FROZEN MEAT.
DROP CAUSING CONCERN
WELLINGTON, February ffi The drop in the London quotations for frozen meat, the first experienced this season, is causing some concern, for the position is rather a delicate one for the freezing companies, especially those in the North Island. It is contended that all through the season the prices paid farmers have been above the London parity. The pace tv as set by one of two companies, and these ultimately eased off or altogether ceased buying. A tremendous number of sheep and lambs were bought at the ugh prices, and there is a considerable piantity in store and afloat that is now dfectcd by the drop in values. According to the Meat Board's figures there were in store on January 31st. 315,000 carcases of lamb and 080,000 carcases of mutton, and in addition there were 391,000 carcases of lamb and 100,000 carcases of mutton in the holds of steamers still in New Zealand waters at tlie end of last month. It is not merely that meat prices have dropped but the by-products of the freezing factories have also declined. Wool, tallow and pelts are all lower, and are tending downwards.
Taking all the factors into consideration it is estimated that the drop is equal to os pel* bead on wethers and ewes and Is on lambs. If the market holds at the present prices, there will not be much harm done, but if prices go lower, and that is not unlikely, the freezing companies will have to face considerable losses. The trade has been carried on this season under-peculiar conditions. Ilteio has been almost an entire absence of c.i.f. business, which means that those who formerly bought c.i.f. and were thus interested in maintaining the mar-
kct lire now more disposed to forcing prices down. Because the c.i.i. buyers have not operated, most of the freezing companies have been obliged to buy on tlieir own account, and it can readily lie seen that any further drop in values will land them in heavy losses. It is expected that on the hoof values will drop immediately.
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Hokitika Guardian, 18 February 1925, Page 4
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350FROZEN MEAT. Hokitika Guardian, 18 February 1925, Page 4
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