese were received at the grading stores as against 27,702 crates in November of last vear. The total number of crates handled so far this season is 39,216, this being 23,117 less than were stored in the same period last year. During' last month 224,875 boxes of butter and 306,000 crates of cheese were shipped to Great Britain from Auckland. The Waimana took 68,000 boxes of butter and 12,000 crates of cheese, the Raranga 50,000 boxes of butter' and 12,000 crates of cheese, and the Mahia 106,000 boxes of butter and 6600 crates of cheese. In addition the Makura took away 875 boxes of butter for the Islands. The Port Victor is expected to load 80,000 boxes of butter early next week for Britain, and this will prftctically clear the grading stores of batter. There is only a small quantity of cheese at present in store, being the accumulation sinoe last Friday,.

STRAITS SETTLEMENT LOAN. (Received D«»W 4th. 5.5 p.m.) LONDON, December 2. He Straits Settlement is underwriting a loan of £5,155,000 at 6 per cent. It will issued at 97, and is repayable in 1936-51. , DUNEDIN CITY LOANS. (BreCHAI, TO .'tHI! PEESS.") DITNEDIN, Deoember 3. The whole of the sum required for the redemption of City Council loans, falling due on March Ist, has row been received. This is a total' of £426,000. ENGLISH MARKETS. (By Oahler-Preet Aseociation—Cbpyright.) (Australian and N.Z. Cable Association) (Reoeived December 4th, 5.5 p.m.) V LONDON, Deoember 8. Cotton—January shipmont, 10.59 d per lb. Rubbers/Para, 14id; Plantation, llfd; smoked, lijd. _ Hemp—The market is dull. October-De-cember . shipment, £B6 per ton; - Copra—Deoember-Fflbruary shipment, £26 10s per too. , Jute—December-January shipment, 434 per ton. ■ . ' - . " Linseed Oil—£so per ton. Turpentine—BSs per cwt FROZEN JO**.. (Reoeived Deoember 4th, 5.5 p.m.) . LONDON. Deoamlber 8. KVitton—Canteisbury, light 6Ji; South Ams. lioan, light 6d ; ■ owes, Bid. Lamb—Canterbury light Tgd, mediuan 7jd; SoollilflkTtd 73; JJortli Island ordin&zy ; 6d. fair ssd. Fro«en Beef—New Zealand; fcindi 5d.; Australian, hinda sd; Argentine, fores 4Jd; Chilled Beef—Argentine, fores 5Jd, hinds Sid. LONDON WOOL SALES. (Received December 4th, 6.5 p.m.) LONDON, December 2. At 4lha. free, wool sale there was a amaJl offering and good competition, especially by the Home trade. Priees generally were B per osnV above opening rates. Belfast 16d. BRADFORD WOOL MARKET. . LONIXJN, De^fmiber 9. Thai improvement' in the Berlin Exchange and prospects of stability, are. reacting in ! ! Bradford, where top-makers are now more] | independent in the expectation of better prioes from Germany later.- The B.A.W.R.A. u showing and selling 2000 Bradford on Desemiber 20th. It the experiment is' auoceesful, the wl« trill be repeated periodically.. I BOSTON WOOL SABB. I NEW YORE, Deoember 2. | The Government anottqned 7,000,0001i> oi wool at Boston.' Australian super 40's oombiwr praotioally free,..brdught 29 cents; dean high quality super lambs. 46 cents, j ordinary sligjiitly faulty 41's 31. cents, against no bid *t the November ealss. New ZsaI land saper 44'« to <6's bellies, bright 29 cents; olean 44's medium carding,. 27 oents; I 40'e medium hoggets So cents. No d<raf»- | gxeasies wero offered. THE HAKK ESCHiNGE. ■ (Reosired December 4>th, 5.5 pjn.) LOiNDOiN, Deoember 2. . 71m «achaeg» on Berlin is 640 marks to thel. sams. (Beeehrsd Seeember 4th, BJi pjj.) LONDON, Deoember 2. P. and O. (def.)— Buyer* £270, seller* 4200. Waihi Junction—J7s 6d. BANK OF AUSTRALASIA. (Beoeivod BecamS>er 4tt>, S.S pjn.) LONDON, Deoember 8. A meeting of afc*relx>lderß ci the Bank of 1 Australasia confirmed the scheme for splitting dam into sight of '£s each. TAiLMOT. lfcrs -Dalgetjr and Co., .Ltd., haws reoeived (he following cable froci their London office dated/-N<rremberSOth, 1921': — . Tallow—Sinoe oar win of November 2nd prices are Is lower. - Nominally ootsid* valuation of beef and (or] mixed 43j - Utre gopd_«olour, "40s per owt, c.i.f. v Very prooaWy tbera will be no publw tallow mSm next - week. BUTTER HARKETT OOLIaAPSES. Msht* Joseph Nathan and Company, Wellington, have beta adviaed by their iandon of&oe that Daniak butter has j utterly To-day's pnoe - 50» I lower (1m a fortnight ago* ■ ■ ■