FROZEN PRODUCE LETTER.

Otago Witness, Issue 3148, 15 July 1914, Page 18

FROZEN PRODUCE LETTER.

MEAT MARKET’S FIRMNESS. A C.I.F. FRAUD. (Fbov Cue Own Correspondent.) * LONDON, May 29. The position in the frozen meat market this week-end is that sales are possible and even easy in large lines for mutton at current rates if the sellers will give storage to the meat for a month or so until the buyer wants delivery of it. Perhaps this statement is as eloquent as any of the strong confidence there is of the near future. Statistically this is not discounted; the fhcat trade here expects the New Zealand season to be not an unduly long one. Australian mutton stocks are almost exhausted, and River Plate mutton is only available to any extent in the heavier weights, so that New Zealand mutton has full sway just now, and the output here is distinctly improving at the easier rates now ruling.' There is quite keen competition for cargoes afloat, I learn,, and if the New Zealand season should prove no longer than some expect there may ultimately be insufficient meat to last through the entire season. Light Canterbury lambs.are fetching s|d to-day. BEEF BETTER Frozen beef in some respects shares the present tendencies of mutton and lamb. As a. matter of fact, forward business in beef is at a standstill, as buyers are hardly willing to pay the rates asked on a firmer market. But holders have confidence of the future. For one thing, the return of really cold weather at the end of May has considerably strengthened the retail demand again. No confirmation can be gained of the report that the South American freezing works—English and American owned—have arrived at another compact to limit supplies of chilled beef on the British market. Nevertheless, the trade in London is firmly convinced that this arrangement has been made, and the better tone noted in the market results from this belief, which, like sundry other impressions that at times gain hold of Smithfiold, has grown from a’ mere belief into a sound and rooted conviction. FALSIFIED DATES

Whether or not the case will come into the courts ''l cannot say, but one of the faulty frozen meat shipments arriving recently—there has been trouble in several of late—points to the perpetration of ’a deliberate and wicked fraud on the meat buyer. Without naming the vessel, it may be said that one firm of importers here, struck by the fact of its late arrival, has discovered that the date of the bills of lading for a large portion of the frozen sheep and iambs on board was actually earlier than that on which the ship arrived in port to load, and before the date of the freezing works’ certificate. It cannot be thought but that the parties inculpated will do everything to see that this matter is hushed up. However, it reflects very gravely on someone, and is calculated to shake the foundations of confidence which, of course, are the whole mainstay of the c.i.f. trade. I may add that it was an Australian port which is concerned. P. AND 0.—8.1. COMBINATION. The latest shipping combine, that of the Peninsular and Onehtal and the British India interests, is one which, although it concerns two important companies and two sea-carrying concerns which are also big refrigerated transporters, does not represent any striking coup or change of contending interests as have some of the recent corgbinations in the shipping world. It is generally recognised that the chief importance of the combination is the placing of Lord Inchcape in the'managing director*ship of the combined concern. Sir Thomas Sutherland was a feature which it was impossible, in a way, to replace, and one, moreover, whom it is essential to succeed, in his, advancing years, with a figure head at once alert, diplomatic, and skilled in high direction. This Lord Inchcape, who is a personal friend, of Sir Thomas’s, may bs said to be, and his experience from the time when he was a member of the wellknown firm of M‘Kenzie, MTvinnon, Mackay, and Co., as Mr J. L. Mackay, is second to none. Lord Inchcape, by ) the way, is interested in the Central Queensland Meat Export Company (Ltd.), and also in Queensland, pastoral The P. and 0. Company,' of course, has been interested in routes from Queensland southwards, whereas the British India Line has been from Queensland northwards. PASTORAL PURCHASES. The above mention of Queensland pastoral properties reminds me that a leading London importing house, also operating in Australia, has just recently -acquired a very considerable tract of breeding estate land in Australia, as an introduction to a determined policy to secure assurance of supplies of cattle in view of the new situation opening out through American operations in Australia. This is an important move, because it is the first of its kind that I know of on the part of any loading British house. It is a sort of reply to those who are standing by and affecting a nonchalant attitude as to the Americans’ arrival, and, it will be interesting to see whether this example is followed by others. Of course, Messrs Vestey, the enterprising owners of the Union Cold Storage Company, have purchased land in the Northern Territory, but that was for the purpose of erecting works afterwards, and not to assure, supplying of existing works. Messrs Vestey, by the way, who now have on foot a 'reezing works enterprise in Venezuela, are reported to bo making big purchases of breeding land in that South American State for the purpose of securing supplies for their own enterprise. A LONDON GOODS CLEARING ■ / HOUSE. A rather well supported proposal for a mammoth goods clearing house for London, which has just been brought forward, has some interest for New Zealanders in view of schemes which have been promoted in the past for the organisation of imported supplies of produce at London ports. The present scheme, which is on a gigantic scale, involves a capital outlay of £14,000,000, and its promoter, Mr A. W. Gattic, explained, its features last month to a meeting of members of Parliament. The idea is for the establishment of one central goods station at ClerkcnweJJ, where all work of London goods clearance could be effected in 1 per cent, of the time, 2 percent. of the space, and 20 per cent, of the present cost. Seeing that of the cost of transport of goods no loss than 95 per cent, is absorbed in terminal expenditure, the saving, if it could be effected, would be colossal. It was estimated that the London Goods Cleaving House would easily be able

to deal with 100,000 tons of goods per 24 hours. Railway communication would bo made by means of 10 underground tubes of Ibgft diameter. An annual surplus of over millions sterling was forecasted. The "proposal will be considered further, and, it is not unlikely that soon there jvill be a Board of Trade inquiry into the question of transit.