COMMERCIAL.

Press, Volume LVII, Issue 17120, 15 April 1921, Page 7

COMMERCIAL.

NEARLY 600,000,000 MEATEATERS. REPORTED £5,000,000 DEAL. CRITICISM- OP FOOD CONTROL (FROM OPB OWK COBBESTONDENT) LONDON, February 24. Figures given by Messrs Weddel and Co, in their thirty-third annual review of tho frozen meat trade show that the imports of beef, mutton, and lamb last year were 90,000 tons in «xcess of any previous year in the history of the trade—Bl3,ooo tons, against 523,000 in 1919, and 721,000 in 1913—equal to 77 per cent, of tho world's total output of frozen and chilled meat. In fact, the demand is so great that it i» keeping up tho prices. The year 1920 is described as haying been one of great uncertainty and exceptional difficulty in all brandies of tho trade. The transition from "control" to freedom has raised many unlooked-for problems; and it is under-stating the case to say that much disappointment has been felt over the piecemeal nature of the process. Contrary to anticipations held a year ago, prices have not dropped to any material extent, "and this result cannot bo dissociated from tho direct and indirect consequences of cwtrol being maintained for so long towtv the need for it had passed." During the first six months of the year the cold stores here and the works in Australia and New Zealand were glutted with meat; but the Government, having complete control of these stocks, refused to reduce the general level of prices to any appreciable extent. They merely adjusted mutton and lamb quotations. In April, May, and Juno they relieved the immediate pressure of supplies in sight by selling large quantities of New Zealand lambs to the United States—to the ultimate disadvantage of the consumer at home. Later in the year, considerable lines of beef were reexported to 'the Continent, and in that way the market was again relieved, and a substantial drop in prices averted in thU country. When British meat was released from control on July 4th, farmers were placed in tho satisfactory position of being able to resume trading on a market in which the values of imEorted meat were being firmly held up y the Government. This accentuated the price-raising effects of tho reduced marketing of home-grown meat during the remainder of the year. The statistics given by Messrs Weddel challenge the accuracy of the statement made by the Food Controller, in the House of Commons, in May last, to the effect that the national consumption of frozen meat had fallen off by 600,000 tons per annum. As a matter of fact, the demand for meat in the United Kingdom is increasing at n rato which causes real concern among the world's meat experts. "Tho increased consumption of frozen meat in thia country," says the report, "and also on the Continent, is due in a large measure, to the troops having acquired a teste for it when on active service, and asking for it after demobilisation in preference to home-killed. The war destroyed the last remnants of prejudice against frozen meat in this country, and on the Continent it did the ■work of twenty years of peaceful penetration." "The, importations of beef, mutton, and lamb from all sources in 1920, vi*., 810,415 tons, valued at, £71,615,414, greatly exceeded those of any other year in the history of the trade; the highest figures previously recorded being an aggregate of 720,661 tons in 1918, and a valuation of £48,590,200 in 1919. The average price per ton imported in 1920 shows a modest reduction of £4 per ton or 4.8 _per cent, from the average of 1919. Figures given show that in 1920 New Zealand sent 76,096 of meat more than in 1919 (the respective totals being 197,305 tons and 121.209 tons) of the import value of £16.278.809, and of the value per ton of £B2. The highest value per ton shown is in the imports from the United States, namely £IOO, for meat of the import value of £1.124,867, the Argentine coming next with ton valuo of £93, and total import value of £33,842,101. MOVEMENTS OP PRICES. "Throughout the year, maximum wholesale prices were imposed by the Government upon all , descriptions of imported meat. When it opened, mutton and lamb wore both Belling at lOJd per lb; but in the middle of March, finding that it was necessary to reduce the heavy stocks of mutton, the Government lowered the price to 9d per lb. at the same time raising the price or lamb to Is Id per lb; and these quotations held good as maxima during the remainder of the year. The drop in mutton, however, proved insufficient to move the enormous stocks on hand, and further reductions, in owes and 'cut' wethers only, were made in May and again in July, eventually bringing prices down to 6d per lb for Australian and New Zealand 'cut' owes, and to 8d per lb for New Zealand and 7Jd per lb for Australian 'cut' wethers and wholo ewes. Ordinary wethers were maintained at the maximum price of 9d per lb. Values were doubtless helped by the diversion of largo quantities of New Zealand lamb to the United States, which created a shortage of that article, and forced buyers on to best mutton. The reduction In second grade values stimulated the demand for these classes of mutton, and by the end of the year most of the old stocks of Government mutton of all grades had been cleared at or near maxi. mum prices. All descriptions of lamb met with a ready demand throughout, owing to the shortage of arrivals from New Zealand, and would doubtless have made more money had there been no official maximum. i POSITION ON THE CONTINENT. "Continental markets have been more than usually irregular during the past year. Difficulties as to finance have been often insuperable. Tho demand has ceased entirely overiengthy periods, while at other timeß there has been a rußji of ordora. The possibilities of theso new markets cannot be overlooked in view of their having absorbed last yoar about 300,000 tons, or nearly 30 per cent, of the world's output; but it is I impossible to assume that tln-y are becoming established on any Bound or I permanent basis. They nro still frankly opportunist markets, influenced largely by conflicting political and finan--1 cial considerations rather than by any real difficulties with prices or transport. In France, in .1920, the frozen meat trade underwent a complete change. War conditions of supply and distribution obtained until May 31st, nil imports being for account of the Covernmnnt. On June Ist the balance of tho stocks then existing were to be disposed of through French firm l ? and any municipalities capable of distributing Btocks; and tho tradi* was announced to be entirely free for commerce on and after that date. Practical trading, however, did not commence immediately, as tho Government still had stocks in hand quit.' sufficimt to meet the rather poor demand for bwf during tho summer months. In tin? autumn, cargoes of frozen meat began to find their way into Franre for private account, and the trade has continued to develop on commerml lines ever since. French refrigerated tonnage is still limited to 13 steamers, with a capacity of 24,000 tons, but 20 others are in course of construction. [Cold storage accommodation in all thf

ports is sufficient to meet the present requirements of the trade, J>ufc further extensions are contemplated at Jlavre, Uaiseilles and Paris. 'imports into Italy during 1920 were npi-oximately 30,000 tons, against 103,658 tons in 1919, and were ail on account of tho Government, who still control this article, and do not propose to free it for some time to come. Dur>'tig tho war the consumption of meat there increased considerably, and is still greatly in excess of the pre-war ix-nirc; but, owing to the losses involved on imported meat, through the unfavourable rate of exchange, the Government in 1920 distributed as little :is they possibly could for the use of the peneral public, mostly through the nrunieipalities- and co-operative stores. "From being practically a closed country to frozen meat prior to the war, Belgium's need of the imported article- has so increased since, that, per head of the population, she now ranks m«xt to- Great Britain as an importing country. The imports for 1920 were about '43,000 tons, equivalent to 12Jlb per head of population, as compared with 401b per head imported into the "United, Kingdom. From a practical point of view,' however is in no sense : free for the private trader, and no change in this direction is in sight, except, perhaps, that the Government department which has -hitherto/ controlled the purchase and distribution of importations may be transformed into a semi-Government concern, with the same objects and facilities. "Holland is now open to receive importations of frozen beef,,but owing to Dutch official knowledge of Governmental veterinary supervision in countries of origin being limited to Argentina anil IJruguaya (to which countries the Dutch Government sent a Veterinary Commission some time ago), only Argentine and Uruguayan beef can he freely- sold throughout Holland. The .Dutch''Government apparently has no official information concerning the very effective yeterin'ary inspection in Australia ana New Zealand, and in some parts of Holland the sale of meat from ilieso countries is prohibited. This discrimination against meat from Australia and New Zealand has caused some excitement in Australasias commercial circles, and it is hoped that the-reme-dial steps nbwv being taken by the authorities of the Commonwealth and tho Dominion to get this obvious injustice removed will he successful. "As for Germany, the spasmodic demand absorbed wjme 80,000 tons- from various sources of supply, reexports from -Holland and the' United Kingdom. The outstanding difficulty in trading with this country has been the depreciated value.of the mark; and in order to effect sales at all it has been necessary to have recourse to veiy speculative methods ■of financing. No official reports are available as to the nosition of the flocks and.herds, but it is believed that some recovery in numbers has been made during tho past vear." ■-■■•'■ THE OBJECT ACHIEVED. "What was perhaps the most interesting feature of the past year's tradjig, and one which was eagerly dis.•ussed on all side% was the sale by the British Government of 2,290,746 carcases of New Zealand lamb, and 3*8,941 carcases of mutton to North American buyera. The, prices realised, although showing a profit on the f.o.b. purchase prices in New Zealand; were below the equivalent market values in England; but the Government, doubtless, made no loss on. these transactions, on account of the savings effected in storage, interest, and other charges. The chief object of these sales, however, was to relieve congestion in the freezing works in New Zealand, and in the cold stores in this country, and, without doubt, that object was successfully achieved. ENGLAND OR AMERICA? "Opinion in the trade seems to be divided as to whether or not America will become a*-permanent and important .customer for New Zealand mutton and lamb. At the present time the outlook is somewhat obscure. There is, undoubtedly, a seasonal demand for New Zealand lamb in the States; but a large proportion of the 1920 imports were still in store at the close of the year, and traders had become shy about making further large purchases before

their old stocks were cleared up. Certain tariff legislation, is pending which might. effectively shut, out from the

i United States all imports of meat; but, j even if no tariff be imposed, the factor of favourable exchange, which has entered so largely into recent transactions, is not likely to continue to operate against this country indefinitely _ With that handicap reduced, and trading restrictions at this end removed, the I United Kingdom will probably be able, j as hitherto, to pay higher prices than I America for the great bulk of the.New Zealand output of mutton and lamb. I At the close of the year, the stocks i of New Zealnnd mutton and lamb available in London were not equal to the demand, and buyers were forced to take a much larger proportion of beef than usual. This was all to the good from the point of view of getting stale stocks cleared out j but New Zealand lambs still in store in the United States at the end of the year would have found ready buyers in the Old Country at full maximum prices, had they come here in the ordinary course of business. As it is, considerable lines of these diverted lambs were offered for reexportation to the United Kingdom.. The New Zealand meat, sold by the British Government to various American buyers, was extensively advertised by the" American Press, and ■ at first met with an excellent reception, going rapidly into consumption at good .prices. Latterly, however } the demand slackened off, owing principally to trade depression, 'and, in the end, importers were left with considerable stocks on hand, some of which were re-shipped to England. A "RECORD" DEAL. "The position of Australasian frozen beef during July-Septemter was a very unsatisfactory one. Huge stocks were held in United Kingdom stores, and also .in the freezing works in Australi'iand New Zealand, which were pressing to be relieved-of 'their large accumulations. Most of the importers found it impossible to make enough progress with sales to keep down stocks, and strong representations were made to the Government to reduce prices materially. The difficulty of competing with the free Argentine beef on the market since the Ist of January had become increasingly felt, and sales were coming to a standstill under a system of flat rates. The Government then determined to effect a wholesale clearance of- their unsold stocks if buyers could be found. "Alter some negotiation there, together, .with their stocks of 'cut' ewes, were sold outright to Sir William and Mr E. H. Vestey. Neither the precise quantity transferred nor the price paid has transpired, but it is believed that the total payment involved is over £5,000,000. Apart from the Government's purchases during the war, this is by far the largest individual transaction in frozen meat ever reported. By means of the additional steamers brought into the New Zealand trade in connexion with this transaction, the situation overseas was quickly altered for the better, and at the close of 1920 the unshipped Government purchases had been brought within sucn manageable compass that, instead of looking forward to a further long spell of chaos, shippers had every prospect) of seeing their old season's stocks cleared out of store in .1921." GENERAL OUTLOOK. The meat trade has had to face some trying situations during year. Just as the demobilisation brought brought many new problems in its train, the decontrol of trade called for the solution of many unlooked-ior economic propositions not hitherto met with in the course of any trader's experiences. The anticipations held a year ago that meat imports would increase in 1920 were amply fulfilled, but the natural assumption that lower prices would result has been falsified through the Government adopting the policy of holding up stocks in this country, and at the same time selling ihforeign maX''kets part of the supplies purchased for the United Kingdom. This policy may have been successful as to its financial issue, but it has been disappointing to the public. They had been led to expect a large measure of protection against high prices' by the appointment of a Pood Controller, who in their interest, was to oppose even the appearance of indulging in "trust" •methods. There is no assurance yet that control will be taken off on March 31st, although that date has been named in connexion with the control of other foods. On the other side of the picture, the meat experts are looking with apprehension on the question of the world's supplies of meat. "A wide outlook upon the . world's supply of meat an 3" its steadily expanding requirements," says the "Review," "would eeem to indicate that demand is tending to overtake supply, largely as the result of a steady growth in the white populations of the world, and in improving standard of living, but partly as a direct consequence of the great war. It is estimated that whereas fifty years ago there were 800,000,600 potential meateaters in the world, there are to-day 687,000,000." Home supplies are un-

certain,' while New Zealand. Australia, and the United States are likely to ship less in the near future. "If control of meat prices is taken off in March," concludes the "Review.,." there maybe a temporary disturbance in the markets, but the world-wide tendency for prices of food and raw materials to recede towards lower levels is not likely to meet with prolonged resistance in the case of meat. Meantime, the best hope for any important reduction in prices lies in some curtailment of consumption on the part- of the great masses of the people of the United Kingdom." WOOL "PRICES. As there appears to be some misunderstanding concerning the figures relating to wool prices quoted by Mr Leicester Matson on Tuesday, a fuller statement is desirable. Mr Matson, assuming 3301b to the bale, quoted the following ' average prices, the 1902 prices being in his opinion the current prices to-day:— Under Govt. Commandeer. lt>o2 Prices. Per bale. Per bale. £ s. d. £ s. d. Merino . ... 28 17 6 11 13 9 Halfbred ... 26 9 4 919 5 5-bred ... 23 7 6 7 4 4 Crossbred ... 21 6 3 416 3 The drop in values to-day is accordinglv, on these figures, the following per bale:—Merino, £l7 8s 9d; halfbred, £l6 9s Hd; three-quarter-Bred, £l6 3s 2d; crossbred £l6 10s. REDUCTION IN FREIGHTS. (By Cable—Press Aesociation—Copyright.) (Australian and N.Z. C*bl« Association) (Received April 15th, 9.45 p.m.) MELBOURNE, April 14. In the Federal House of Representatives, Mr E. Jowett (Grampians, Victoria) moved the adjournment in order to discuss oversea freight rates on Australian goods. He said the reduction announced was inadequate. In some cases the freights on primary products were 238 per cent, above the prewar rates. LONDON PREE WOOL SALES. MORE CONFIDENT TONE. - (Received April 14th. 10.35 p.m.) V LONDON, April 13. At the free wool sales there was a good selection of merinos and crpssbreds and a, much more confident tone all round. Practically all lots were eo'.d at par to 6 per cent, above opening rates. . Continental operators bought the bulk of the wool, Germany taking about two-thirds of both merinos and crossbreds. Yorkshire buyers were more active than recently. New Zealand lots sold include Waipunga UJd. LONDON RABBIT MARKET. (By Cable—Press Association—Copyright.) (Australian and N.Z. Cable Association.) LONDON, April 13. Leading rabbit importers state that they have asked for a reduction in freight to 130s ■per ton. Despite the reductions already made it is quite impossible for them- to finance Australian shipments. Before it .will be possible to do business the costs in Australia must be materially reduced. ; There has been u great increase an the cost in the cases of trapping and cold store charges in Australia, xlmpoiters have lost heavily on rabbits since the war, and are not disposed to •Hake further risks,' especially as values here arc likely to decline on account of the meat prices falling. . N.Z. AND AUSTRALIAN". LAND CO. LONDON, April 13. The New' Zealand and Australian Land Company declared an interim dividend on preference shares of 2 per cent. In view of the depirability of conserving resources no dividend on ordinary shares was declared. REDUCTION IN STEEL JUICES. NEW TORE, April 13. The United States Steel Corporation. America's largest' steel producers, have announced a Teduotion jn pries of from one to 15 dollars per ton. It is expected that the concern, which is one of the largest employers of labour in the country, will shortly announce reductions in wages, and in Houra 1 from ten to" eight a day. AUSTRALIAN FLOUR. MELBOURNE, April U. Mr Tudor asked Mr Hughes if New Zealand received Australian flour from wheat at 10 per cent less than the local price. Mr Hughes, replying, said that for 99 days out of 100 Australia received it cheaper. It was unfair to pack out one day, and ask such a question.. INCREASE IN ISLAND FREIGHTS. SYDNEY, April 14; An increase of 10 per cent, in freights is announced by the shipping companies ensued in trade to the Eastern and Western Pacific- Islands. AUSTRALIAN MARKETS. (Received April 14th, 9.45 p.m.) SYDNEY, April 14. 'Oats—Algerian feed, & Od; White feed, So 9d. Maize—Yellow, 6s to 6s 3d; White, 5s 9d to 5s lOd. Potatoes—Tasmanian, £7 to £B. Onions—Victorian, £5 10s. 'ADELAIDE,\ApriI 14. Oats— Growers' lots, Algerian feed, 2a 2d to 2s 3d. AUCKLAND MARKETS. (SPECIAL TO "THE PRESS.") AUCKLAND, April 14. The: week has been without any special feature, s/nd' trade continues steady, saJos being mostly confined to immediate requirements. Buyers are still looking askance at coat-s, and axe taking little risk of being caught with declining markets. Collections are now being made on next month's account, and, considering conditions, are very satisfactory. Sugar—Retailers all appear to be in a fair position with stocks; in fact, some advise that holdings are accumulating. It would, perhaps, be an opportune time, to re* vert to the system obtaining prior to the shortage. The allocation system . certainly was a necessity, but if Btocks are improving it would be a oonsideraSle relief to the trade to be able again to secure one's requirements ea it suited, as repeatedly under the present system an acute position arises pending allocation delivery. Hardware —Business continues brisk in all departments, with an improvement in stocks. Barbed and plain wires are quoted at reduced rates this week, and a reduction of £5 per ton is named for corrugated iron. A further reduction by Is per case is notiged itlhis week on kerosene. Potatoes—Supplies of potatoes are rather short on the spot, as local lots: have v not been sent in equal to the demand since the showery weather set in, probably because this checked digging operations. It is understood there is still o. fair quantity of local potatoes yet available for this market. Plenty of new southern potatoes should be to hand nest week, and alter that regular shipments may be expected. The quotation is £9 to £9 l'Os per ton. Onions—The demand is dull. Local are selling at 9s per cwt. Maize —Stocks in store are still ample. The quotation is 5s 9d to 6s in wholesale lines, on the wharf. Oats—The quotation is 4s 2d for B, and 4s 3d for, A grade per bushel, ex store. Algerian seed oats are selling at 6s to 7b. Chaff —The market is dull, and the price for best local is £8 to £8 10s' per ton, ex store. Flour —Supplies of flour are still very short, and the local mill ie l>eing kept at full speed. Wholesale current prices arc—Creamery butter, 2s ljd per lb (less rebate for prompt cash); formers' separator, 1» 9d per lb; first grade factory cheese, Is BJd per lb, export size la 2Jd, loaf Is 6d; dairy cheese, Is 3d; hams, 1b Id per lb net; bacon, Is Id per lb net; bulk lard, Is 3d, pats Is 3Jd; bulk margarine, Is 4d, pats is 6d; prime grade honey, lOd; eggs, 3s 4d per dozen; flour, £22 10s (less discount of 2| per cent, per ton in 2001b sacks); sharps, £lO 10b; bran, £7 10s; oatmeal (25's), £22 per ton. , PEARS CONDEMNED. (SPECIAL TO "THE PRBSS.") NELSON, April 14. The secretary of the Nelson Provincial Fruitgrowers' Council received a telegram from the secretary of the Federation this morning stating that a portion of tiv pears shipped by the Athenic had been condemned owing to the fact that on examination at Wellington they were considered to oe overripe. About 1700 cases in ail have been rejected. N.Z. FARMERS' CO-OP. A rumour has been in circulation lately •that the New Zealand Farmers' Co-operative Association of Canterbury, Ltd., were celling up the unpaid capital, which stands at £420,000. Mr A. W. Junieaon, general manager of

the Association, states that there is no justification for the rumour. He has heard of one or two shareholders who eold_ their shares at a sacrifice because of this unfounded report. HAWAKDEN MARKET. At tho Hawarden sale yesterday there was a yarding of 13G2 fat sheep and lambs and 005 stores. The fat lambs varied in quality from- very good to inferior, and the best lines sold readily at ruling values. The sales of fats were:— t Lambs—For T. Innocent, 78 at 16s, 25 at 17s 8d; T. Coetello, 178 at 18s; W. Neave, 194 at 18s 7d, 158 at 16s 4d; W. Howe; i 6 at 18s Id; W. Pierce, 22 at 15s 6d; J..J. Kermeen, 37 at 12s lOd; J. Costello, 37 at 12s sd; R. Wright, 120 alt 15s 8d; C. O. T. Rutte:<brd, 169 at 15s; A. Telfer, 60 at 13s lid; C. Mason, 40 at 17s Id; P. O'Connor, 28 at 12s lOd; H. Stokes, 21 at i3s 9d; D Morris, 60 at 17s Jld. Ewes—C. Mason, 30 at 10s; clients, 24 at 12s 2d, 9 at 13s; H. Pohl, 17 at 9s 3d. Wethers—C. O. T. Rutherford, S2 ait 38s Id. Stores—los halfbred lambs ait 7s Gd, 50 twotooth halfbred ewes at lis, 136 lambs at 6s Id; 164 at 4s 7d, 61 two-tooth ciwes 14s 2d, 18 ewe lambs at 8s lOd, 119 wether lambs at 8s 3d, and 27 lambß for 33s the lot. OATMEAL PRICES. A further reduction in the prices of "Thistle" oaltmeal is notified "by Fleming and Co., and the quotations now are:— 200"s £lO, 100's, 60's, and 25's, £2l (all per ton of 20001b); 7's, £24 10s (per ton of 22401b). CRADDOCK'S AGENCY COY., LTD. The auction sale of properties conducted by the above company on Saturday last resulted as follows: Lat 5, bein-r a residential pTopertv at the corner of Hill's losd and Gresford street,,, was sold privately at the full reserve price prior to the auction. _ Lots 6 and 7, being No. 406 Barbadoes street, comprising residence of 5 rooms and conveniences, also the large section adjoin- . ing wore sold to Mt Ollivcr for £BSO, and. an additional lot consisting of section with 44 feat frontage, and new bungalow of 6 room*, with all conveniences, was sold to Mr White for £1230. . 5047 CHRISTCHURCH STOCK EXCHANGE. Latest quotations:— Buyer*. Seller*, £ a. d. 4 •. «L DKBENTURES— N.Z. Govt. 41 per cent. Inscribed, 1938 .... 76 0 0 N.Z. Govt: H per cent. Bonds, 1933 .. W0 0 N.Z. Govt. 5 per cent.--luscribed, 1927 .. 88 10 0 N.Z. Govt* 5 per cent. , Bonds, 1927 .. 88 10 0 N.Z. Govt., 51 per cent. .Inscribed, 1933 ... 88 10 0 88 16 0 N.Z. Govt. 61 per cent. Bonds, 1938 •.. BANKS (cum. rights) National.of N.Z. .. - 610 0 New Zealand ... M.« 2 6 0 ' Royal Bank .... Union of Australia .. 11 8 6 1112 6 INSURANCE— National .. ■ .. 215 0. • South British .. 1 10v0 LOAN AND AGENCY— Mort (Melb.) 18 0 SHIPPING- ' Huddart-Parker 110 0 2 0 6 FROZEN MEAT— Canterbury .. N.Z. Refrigerating (10s paid) North "Canterbury Freezing (£3 paid) .. COAL— Westport-Stockton (8 per ■ cent, non-cum pref.) WOOLLENSKaiapoi (£1 paid) .. GAS— Christohurch. ~. 5 B 0 610 0 BREWERIES—f Manning " .. .. MISCELLANEOUSBeath and Co. .. Burns Philp .. - 1 16 0 Mason, Struthers (6s pd.) 0 f 0 MINING— Waihi GTand Junotion 0 7 0 AUCKLAND, April 14. Sales on 'Change—South British, 80s 6d; Waibi, 27s 3d; Union Bank of Australia, £ll 12s 6d; BanJc of New Zealand, 44s 6d. OUTPUT OF CHEESE. (SPECIAI, TO "TTTE HRESS.") k ; ' DUNEDIN, April 14. . Tie output of cheese from the South Island factories is being well maintained. Mr Lamb reports that the Bluff'stores will this week have 28000 crates of cheese awaiting shipment, and about 12,000 boxes of butter; tbat *fc Lyttelton there will be, irrespective of allotments, 8000 crates of cheese and 10,000 boxes of butter; and that at Dunedin, also irrespective of allotments, there will be 7500 crates of cheese and 3000 boxes of butter. All this produce is awaiting the allocation of shipping space by the Overseas Committee of which advice is expected at an early date.