COMMERCIAL BEEF GLUT IN BRITAIN

Press, Volume XCIV, Issue 28162, 28 December 1956, Page 8

COMMERCIAL BEEF GLUT IN BRITAIN

N.Z. LAMB VALUES FIRM

In addition to a heavy supply of home-killed beef Argentine chilled beef has been in abundance on the British market, according to the monthly report of the London office at the New Zealand Meat Producers’ Board. The quality of the beef has been good but the quantity has been in excess of what the market could absorb without substantial price reductions. Home supplies are expected to continue at, or near, the present level, and it would appear that Argentine ch®ied beef shipments will be the maximum permitted by the available freight space. Demand Good Fortunately, says the report, consumer demand has been good and, aided • by a degree of unadvertised price reductions, a greater weight of meat has been sold in recent weeks. Sales of frozen beef have naturally been adversely affected, output has been curtailed and prices have weakened. Only small quantities of frozen beef have been pitched on the market, but these were sufficient to meet all requirements. Ex store sales show a significant reduction. Contract requirements and some sales to the Continent have been sufficient to check any rapid increase in cold storage stocks, which stood at 21,462 tons on November 23.

Due to the plentiful supply of home-killed lambs and the cheapness of beef, sales of imported lamb have fallen away considerably. However, a hard core of consistent users of New Zealand lamb has maintained the demand at a sufficiently steady level to prevent any material accumulation of stocks in cold store. Values have thus remained firm. Australian Lamb

New season’s Australian lambs, although not in great numbers, have been more prominent on the market and are selling moderately well, particularly in some of the northern areas where price is an important factor. The demand for imported wether mutton has fallen off a little. This may be accounted for in some degree by the greater availability of heavy South American lambs at around Is 8d per lb and by the cheapness of beef. Ewes, on the other hand, have tended upward, apparently more as the result of sales to the Continent (which may continue) rather than a strong demand in Britain.

Retail prices for beef are moving downward gradually under the influence of competition. The trend is caused by individual, rather than collective, action on the part of retailers. Although wholesale prices have been low for some time past, few retailers have advertised price reductions, but most have been endeavouring to increase their turnover by a slight shadin’g of prices. SAVINGS BANK PROJECT PERMIT NOT YET GIVEN The Government has not yet given the Bank of New South wales permission to operate a savings bank in New Zealand. In his address to the ordinary general meeting of the bank the president, Sir Leslie Morshead, said that after the report of the Royal Commission on monetary, banking and credit systems application had been made for permission to conduct savings bank business, but up to the time of his address the New Zealand Government had not seen fit to permit the banks to operate its savings bank. Reporting on the progress of the savings bank business carried on in Australia, London and Fiii by a subsidiary company, Sir Leslie Morshead said the first balance-sheet covering a period of nine months disclosed deposits totalling £41.000.000 spread over more than 200.000 accounts.

Uranium Quest In Australia

North Australian Uranium Corporation considered that its Milestone area offered betted prospects of an early return to shareholders than its other leases, the chairman, Mr T. G. Murray, said at the annual meeting. Mr Murray said that more exploration, which might take another year to complete, “should establish a quantity of high-qrade ore that will support a largescale mining and treatment operation.” The company would concentrate on exploring and examining the district “to, determine the potential of the field as a whole.” and would not examine in detail any individual uranium occurrences. Although high-grade pitchblende ore has been discovered on the site, which covers 2000 square miles, it would not be sold immediately. Mr Murray said that the erection of a treatment plant would be more profitable than any immediate benefits that might be obtained from the sale of the ore.

SOUTHLAND WOOL SALE AVERAGE PRICE £7B A BALE (Nnw Zealand Press Association) INVERCARGILL. December 27. The total return from the twoday wool sale held in Invercargill was more than £3 525,000 for about 42.250 bales. The average price was nearly £7B a bale. At the corresponding sale last season, when 35.489 bales were offered, the average price a bale was £66 9s. The average price at the sale this month would have been higher if buyers on the second day had not restricted their limits. The 23,216 bales offered on the first day averaged about £BO a bale, but the 21,983 bales in the second-day offering made an average of only £76 each. This difference of up to £4 a bale is equal to 3d per lb. The average price per lb for the sale ranged from 60d on the first day to 57d on the second, with an average for the entire sale of 58Jd. The corresponding average last season was 48jd.