Exporter stops lamb sales to U.K.
PA Wellington A big exporter ot lamb to Britain has temporarily stopped selling because of the collapse in lamb prices. Towers International, Ltd. which sells about 20 per cent of total New Zealand lamb export's to Britain, stopped selling last week for an indefinite period. It hopes that by reducing the supply of lamb it will be able to help strengthen the price. The company’s general manager, Mr Robert Bryden, said that prices for New Zealand lamb had fallen drastically in the last few weeks as big supplies of British-produced lamb had
come on to the market. The price had fallen from 68p a pound in May for lamb exship to about 53p last week.
Meat Board officials are privately pleased with the company's action in trying to shore up the market. No other companies are known to have followed suit yet in withdrawing from the mar•ket:
Mr Bryden said, “the adjustments in prices when the home-killed lamb came on to the market were far more drastic than we anticipated. Several moves by our London managing director to try to stop the fall were unsuccessful and we felt the price
was going down at such a rate that there was no point in staying in the market. “Just because the price was still going down would not mean we would sell any more lamb."; 7 ■ Towers International is owned mainly by WaitakiN.Z.R.. Ltd. and the Southland Frozen Meat Company, with a similar holding by the Hawke’s Bay Farmers' Meat Company, ft is one of the largest wholesalers of New Zealand lamb in Britain. It sells from 16 depots throughout the country. The company does not know when it will re-enter the market. It is watching price levels constantly.
Exporter stops lamb sales to U.K.
Press, 22 July 1981, Page 12
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