FROZEN MEAT MARKET

Otago Daily Times, Issue 21919, 3 April 1933, Page 4

FROZEN MEAT MARKET

(United Press Association.)

(By Electric Telegraph—Copyright.) LONDON, April 1, (Received April 2, at 0.30 p.m.)

BRITISH SHIPPING GREATLY REDUCED EARNINGS. The deplorable state of British shipping last year naturally would have been reflected in a further fall in the contributions of the industry to redress the apparent adverse trade balance of the country. The Chamber of Shipping, in its annual report, recalls that the contribution, which amounted to £340,000,000 in 1920 and was then more than enough to wipe out the adverse balance of visible trade, fell to £73,000,000 in 1931. Last year, it is stated, the total could not have been much more . than £60,000,000. The estimates relate to the receipts of British ships engaged in foreign trade, less their expenditure in foreign ports, and they have no reference to the profits or losses which are incurred in such services. Last year .the chamber conducted a detailed inquiry into the extent and nature of the invisible shipping exports in 1931, and the result, it is reported, confirmed the estimates of earlier years. There are many other statements in the report of the chamber which indicate the gravity of the depression. The voyages of nine out of every 10 cargo vessels were estimated to have involved their owners in heavy losses, while, of course, owing to the general scarcity of cargoes, many ships were laid up. Many shipping companies, the chamber writes, are in an acutely difficult position. Scarcely a company was able to maintain its dividend, and some of the strongest companies were compelled to pass their distributions. Some of the causes of the troubles are outlined in the report. Among these, subsidies paid by foreign Governments have their place, and it is declared that until such economic interferences are abandoned they will continue to depress the freight market, disorganise the industry, and make assisted and unassisted vessels alike unprofitable. The chamber makes suggestions for the removal of some of the present obstacles to overseas commerce, for it recognises the dependence of the shipping industry on the conditions in international trade. MEAT EXPORT TRADE QUOTA SYSTEM OPPOSED. Strong views on the quota system were expressed by Mr J. S. Jessep, vice-presi-dent of the New Zealand Sheepowners Federation, when discussing the question of the meat glut at Gisborne on Saturclav - . . „ ~ T «• " The position," said Mr Jessep, is that the Sheepowners' Federation views with extreme concern the tendency to restrict imports to Britain from the Dominions. From the beginning the federation has definitely opposed any question of quotas, and has held the opinion, as expressed in a manifesto published throughout New Zealand last year, that if the quota system were once introduced British traders would inevitably turn against the Dominion. Obviously, that is the course that is now being pursued. The Sheepowners' Federation regards the quota as far too dangerous a weapon and definitely too much open to abuse ever to be handled satisfactorily, as it must be handled, by Board of Trade officials at Home."

N.Z. Sheer Canterbui selectee Ma ■y and North Island crossbred wethers -. 18. J d. 4'4 4 Ms 4VL 3M> 3% lar. 25. d. Per lb 4 4% 4% 4 3% 3% 2*i Apr. 1 a. ) and m 48-50 57-04 65-72 North Is 48-51 57-64 05-72 Ewes: 4 Sib 4S-G4 05-72 ilden ewes— and: and under .. .. 4 54 4 351 4>4 3% 3% 3% 3% 2% N.Z. Lambs— Canterbury: SGlb and under .. .. 5% 5% 5% 4?i vl 4% Second quality: i% 6Va 5Vj Other South Island Brands— SGlb and under .. ■ — 5«, S% — 4% 4% — 4% 4% Selected North Island Brands, Including Downs— 301b and under .. 5% 5% 5% i% 494 5 4% 4Vj 4% Second Quality: — 5\i KM Other North Island Brands— • First Quality: SGlb and tinder .. .. 5 5U 5% 4% 4% 4?i — — — Second quality: — 5 5% Australian Sheep— First quality crossbred and/or merino wethers: — SH SH Second quality: »H 3% S»4 8 8 S Australian Lambs— Victorian — First quality: SGlb and under .. .. 4% 4% 4% — 4^4 iVi Second quality: SGlb and under .. .. i% Fi 4% Other StatesFirst quality: 3GIb and • under .. 4*4 4% 1% — 4% m Second quality: SGlb and under .. .. VA. i% 4% All States5tt 5W 5',4 Argentine Sheen — First quality crossbred wethers — 4 4 8% 8% 3% Argentine Lambs — First quality: 3Glb and un'der .. .. 4% *% 5 — 4% 4U — — — Second quality: i% 5 6% ['atagonlan Sheep— Wothers and/or maiden ewes: — — — —■ — — " — — — l'atagonlan Lambs — First quality: 3Glb and under .. .. — — — — — — Second quality: — — — New Zealand Frozen Beef— Ox hinds (lG0-2201b) .. 2% su S% Ox fores (100-2201b) .. 2% 2% 2% Argentine Chilled BeefOx fores (lG0-2201b) .. 3% — 3% Ox hinds (100-2201b) .. IYjl 4% 6% Australian Frozen Beef — Ox crops (1001b & under) 2%. 2% 2% Ox crops (over 1001b) .. 2% 2% 2% Ox hinds (lG01b& under) 3'A 3»4 3tt Ox hinds (over IGOlb) .. 3% 3% 3% New Zealand FigsFirst quality: — 5K 5U 4% i%. 4% 4% 4% 4% Australian FigsFirst quality: 5 5 5 4% i% 4%