FROZEN PRODUCE LETTER.

Otago Witness, Issue 3101, 20 August 1913, Page 20

FROZEN PRODUCE LETTER.

CURRENT MEAT MARKET. THE AMERICAN CONTROVERSY. (From Oer Own Correspondent.) LONDON, July 4. j The outstanding opinion expressed in i West Smithfield during the last few days is that Jambs will go a bit lower. For some little time values have been slipping down, particularly those for the medium and heavier grade carcases. Altogether i some 630,000 New Zealand Jambs arrived 1 in June, and for the first half of this month the arrivals are about 200,000 carcases. The lateness of the great bulk of arrivals, together with their heavier tend- ' eney consequent upon their late treatment . in the season, are very good reasons for * this fall in rates, if such a reason need be found, but it yet remains that the output as far as the consumer is concerned is really excellent, and the easing movement is not really due to the actual arrivals themselves. The cause of the market cheapening may 7 be summed up in one ; word, “ finance.” Money is very tight here just now, and there are a number of people, some of them by no means small parties, who have been compelled to | realise for present needs, with the inevitable result that the market has been de- ; predated somewhat. This is a regrettable j feature, and although comment upon it j is not of much use it is certainly an in- ! dication of the need there is for some 1 more progressive policy on the part of the British banking world to assist trade on such occasions. Canterbury lambs at the ’ present moment are only making a fraction over 6d per lb, even for light weights, j while .medium-sized carcases are fully id cheaper, and heavy lambs go out at neany Id less than the top rale. As to the near future it cannot be said that there are any signs of real improvement, but should shipments keep within a moderate compass prices ought to rise again and so close the season satisfactorily. When that end comes it will, I think, be found to have been a good one, for until a month ago prices on total gave a considerable margin in the way of return to the trade at large. BEEF. I Now, as to beef. The most satisfactory thing to say about this is that the output is almost phenomenal for this time of year. As far as chilled beef is concerned, even in the more moderate weeks nearly twice (he amount fixed by the Argentine companies in their original agreement as to the weekly marketing—namely, 37,000qr5, has

been dealt with, and GO.OOOqrs or 70.000qrs have not seemed to congest the market to any extent. But one must certainly say that the mutton and Jamb trade lias to nay for this, a« except for chosen weights, lamb, for instance, is at a discount, which, in all probability, it would not be were beef more in the background. Frozen beef bas been strong, considering all things, and is expected to go even higher than the 4d for hinds and 3gd for fores, which is the current rate. / THE ARGENTINE SITUATION.

A word as to the position between the American and English-owned freezing works in Argentina. It is very evident, that at least for some time there is no

prospect of American tactics being interfered with by the Argentine Government, and, of course, the British Government, which has certainly affected some interest, will do nothing; in fact, only this week the President of the Board of Trade said: “It is not altogether apparent that anything in the nature of a monopoly is contemplated by the American firms in question, and in any case I doubt whether independent action could usefully be taken on this side at the present moment.’’ Mr Buxton was thereupon asked if he knew that the City Corporation of London was about to make an investigation of certain alleged false statements made by American representatives before a Parliamentary Committee. The reference was to a debate which has been fixed in the City

Council for the 17th inst., apropos of the application of Armours for two mote shops in a favoured position in the Central Markets. This, however, is like shutting the stable door after the mare has departed ; I should say that the number of shops already owned in. Smithfield market by the “ Trust ” or their nominees is far in advance of a score. Nineteen can actually be traced to the names of one of the big six or their entourage. PORT OF LONDON. The big cold storage extension scheme of the Port of London Authority has been put forward another step now by the letting of the contract for the new cold store to be built at the Royal Albert dock, and to be opened, it is hoped, with its 250,000 carcases cold storage capacity, at the end of next year. The work with the new Smithfield store is also to be proceeded with at once, and this is anticipated to be finished well in advance of next summer. The New Zealand Agents’ Association, and also the Incorporated Society of Meat Importers, have for some time past been agitating against the sliding scale of cold storage charges imposed by the Port Authority, whereby certain big traders get advantages up to 20 per cent as against their smaller brethren. The Port Authority doubtless finds this protest campaign a very awkward one, and possibly it is a sign of coming to terms on their part that these two organisations have just recently been invited to meet the Authority and discuss the question at issue.