UPWARD TREND

Dominion, Volume 25, Issue 274, 15 August 1932, Page 9

UPWARD TREND

Bottom of Depression Passed BANKER’S OPINION Melbourne, August 13. “There are indications of an actual improvement sufficient to justify the hope and, perhaps, the belief that the lowest depths of the depression have been passed and the future movement should be upward,” stares the National Bank of Australasia in its monthly summary of Australian conditions. MEAT FOR ARMY Australia Gets Contract . “FIRST RAY OF SUNSHINE” Ottawa, August 12. Australia has secured a British Army frozen meat contract amounting to nearly 2000 head of cattle weekly for six months —from next September to March—at prices considerably above the present levels. It is expected that the contract will have an Important uplift on the Australian meat trade. The Angliss Company’s share of the contract amounts to from 400 to 500 head of cattle weekly. It is believed that Borthwick’s and other companies are also sharing. The contract went to Australia on purely competitive lines, and not on a sentimental basis, Argentina tenders being higher. The contract will help to liquidate the accumulated stock of frozen beef and mutton in London and Australia, as well as on the water. Even if contractors lose money toward the end of the period In consequence of the expected general rise of prices following the Ottawa Conference, Mr. Angliss says that contractors will not mind, because it will be so much to the better for Australia. The price to be paid is such as to ensure profitable business in the early stages of delivery. The contract represents the first ray of sunshine for months. An arrangement has been made also to supply some thousand carcases of sheep, the British Government having the right to decide to take mutton instead of beef if the mutton ‘ price is lower.