GLUT ON SMITHFIELD

Evening Post, Volume CXI, Issue 17, 21 January 1931, Page 12

GLUT ON SMITHFIELD

PRICES EXPECTED TO FALL

EXTRA SHIPMENTS

United Press 4ssocla|ion— Ky' Electric Telegraph —Copyright. I ' LONDON, 19th January. Smilh'tield market is somewhat glutted and meat prices arc expected to drop. Best lambs will probably reach u'/sd to 6d within the week. The chief causes are heavier arrivals from South America and Australia, 433,----341 carcasses being' en route from the former country, as compared with 159,443 a year ago. Lamb shipments similarly show an increase 0f'76,016 carcasses from Australia, and 135,000 ' from New Zea- '. land and South America. The extra shipments are attributable to the favourable South American exchange and the financial situation in, Australia, which has led to unusual stringency in the Home market. Writing, early in . November,. an English correspondent made some interesting observations regarding-the .prospects, ot the meat industry at Home. While it is true (he said) that frozen meat prices are a trifle lower than they were a month ago, this is no ground for pessimism. Ihe market has to bear such an autumn influx of supplies from alt quarters, home and overseas, that rates are rarely stable at this season. It is a wonder, indeed, and a matter for congratulation, that New Zealand offerings are able to hold their own at a time when bright, new season's meat is coming from other quarters—Argentina, for example. The latter lambs, good, and attractive in their class, have been making up to 9d in Sniitbfield. The wide margin existing between prime and secondary values in New Zealand lamb lias encouraged business at the cheaper level, and has helped the clearance which was so desirable. As it is, prospects point to the at the end being of small proportions. r With prospects of so many new season 8 arrivals in the immediate future, it is understandable that forward buying is hesitant. Some good contract purchases of Australian lamb are reported, but buyers are shy of' agreeing to sellers rates at the moment. Reports from the provinces' record a fairly satisfactory maintenance of retail demand, though the output is somewhat restricted in the north, where unemployment is severest. New Zealand wether mutton has been auite a satisfactory business, considering all things. The slight drop in price has, enabled a much livelier trade-in, ewe mutton, and this is good business, as impenetrates quarters which normally satisfy themselves with Plate meat..Light weights are a trifle hard to shift. 7 Chilled beef has been experiencing its usual see-saw conditions in the price market. Frozen supplies have been short, and prices rather firmer. Although the doorways of the Continent are only partially open, the demand from European buyers has been sufficient to disperse any overplus here. Frozen pork iis" a brighter trade, and Australia has yet to take her full advantage of the demand which may always be relied upon to last through the cooler season here. From 8d to. Od is easily fetched in. Smithfield for light New Zealand carcasses. . .','.' At this time of the year the plethora of meat of all classes appearing on the London Central Markets is woni to include contributions from out-of-the-way regions, or countries of irregular prduction. Iceland, .though' in the frozen north, hasmade her production more regular of.recent years so far as the treatment in well-equipped meat works is concerned, but. she still has some way to go in the quality of .her carcasses. Last year, however, shipments at this season of something approaching 200,000 carcasses brought fair returns; this year apparently, only one shipment, of 37,000 carcasses, is to be sent to England. This was marketed at mid-October, and the meat made from B%d to B%d for first quality carcasses, 7%d for secondaries, and 7d to 7%d for third.