Crayfish Boom May Be Easing

Press, Volume CIX, Issue 32118, 14 October 1969, Page 36

Crayfish Boom May Be Easing

(New Zealand Presn Association)

WELLINGTON, October 13. The crayfish boom, which led to record prices on the United States market and record production last year in New Zealand, may be

Mr J. S. Campbell, general manager of the Fishing Industry Board, said in an interview today that he was “keeping very close” to the situation. He confirmed that crayfish production was .dowh this year, and that a general slackening in the American economy had led to a decline in prices on- the United-States market and an increase of stocks. At the end of July, crayfish stocks from all sources in the United States amounted to 8.5 m lb,' more than 3m lb higher than a year , earlier. Prices fell by up to 75c per lb, depending on the size of tail, from a wholesale price peak of about 3.75 c per lb. Last year the United States took 92 per cent in value of New Zealand crayfish exports.

Mr Campbell said prices for the product had risen largely under speculative pressure. ' ' ; Several factors appeared to ; have led to a price decline, i There had been a dock strike l on the east coast of, the i United : States earlier this i year, and wlien it was over, ; arrivals bf crayfish coincided ' with a time of buyer resistance to the high prices i sought Crayfish was taken off some I restaurant menus, to the benei fit of Alaskan crab and “warm” .rock .lobster tails • from Brazil. Of major significance was a ■ general slackening in the American economy which had i been accompanied by an • easing in spending on food, . particularly luxury food.