MEAT IN AUSTRALIA.

New Zealand Herald, Volume LXIV, Issue 19677, 1 July 1927, Page 9

MEAT IN AUSTRALIA.

EXPORT TRADE THREATENED, FIRMS' HEAVY LOSSES. . PRICE-CUTTING IN BRITAIN, [from our own correspondent. 5 SYDNEY, June 23. . Unless steps are taken for its preservation, disaster that) threatens its toto] extinction is likely to overtake the meat export trade of Australia in the aenr future. For soma years the trade has been going from bad to worse. The exporters have suifered a succession of heavy losses without any prospect of improvement in the near future. The position has become so critical that those in the trade who have been able to survive declare that they must eventually retire defeated unless it is realised that a great export industry is threatened and efforts are made to save it. From 1920 up to and including the first nine months of 1926-27, the total value of the exports of beef and lamb and mutton from" the Commonwealth amounted to nearly £27,000,C0D. Daring the last few years the trade has been carried on at a loss of £3,000,000 to exporters. Many freezing works have closed. Should repeated losses of the remaining exporters continue, the position of stock producers, who will he deprived of an oversea market, will become grave, and the effect will be felt by primary producers throughout Australia. The price-cutting war in Britain between two factions of the Argentine meat exporters has directly contributed to the parlous position of the Australian export trade. Though local exporters are not even remotely interested in the quarrel, they -\yere obliged to suffer by lowering their prices to those of the conflicting interests in order to preserve their market. All balance-sheets of local exporting companies have shown losses for the past_ three or four years. In addition, labour in the industry is subject to union restrictions in regard to output, and these have tended to make labour cost, 1 ! high. The distance between Australia and London makes shipping freights higher than those of her chief competitors. Local charges due to the tariff on machinery and the cost of meat inspection add heavily to the cost of production. Meat exporters now urge that a subsidy should bo paid by the Commonwealth until the bad times are tided over. They also are requesting a relaxation of the severe inspection, charges for which are made against them. They arc also' seeking relief from duties on machinery used in the industry and irom the payment of taxation. One of the highest experts in the meat trade is Mr. »T. B. Cramsie, who was chairman of the defunct-Australian Meat Council, and is now chairman of the Metropolitan Meat Industry Board of New South Wales. Commenting on the parlous condition of tha export industry, Mr. Cramsie said: "The position appears to me as being much worse than most people think, as, with a severe winter and an overstocked State, we shall have very heavy yardings of sheep. This a already are heavy enough, and as tin e goes on, they will probably be increased to the limit of our treatment facilities. " Out of yardings of 110,000 sheep a week, it is likely that 20,000 will be unfit for anything but canning, and with the British canned mutton market slack, it is likely that only low prices will be obtained. The situation needs the immediate and serious consideration of the various associations representing the man on the land to prevent what may be a total collapse."

SOUTHERN CROSS BUILDING.

THE ANNUAL MEETING. The annual meeting of the Southern Cross Building Society was hold yesterday, the chairman of directors, Mr. W. Andrew, presiding. The annual report and balance-sheet, a summary of which was published on Juna 24, were adopted. In his annual statement the chairman referred to the racent introduction' by the society of an investment bonds scheme which had proved very successful in other countries. It was a method of saving by easy monthly payments in order to draw a fixed sum of money at the end of a term of years, including all the accumulated interest. The retiring directors, Professor H. W. Segar and Mr. W. Andrew, were reelected. The dividend of per cent, recommended by the directors, was approved. *>S —; BRITISH THOMSON-HOUSTON. PASSING OF THE DIVIDEND. A heavy decline in profits and the passing of the dividend are revealed by the report of the British Thomson-Hous-ton Company for 1926. The profits were £355,384, as against £467,200 in 1925 and . £514,980 interest on debentures and loans absorbed £149,724, and depreciation £115,319, and the preference dividend £84,000, leaving £6341 which was added to {lie balance carried forward, making it £226,467. The ordinary dividend in the two previous years was 6 per cent. The directors' report stated that the prolonged coal strike and the general industrial conditions during the year had a direct effect 'on the company's output, which was substantially less than had been estimated. / J. STAPLES AND CO., LTD. x OPPOSITION TO LIQUIDATION. Shareholders in J. Staples and Company. Ltd., have been circularised and advised that the following resolution was passe:! at an extraordinary general meeting of the company, held in Wellington recently:—"That, ftiis meeting of shareholders approves of the policy that is being carried out by the directors, and is of opinion that liquidation of the company's assets would not be ia the best interests of shareholders, and also that it is advisable that all necessary slept! should be taken to defeat any move to obtain a compulsory winding-up of the company." AUSTRALIAN PRODUCE. (Received June 30, 9.15 p.m.) A. and N.Z. SYDNEY, .Tunc 30. The following are to-day's quotations on the Sydney produce market: — Wheat.—At country stations, 4s 10&dj ex truck at Svdney, 5s 6d. Flour.—No business in expert Local, £l3 10s. Bran and Pollard.—£7. Oats. —Tasmanian Algerian, ss; white, 4s 8d to\ 4:5 lOd. Maize. —Yellow, 5s 6d. „ | Potatoes.—Tasmanian, £o 10s to wo. Onions.—Victorian, £6. Adelaide prices are:— Wheat.—Growers' lots, 5s 4£d to OJ* sd; parcels, nominally, 3s 3c#. Flour. —Bakoni' lots, £l4 2s 6d. Bran. —£6 15s. !' Pollard.—£7. , , pats.—3s SNt