MEAT PRICES RISE

King Country Chronicle, Volume XXVI, Issue 3445, 15 November 1932, Page 4

MEAT PRICES RISE

SPECULATIVE BUYING ON LONDON MARKET. BUTTER DEPRESSED. The announcement by the British Government of agreed restrictions to be imposed on imports of meat into Great" Britain has had an immediate result on prices in the Smithfield market. There has been a sharp advance in quotations, cable messages received at the week-end indicating that the sudden rise is largely due to speculative buying. Ail Prices Advance. All prices of meat have advanced as a result of the restriction measure causing speculative buying, says a cable message from the London manager of the 'Meat Board. The Bank of New Zealand, produce department, is informed by its London office that "the market for wether mutton is more active owing to anticipated shorter supplies from other sources. The advance in ewes is due to forward speculation. The market for lamb is becoming firmer and there is a better inquiry for beef. Unforeseen conditions are responsible for the present state of the "market." According to a message received by a Wellington firm from its London agents, prices of lamb advanced during the week by 7-Bd. to a lb., wether mutton by %d to 7-Bd, ewes by Id to 1 l-Bd., and prime ox beef by 5-Bd. per lb. Low Price of Butter. On the other hand, the London butter market appears to be going from bad to worse. New Zealand first-grade butter was quoted in London on Friday at the exceptionally low level of 90s a cwt., and finest at 965, these prices representing a fall of 5s to 8s a cwt. on the week. The retail price of New Zealand butter in London has been reduced to Is a lb., but Danish 1 is unchanged at Is 3d. Australian butter is selling wholesale in London at 87s for first grade and 90s for finest, a decline of 4s a cwt. during the week. A Wellington agent has been advised from Tooley Street that Australia is accepting all forward orders at 85s a cwt., c.i.f. and exchange, November shipment. Undoubtedly the largely increased shipments due to arrive in Britain during November-December-January, together with the increasing production, both in New Zealand and Australia, is having a bearish effect on the London market. If the present rate of increase is maintained, states Joseph Nathan and Company, Limited, in their monthly market report, it is estimated that Australia will ship anything up to 120,000 tons of butter this season. Last season, Australia shipped 83,920 tons and New Zealand 98,230 tons of butter to Britain.