U.S.A. BEEF IMPORTS

Sun (Auckland), Volume III, Issue 674, 28 May 1929, Page 10

U.S.A. BEEF IMPORTS

EXTENSION LIKELY NEW ZEALAND’S CHANCE In the United States, there is an embargo on Argentine and Australian beef. New Zealand has a monopoly because of this on the importations of beef to that country. 'J'HESE two conclusions are contained in a report made up on the prospects of beef imports into the United States by the London firm of George C. Kean and Company. The report is of added interest to New Zealand because the American steamer Golden Cross is ready to leave Auckland for Honolulu and San Francisco with a little over half of her refrigerated space occupied by New Zealand frozen beef. The shipment consists of 400 beef quarters, consigned through Westfield, and 559 bags of boneless beef through the Auckland Farmers’ Freezing Company. The Oceanic and Oriental Line, of which the Golden Cross is a unit, now has refrigerated space on all the steamers engaged in the Pacific CoastNew Zealand trade. In its report, the London firm brings forward the suggestion that, owing to a domestic cattle shortage, the United States will not be able to do without foreign meat in coming years. Imports are likely to increase even if the customs tariff is raised. EMBARGO THROUGH DISEASE The embargo on Argentine beef is due to the existence in South America of foot-and-mouth disease. Australia is not troubled with the disease and, in Canada, where there are no restrictions against Australian meat, fairly large shipments from the Commonwealth, as well as from New Zealand, went forward to Montreal and Halifax. Forward sales of New Zealand beef were made at prices ranging from to 5d a lb for first quality ox, 4Jd a lb for second qtiality ox, and 4d to 4§d a lb for cow, while Australian crops and hindquarters realised up to 5Jd a lb, all the foregoing prices being for sides c.i.f. North American ports. Last year, the values mentioned were higher than the equivalents in the United Kingdom at the time. . The report thinks that New Zealand has a great opportunity to advance its interests in American markets. It says that there are no indications of increases in the supplies of American domestic cattle. An obstacle may be met if the duty on imported meat increases notably. The present duty is three cents a pound and there are hints that this may go up to eight cents. Competent authorities appear to think that, within a few years, Argentine beef will be imported into the United States.

The United States embargo on Australian meat is because of tlie presence of nodules or cysts, especially in beef.

WHEAT VALUES SAG

SENSATIONAL SLUMP AT CHICAGO RAIN ON CANADIAN BELT (Australian and X.Z. Press Association) Reed. 9.5 a.m. CHICAGO, Monday. For the first time in 15 years, quotations of a dollar for wheat for May delivery were registered on the Board of Trade, when rains over the Canadian spring-wheat belt dispelled the fear of low yields, and caused heavy selling throughout the commission houses. The dollar price was reached in the first hour of trading, after stubborn “bull” resistance had held the market at an eighth of a cent above that figure for a considerable time. Today’s slump was a repetition of the past week’s trade, for under the pressure of record world supplies and excellent new crop prospects prices have been working steadily lower until levels are now nearly 50 cents below those of this time a year ago. Quotations—May, 98 5-8 cents a bushel: July, I dollar 4 3-8 cents; September, 1 dollar 8 cents; December, 1 dollar 12| cents.

STOCK MARKET BREAK

WALL STREET REACHES LOW RECORDS IMPORTANT ISSUES FALL (Australian and N.Z. Press Association) Reed. 10.43 a.m. NEW YORK, Monday. With call money remaining at 6 per cent, all day. fear of the monev situation continued in the stock market. and more than one-sixth of the entire general list broke to new low levels, while issues in nearly all groups reached low records for the year. Many important issues dropped six points or more, while General Electric lost 10 poirits. In the brokerage offices, the only advice seemed to be to keep out of the market.

Most of the brokers could see no real reason for losses, but advised that they expected the loss to continue. The market today made a weak attempt to pull up at the mid-day session. and then slipped back until most issues closed at the lowest levels fo.r the day.

NEW ZEALAND APPLES (Australian and N.Z. Press Association) Reed. 9.30 a.m. LONDON, Monday. New Zealand apples brought by the Port Fremantle were held over owing to offers not reaching the limits.