FAT LAMB AT TENPENCE?

Poverty Bay Herald, Volume LXI, Issue 18526, 12 October 1934, Page 4

FAT LAMB AT TENPENCE?

“INSIDE INFORMATION”

OPENING EXPORT RATES

TE ARAI BUBBLE REVIVED

During the past few days, a few Hawke’s Bay farmers have looked wise, and stated quietly but with emphasis that the opening lamb export schedule will be on a tenpenny basis. They claimed inside information.

This tenpenny story recalls a hectic week-end spent by farmers in the Te Ami Valley shortly after the opening of the past season. As will be remembered, the Gisborne rates opened at B}d just; before Show time. * Towards the end of the month, the KaRI works closed down owing to shortage of supplies. On the day the closing announcement was advertised in the Herald and before the paper was published, somebody who had “inside information” said to a farmer: “You might get tenpence for your lambs next week.” The remark was made jokingly, for the joker probably had “inside information” that the freezing works would not be operating “next week.” The statement was taken seriously. Telephones buzzed, and the good news spread. Farmers went out to gloat over their fat lambs. Fat stock buyers found their telephones unusually busy. This went on until the Herald announcement regarding the closing of the freezing works confirmed the buyers’ denials that anything like lOd could ever be dreamed of. Buying was resumed 10 days later on a basis of 6^d. The tenpenny belief, however, is not general in Hawke’s Bay. A year ago, markets were moving upwards so rapidly that almost anything would have been believed. At present, conditions are somewhat unsettled, and farmers generally do not expect as high a price as that at the opening last year. The general opinion in Hawke’s Bay is that the buying basis will be between 8d and 9d.

The freezing works in Hawke’s Bay will commence killing next week, and something more definite about the opening schedule should be known any day now. The Gisborne killing season will open next Monday week. In the Waikato, a good deal of enthusiasm is being shown by exporters concerning fat lambs, and although no indication of value has yet been given, growers are fairly confident. It is expected that the first shipment will be dispatched at the end of this month, but unless a tempting offer is made, advantage of the opportunity may not be seized as readily as season.