MEAT MARKET

Hawera Star, Volume XLV, 11 July 1925, Page 5

MEAT MARKET

FIGHT FOR CONTROL. BIG FIRMS WAGE Avar. SUFFER HEAVY LOSSES. BY CABLE—PRESS ASSOCIATION—COPY BIGHI LONDON, July 9. Meat traders are keenly watching developments in the struggle between Yestevs and the combined South American packers, embracing Swifts, Armours and Wilsons, for a monopoly of the European market. Yesteys recently extended their operations to the Continent, for which they demanded an increase in their quota of shipping space from the Argentine, but the others refused the demand. 'Fhe light began in April, and it has gradually become intensified. It is estimated that the present weekly losses of the contestants total £250,000. British and Continental : consumers are benefiting by ]ow prices, and Argentine stock breeders have almost doubled the prices of cattle. The struggle is also improving the Argentine exchange. European speculators are bemoaning heavy losses by forward purchases, and Britishers are speculating on the duration of the conflict. They expect Vesteys to win because they control the greater quantity of shipping and more cold stores on the Continent. Meanwhile the cheaper selling rate lias increased the European demand and created a temporary shortage of chilled beef in Britain. Traders anticipate a bigger demand «or Australian and Now Zealand beef, and are holding their supplies for a rise.