FROZEN MEAT EXPORTS

New Zealand Herald, Volume LXIX, Issue 21378, 30 December 1932, Page 3

FROZEN MEAT EXPORTS

DECREASE ON LAST YEAR EFFECT OF RESTRICTIONS IMPROVEMENT IN PRICES It is nob likely that the New Zealand meat export trade will be affected should the voluntary emergency restrictions on the importations of meat into the United Kingdom be extended, as is desired by the British Government, owing to the fact that the Dominion's exports have recently been well within the quota. The restrictions came into operation in No.s«mber, New Zealand's exports of mutton and lamb to Great Britain being reduced during that month and the present month by 10 per cent, compared with the shipments in the corresponding period of last year, in compliance with a, request of the British Government, which is endeavouring by .the restrictions to improve the standard of prices. Both killings and shipments this season, ■which, commenced on October 1, have been considerably below those for the corresponding period in 1931. The head of a large meat freozing and export firm stated yesterday that although the number of stock killed during the current season was not so great as in 1931 the position was quite satisfactory. Last season was an exceptionally early one for lambs, and in many respects was phenomenal, a. number of works establishing new records for killings, . Auckland Works Busy Tn the past few •weeks the number of killings in the Auckland Province had been about on a par with the previous season, he said, but in the South Island activity was restricted. However, the South Island season was always later than the North Island, and the peak period was not normally reached until March. In Auckland January was usually the busiest month. Shipments of New Zealand lamb and mutton to the United Kingdom during November and the present month have been much below the amount of the stipulated quota, and it is considered likely that January and February exports will bo less than the quota, should it he continued as proposed. One reason for the decrease in exports from New Zealand is the good demand which has existed locally for lamb, especially at. Christmas, when many persons selected it in preference to poultry. Movement in Prices There ha 3 been some improvement in the London prices for New Zealand selected lambs since the imposition of the British import restrictions and it is hoped that further improvement will result. In June last price pud was 6§d per lb., and in the following month 7|d, but by the. commencement of November, when the restrictions came into effect, the price had fallen to s|d, Since then prices have gradually risen, and old season's lamb is now quoted 'at 7d. Very little new season's lamb has yet arrived in Britain, and for the first shipment 8d to B£d was paid. This price cannot he taken as an indication of prices for succeeding shipments, however, as ] values of small quantities of new season's lambs which arrive in time for the Christ-ros-s trade are usually high. DOLLAR EXCHANGE DOMINION RATES REVISED COMPARISON OF QUOTATIONS Current dollar exchanges as quoted by the' New Zealand .banks are as under, compared with previous quotations:— U.S. Dollars to J! Dec. 15 Dec. 10 Dec. 22 29 Buying .» 3.38 3.41 3.43 3.43 Selling . . 3.1S 3.21 3.23 3.23 Canadian Dollars to £t Buying .. 3.8S 3.87 3.94 3.85 Selling , . 3.68 3.(37 3.74 3.65 The rates quoted are for the conversion of dollars into English currency or English currency into dollars. Exchange is charged or allowed on drafts or bills drawn in .dollars in the same way as if drawn in English currency. f •, _ BRITISH STOCKS HIGHER MARKET'S GOOD TONE British Wireless RUGBY, Dec. 28 After four days* holiday, the stock markets opened with a good tone. Leading British stocks were quoted Is 3d to 5s higher, with 3J* per cent War Loan at £9B 16s 3d, compared with £9B 15s on December 23. FOREIGN EXCHANGES STERLING SLIGHTLY LOWER (Receiver) December 29, 6.15 p.m.) British Wireless B-UGBY, Dec., 28 The following rates on foreign exchanges are current, compared with the cabled quotations on December 23 and par: — Dec. 28 Deo. 23 Par Montreal, dol. 3.751 3.825 4.966 New York, doL 3.33 ' 8.33} 4.866 Paris, fr. 65 5-16 85 7-16 121.21 Brussels, belga .. 23.975 24.085 35.09 Geneva, fr. 17.30 17.31 25.22 Amsterdam, fl. ~ 8.28J 8.30 12.10 Milan, lire .. 65 65 92.46 Berlin, r.m. 13,175 .13.98 20.43 Stockholm, kr. .. 18.305 18,305 18.159 Copenhagen, kr. . 19.295 10.295 18.159 Oslo, kr. .« 19.40 19.40 . 18.159 Vienna, erh. .. 28.501 28.501 34.585 Prague, kr. .. 112? 112.50 164.25 Helsingfors, mark 229 229 149.23 Madrid, pes. .. 40 1346 40 15-16 25.221 Lisbon, escu. .. 109.60 109.50 110 Athens, dr. .. 625 625 375.00 Bucharest, lei, .. 565 560 813.6 Bio de Janeiro, mil. 61 ft.B99d Buenos Aires, dol. t t 47.619 d Montevideo, dol. 301 301 Bid Bombay, rupee ~ 181 18 11-6-1 ISd Shanghai, tael .. 01.25 19& - Hongkong, dol. . 15} 15 3-16 ' Yokohama, yen . 15 3-16 151 24.58 d Batavia, fl, .. 8.27 Belgrade, din., .. 24 5 2-17.50 276.31 •(Nominal. The dollar sterling rate opened in London after four days' holiday at 3.335. NEW ZEALAND MONEY ABROAD The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows i Present price Par sd b d London, pound .. .. 21 10.80 20 0.00 Now York, dollar s* 6 0,36 4, 1.81 Montreal, dollars ■,. 6 0.00 4, 1.31 Paris, franc .. .a 0 3.08 0 1.93 Berlin mark .. »* 1 7.95 0 11.74 Copenhagen, krone „. 1 1.62 I 1.22 Yokohama, yen .. .. 1 4.66 2 0.58 These valuations represent the current rates at which banks sell drafts payable on demand. There is no official rate for Australian pounds, various rates being charged by the banks for their own customers only. ' P. AND O. DEFERRED STOCK LONDON, Dec. 28 P. and O- deferred stock is quoted at 14s sjd, compared with 14s on December