FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20089, 19 November 1930, Page 12

FINANCE AND COMMERCE.

FROZEX PRODUCE LETTER.

A .NEW TARIFF SCHEME BEEF FROM POLL CATTLE. "JE.OU ,)11l SFfiOJXL <»»*»«».•«***•> .LONDON, October 16. Last week saw the origination o£ what is certainly an interesting fiscal document issued in connexion with the meat trade. It was a manifesto, published by the British Empire Producers' organisation, and signed by about nine:v members of the meat trade, includ;cjj wholesalers in London and the provinces, multiple shop-owners, _ retailers, and importers. ''We, being importers, wholesalers, distributors, or otherwise engaged in the meat trade," it states, •' desire to express our confident opinion that there would be no increase in jha cost of meat to the customer if a preferential tariff were negotiated with the Dominions, which involved small taxes against foreign meat imports.'' Approximately 2000 tons of beef, mutton, and lamb are consumed annually in the United Kingdom, of which about 53 per cent, is home-grown and 11 per cent. Empire produce, while* the remainder is practically all derived from South America, and it is on this basis that the scheme for a tariff has been worked out. It is suggested that tho following schedule should ba adopted: — Prer. I'all T:mpiro ioroijrn iorcign tariff. isrifl', tariff. Kee: Free id per lb Sd per lb ■ . Free £d per lb 3d per lb I.smb.. IVea ,jd per lb Id per lb Pork free {.d per lb Sd per lb Teal .. Free id per lb id per !b If calculated according to tho 1928 imports, such a preferential tariff woul<t havo yielded £1,604,704, while the full foreign tariff would have yielded £4,515,943, equivalent to approximately .09d per lb, and .27d per lb respectively, on the whole of the meat (of the classes affected) consumed in the United Kingdom. The manifesto continues thus: "We state with the greatest confidence our view that a tax upon South American meat imports would not increase prices in this country because practically at all times during recent years there has been more beef and frequently more mutton and lamb available in South America than r.ho United Kingdom could readily absorb. Killings and shipping spac© have been regulated with a view to keeping both supplies and prices stable and economic. Prices have evidently been remunerative to tho South American producer, who, in order to maintain his output in tlie event of a tax being imposed, would have to accept an equivalent reduction in price for his livestock."

Turning aside from all questions of the merits and demerits of such a scheme (and it is not at all probable that it will be even serioußly considered during the life of the present freetrade Government), a much more interesting item is the long list of signatories. As the opposition to the Empire Marketing Board 'a meat-marking scheme showed, the whole of our meat traders ere antagonistic to any interference with their trade, which might result in higher prices, as high prices automatically restrict turnover. If, in the opinion of those who have signed this proclamation, the application of the tariffs would have caused higher prices, then hardly a single supporter irould have been found or one signature obtained. When Lt.-Col. Dunlop Young visited Australia and New Zealand some time ago to inspect methods of meat slaughter and export, he left behind him a number of suggestions for improved practice based on his wide experience of the meat trade in other countries. Some of these, it is plessant to note, are now being put into practice. Lt.Col. Young, for instance, said that from the importer's point of view, the bruising of cattle by the horns of other beasts was a serious matter, and he recommended either dehorning or crossbreeding as the remedy. The financial loss through such bruises may easily amount to 5s or 10s per carcase, so the matter is quite a serious one. At Smithfield this week, ■ however, There was displayed a consignment of beef from what ia virtually a new breed of cattle of the type favoured by Col. Young. They are called Polled Herefords, being derived from a Here-ford-Polled Angus cross, and the resultant animal is a good beef type, and is hornless. This first consignment, which was made -by Messrs W. H. Angliss, consisted of 22 sides, 14 of ■which were from young steers, four from maiden heifers, and four from •peyed cows, and had, of course, been bjrought over in the frozen state. The sides were not too heavy, and theiT appearance was certainly far above the u&ual run of frozen meat. Both crops nnd hinds were excellently dressed, and the quality of the meat Uself was above reproach. The ox beef crops weighed ?.bout 1401b, and the hinds 1471b; tho maiden heifer crops weighed 1121b, and hinds 1801b, while the speyed cow crops averaged about 1101b, and tho hinds 1601b. This latter parcel, consisting of only four sides in all, was rather on the fat side, and this was the only blemish that could be found. The meat did not find too good a market, as the very mild weather was not in favour of beef sales, but the prices realised {

average 5Jd per lb for hinds, and 4sd for crop 3. The animals were bred by Mr William Beak, of Roclchampton, Queensland. BRITISH STUD STOCK FOR AUSTRALIA. UfflTBD PEES 3 ASSOCIATION —BIT ELECTBIC TELEGRAPH—COPIHIGHT.) vßeceived November 18th, 9.45 p.m.) LONDON, November 18. The first Bhipment of stock to Australia for some months is being made on December Ist, on board the Port Fremantle It consists of 13 Jersey, Hereford, and Devon stud cattle, and heven stud sheep. Another shipment is probable on December 23rd. EARLY STRAWBERRIES. (THE PBSBB Special gurries, j DUNEDIN, November IS. A few lines of strawberries sold at auction by the Otago Co-operative Fruitgrowers' Association brought very high prices. One tray of 12 pottles brought I 3s Id per pottle, and another 2s 11 jd. The strawberries came • from Roxburgh.

WOOL SALES. SEPTEMBER SERIES. lit a. letter dated October 17 th, Geo. Wills and Sons, Ltd., London, give the following prices ruling at the close of the September series of sales for good average wools: J, d. Merinos, greasy— Average to good . . to 12 Inferior . . . , 7 to 10 Merinos, scoured— Average to good . . ~0 to X2 Inferior .. 3 7 to 19 Crossbreds, greasy— Fine 56's . . 9i to 12 Medium 50's . . 9 to 0$ Medium 4S's . . . . 81 to S Medium 46's . . . . Si to S| Coarse 44's . . . . S to Si Coarse 40 '3 "J to S Coarse 36's . . . to 7$ Crossbreds, scoured--Pine . . 14 to 17 Medium .11 to IS Coarse 10 to 11 Slipes (freezing works) .Fine . . 01 to 12 Medium B>l to 10 Coarse S to 9 Since tho close of this series of sales there has been a certain amount of enquiry, but very little business has been dono, as buyers are not willing at the moment to pay the prices ruling at the close. LONDON WOOL, SALES. The Bank of New Zealand has received the following advice from its London office in connexion with tho sales which commence on the 2ot.ii inst.:— "General impression next series greasy merinos will show firmer tendency; crossbreds probably 7A per cent, to 10 per cent, lower.''

BRADFORD MARKET FIRM. (CUITSD PSKS3 ASSOCIATION —BY GLECTEIC TET.ZGRAPH —COI'TRIQHT.) LONDON, November 17. On the Bradford market merinos are very firm and there is a considerable demand for tops. SYDNEY WOOL SALES. KEEN COMPETITION CONTINUES. (tTSITtn PRESS ASSOCIATION —EI.ICIEIC TEt-IQBAPH—COPTXIGHT.) (Received November 18th, 10.5 p.m.) SYDNEY, November 18. At the w>->l sales, 10,524 bales wer® offered and 9658 were sold. Also, 1300 bales were sold privately. Comj>etition was most keen in all sections of the trade. Super fine wools were in strong demand; but wools showing tenderness, or dusty, broadfibred lines vrere difficult to sell. Greasy merino made 19} d OUTLOOK FOR WOOL. MARKETS NOT OVER STOCKED. IMPROVED AMERICAN PROSPECTS.

Reviewing the wool market at tho close of last London sales on October 7 th, H. Dawson, Sons and Company, Ltd., said: "Most people believe that prices are near bottom and that risk of holding wool is now practically eliminated, but the credit position of the industry is not favourable to heavy operations, aid it seems as if hand-to-mouth trading may continue for a time. "The best information from most centres indicates that the markets aro not overstocked either in manufactured or semi-manufactured products —but that the continued slump has postponed the placing of orders. If this is correct, and it is only a delayed demand, there is still hope of an early break in the general stagnation of the past few months. It is universally reported that there is no large buying for future requirements, and that the small business given out is always for immediate and urgent delivery. This indicates that the position is much sounder than it appears on the surface. Any improvement at the cloth end would quickly bring a new spirit and - activity to the Taw material markets, but any change must inevitably be wrought from that section. "The most hopeful sign on tho horizon comes from the United States, where there is a considerable undercurrent of optimism, and a strong revival in the lato autumn has been and is still expected, Meanwhile, a cautious policy is being followed in the textile business, although activity of machines in both cotton and wool is steadily increasing. After a lean period of three to four years there is a sign that consumption of wool is slightly increasing. More looms are in operation, but deliveries are required only for immediate needs, and very few orders are forth-

coming for the period ahead." A BETTER SYDNEY TONE. Oi* late inquiry for wool has brightened considerably, and Winchcombe, Carson, Ltd., Sydney, are of the opinion that the downward trend in wool prices has stopped. They are hopeful of gradually improving rates, but do not anticipate - any sharp, upward trend. In the long run a slow but sure restoration of confidence throughout the manufacturing, wholesale, and retail trade will prove of mo3t permanent advantage to the wool-grow-ing industry. FIRST WELLINGTON SALE. The first Wellington wool sale of the coming season will open at 9 a.m. on December Bth. The quantity to be offered has been alloted by the Wool Committee at 30,000 bales. The Wellington Woolbrokers' Association further sales will be held in Wellington on January 7th, February 13th, March 18th, and April 17th, 1931. Catalogues will close as soon as there is sufficient wool in store to cover the limit fixed for the respective sales.