FROZEN PRODUCE LETTER.

Press, Volume LVIII, Issue 17633, 9 December 1922, Page 12

FROZEN PRODUCE LETTER.

UNCERTAINTIES OF FROZEN MEAT PRICES. VESTEY'S SOtTTH AMERICAN COUP. (rHOJ£ OCR OWN COBRESPONDENT.) LONDON, October 19. Those who follow the cabled advices of current meat marketing prices ruling in Great Britain may have been struck by the continued high level it which frozen meat and lamb have been maintained in 6pite of the persistently small demand renorfced for the past two or three months. This is a remarkable feature, which deserves attention here, as New Zealanders should bear in mind the aspects of the market at this time in forming any estimate of what they consider may be the immediate outloox of the trade. It is true that New Zealand wether mutton is now well above 8d per lb in Smithfield, and Canterbury lamb also well above Is, but it must not be overlooked that the trade at this level finds the position "very touchy." The remark might be hazarded that if there were any big lot of frozen stuff forced upon the market at the present time, we should see a somwhat disastrous fall in prices. Those in enjoyment of the present ruling conditions should not overlook this fact. The Meat Outlook. ' The paucity of supplies is undoubtedly responsible for the maintenance of high prices. As to the immediate future nothing definite can be said, although the high level at which forward business lias been done for December shipment provides indication of considerable confidence on the part of the trade in the coming months. l*Jrozen Jamb has not many cloudsi on its horizon here to mar its steady progress. The mutton future is also fairly assured, but when we come to beef, -we still have all the uncertainties that lie around the strife which goes on between the big importers and handlers of this article. Coming as it is on top of all the

struggle in the refrigerated beef market, the news of the further colossal coup of Messrs Vestey Brothers in the South American area, has not only set the frozen meat world by theears, but has also aroused wide public interest. The British and Argentine Meat Company, with its largo and important meat works at Campana and Las Palmas In the Argentine, was the chief British chilled beef exporter from the Plate It was ; in fact, the key to a position any big operator, either English or American, would have liked to seize in order to gain ascendancy in this market. Lord Vestey and his brother, Sir ■Edmund H. Vestey, Bart., have secured the plum, evidently to the chagrin of their American competitors, who have been engaged for a period of about fifteen years in edging the British exporters into an unenviable position which would, final'y leave the American market the master of this great meatproducing regime. Both of the old firms, the River Plate Fresh Meat Company and Messrs James Nelson and Sons, were before the war finding themselves in a parlous condition financially owing to this strife among the contending Argentine exporters, and as a_ measure of self-protection they joined forces and formed a strong company, which has now been secured by Messrs Vestey. The American Trust lias thus had this prize snapped away from /under its nose, a.nd it has also to contend with the fact tliat Messrs Vestey have also the.ir own ships for transporting the pieat, their oold stores for keeping it, and l their group of nearly 3000 retail butchers' shops throughout Great Britain in which to sell it. The strength of the big British oper- . ator's position is thus apparent, and it will be recognised by most people that , this "deal" has a bearing not only on ' the fortunes of South American meat, but also of frozen meat exports in all parts of the world'. New Zealand! is now one of the biggest beef exporters, but one has also to reckon on the Plat 3 lamb and mutton business as well, in which there are considerable possibilities of development. New Zealand Meat Producers. The prominent speakers on behalf of 1 New Zealand were here in London the i' other night at the annual banquet of 1 the British Cold Storage and Ice Asso--1 ciution, which represents forces of the various sections of the refrigerating industry. S;r James Alen, the High Commissioner, told of the big stake which New Zealand has in this trade,

and expressed himself a, keen observer and strong supporter of the efforts which the Association were constantly making to advance th© method's of transport andi storage. Mr J. S. Jessop, the Vice-chairman of the New Zealand Meat Producers' Board, was also heard for' the first time in public at this gathering. As a visitor to the gathering he was greeted with the friendly quip that it was hoped that Government control in New Zealand would be mot* ful than it was in Great Britain. Mr Jessop replied that the New Zealand meat trade was not under Government control, but under producers' control. The Dominion Government, he'uidded, had not purchased any meat, but it now gave New Zealand growers the charter as much, as the Homo Government gave railway companies tha right-of-way over the land. He was well aware of the hostility her© towards anything in the nature of Government interference with business, but he would say that the New Zealand refrigerating industry practically meant the prosperity or otherwise of the whole community. Great Britain had manv interests—New Zealand had practically only one, the pastoral industry, and dcpendted absolutely on refrigeration for carrying their meat and butter, and the .Hoard hoped that its energies would result in reforms of mutual interest being carried through. Ho went on to refer to the question of ti:e multiplicity or marks, and eaid that no individual firm could have succeeded in effecting the reform in this important direction, on which the Board.was now engaged. DAIRY PBODUCE. (By Cable—Press Association->CopyTiefat) (Australian and K.Z. Cable Association.) (Received December Bth, 5.5 pm) B l ,u._'n, LOSDO.X, December 7. Butter—There is a. poor consumptive demand despite the reduction in prices. New fr?i an tn i°« *"* \ 17iB > Australian 164s to 166 a , nasal ted about is, premium Present arrivals iar exceed requirement and retail prices are being reduced twopence per J a Z r em ? lltUe h °P e of aa increased demand boioie January. Cheese—The market is quiet. Xew Zealand 122s to 1265. •"* (PRESS ASSOCIATION TELEGRAM.) TU v.r ™LIN-GTON, December 8. . Jh u T, B - aay has received the following cablegram from its London office dated December 7th. The butter market has declined to 1725. We do not believe the market will go mnch IoTV 4° 0 LONDON WOOL SALES. (Received December Bth, 5.5 p m 1 A* A i . L ° NDON . Wmber 7. At the wool sales there was a better selecbon of top-making merinos, and a fair offering of crosfibreds, which met with good compe££°?.Y,P. l ? ces were lie Algidus' clip made u ? to 53d. ATJSTBALIAK MABKETS. MELBOURNE, December R to^ rl lYdT EnEUsil 3S 9d to «'• *Md Oats—3s Sd.