NEW FREIGHT RATES

New Zealand Herald, Volume LXX, Issue 21578, 24 August 1933, Page 5

NEW FREIGHT RATES

INTEREST OF EXPORTERS FROZEN MEAT SHIPMENTS POSSIBILITY OF HOLDING Shippers of refrigerated cargo from New Zealand are speculating freely regarding the terms of the new freight agreements completed in London between tho shipping 1 companies' and representatives of tho Meat Producers' Board and tho Dairy Produce Board. It is surmised that a reduction in rates lias been gained and this is influencing to some extent the policy of frozen meat shippers. There is a fairly general belief that tho agreements will be for a shorter term tban tho three-year contracts expiring on August 31. 1 'There arc seven vessels whose loading operations may possibly be affected in the event of a* decision to'withhold meat cargoes to benefit by the now rates. Tho Rangitane arrived from Napier last evening to complete loading at Auckland and will sail on September 1. The Opawa is due to conimeneo loading at Port Chalmers- on August 31 and will sail on September 20. Tho Mahana, which is now at Wanganui, will complete loading at Auckland, sailing finally on August 31. After completing loading at Wellington, tho llaranga is due to sail for London on August 26. The Port Campbell, which is scheduled to arrive at the Bluff this week, has been allotted various loading ports, and will sail from Auckland on September 13. A partial loading itinerary commencing with Timaru on August 28 has been arranged for the Port. Hardy, while a loading schedule has not yet been announced for tho Mataroa, which arrived at Auckland from London, via Wellington, yesterday morning.

At the present time exporters of'meat are tending to delay notification of anceptance of space in vessels loading toward the end of August. Vesfeels that have recently cleared finally for Great Britain have Carried full cargoes of frozen meat. Up to a point there is an advantage to be gained in delaying shipments, but exporters, particularly of mutton and last year's lamb, cannot afford to allow consignments to clash with early Home arrivals of Australian and Pptagonian lamb. Holders of dairy produce are not so directly concerned in tho freight question. Under the close system' of 'allotments made by the Dairy , Produce Hoard they are unablo to withhold shipments at this end.

WAIKATO STOCK MARKET LITTLE CHANGE RECORDED COMPETITION REMAINS STEADY. A week of heavy, frost has been succeeded by a soaking rain,'with Warmer temperature, -from which great benefit should soon result. . ' In the stock market? there is littlo change to be observed. Competition is steadily maintained, although it has to be recognised that bidders are drawn not so much from the bona-fide grazing class, as from the speculative group now busy amassing supplies to meetthe anticipated spring demand. Whether this will reach expectation or not is difficult- to forecast. It can be truthfully said that in a comparative sense store cattle never have been dearer than throughout this winter. Mutton values continue to decline, thus working back to the natural relationship with beef, which this week by its advance- assisted to narrow the gulf between them. The dairy section shows no improvement, although many believe that scarcity of pasture is the sole cause. With genuine heifers so jow it is rather surprising to find the prejudice against the cull cow disappearing. These in all centres sell at fair value. One explanation is that many dairymen intend to make fuller use of-their spring and Summer growth and sell off the' "temporaries" as "boners" before winter arrives. Expensive cows would, of course, mak§ the practice unprofitable. - Conditions as they affect the separate sections are:- — ( . BEEP , -Although in adjacent centres, values this week were slightly easier, at the central yards on Tuesday a much better ton© was evident. Ox beef advanced la per 1001b., 'With heifer and cow beef equally firm. The entry of the latter was lighter than usual, and rough cow beef was absent. Prime,-ox sold to 18s; ordinary, 15s to lGs; prima heifer, 17s 64; young cow, 14s to 15s; '•ordinary cow, 12s to 13s; rough, 7s to 8s 6d. MUTTON " Apparently we have passed the peak and nr© settling down to lower levels. A very good entrys was penned at the central yards on Tuesday, and although fair competition ruled, values were lower than in the preceeding week, from Is to 2s being the estimate. Prime wethers eold to 24s (small lots of very prime quality occasionally higher); mediums, 20s 6d to 225; best ewes, to 20s: medium. • from 17s to IBs; best hoggets, to 19a 6d; others, from 15s 6d STORE CATTLE Yardings in this section consist mainly of odds and ends, for which there appears fairly eager competition. Lines of consequence are extremely rare, possibly fortunately eo, as graziers at the moment are in a slato of uncertainty regarding the prospect. The embargo on meat shipmonts has created an uneasy feeling, but it should bo remembered that the period covered is not nn activo one in the export trade, and by the time we are again ready to despatch, conditions may have entirely altered. Young cows for fattening are still in good demand, while yearling and two-year Jersey heifers are improving. Values are: Forward bullocks, £3 5s to £4; three-year steers, £2 Jss to £3 7s fid; two-year, £2 5s to £2 15s; yearlings, £1 10s to £2 2s 6d; forward cows, 30s to £2 ss; stores, 20s to 255; two-year Jersey heifers, £1 10s to £2; yearling Jersey heifers, to £3; medium, 35s to £2 5s i email, from 20s. . STORE SHEEP' In this section ako the- markets are bare ,it being evident that locally a fairly good clearance hns beon effected. With mutton settling back to normal levels, excitement in pursuit of stores has to some extent eubEided. It is certain, however, that the general buoyancy of the overseas market will make sheep' the most popular grazing proposition this season. Values generally ate similar to last quotation. ' , DAIRY CATTLE Very largo yardings are being dealt with, but not. too satisfactorily from the vendors' point of view. Many must have grazed their lines for little profit, and some no doubt would find it difficult to escape a debit balance. As lips often been pointed out, too many heifers arrive at profit during July and August, and somo better distribution should be attempted. It is expected that from the end of this month onwnrd a better demand will set in, arid such will coincide with the custom of previous years. Current values are: Hest cows. £5 10s to £7 10s; ordinary, £4 5s to £5 ss; backward and aged, £2 to £3; beet heifers, to £7 10s: medium, £-1 15s to £5 10s; backward and poor, £3 to £3 10s. PIGS Very firm mnrkets are the rule_ in all centres. At tho central yards this week porkers again advanced slightly, with baooners steadily firm. Medium baeoners sold to 425; lighter, from 355: best porkers to 345; light, from 255. EAST AFRICAN COFFEE The directors of" East African Coffee Plantations, Limited, Melbourne, in which there is some New Zealand shareholding, have decided in future to close the financial year on May 31. The general manager of the company's plantations in Kenya reports that the crop for the nine months to May 31 amounted to 127 tons, as against 280 tons for the preceding 12 months. He anticipates that the yield for the 1933-34 financial year will approximate 250 tons.