FROZEN MEAT OUTLOOK

Sun (Auckland), Volume IV, Issue 942, 8 April 1930, Page 11

FROZEN MEAT OUTLOOK

EASIER PRICES PREVAIL INCREASED PRODUCTION Recent cables from London relative to the Smithfield meat market I report an all-round tendency toward lower levels for frozen meat prices. i TNDICATIONS at the moment are | that farmers who shipped Home cn their own account, and whose consignments should be arriving from now on, will show a margin of loss when returns arc compared with the net New Zealand price offering at the time of shipment. The lower prices lor frozen meat offered by exporters in New Zealand this season induced a large Dumber of farmers to ship to London on their ; own account; for the first few months of the season their enterprise was rewarded, and sales in London, even after deducting freight, insurance, handling and commission charges, ! showed a profitable margin over the , | cash prices which were offering in the . Dominion at the time of shipment. To- - day, with heavy supplies arriving on l the market, the position lias been re- [ versed, and the smaller exporters j stand to lose. A significant factor about this week’s reports is the decline in Canterbury lamb at Smithfield to 1 levels under that offering for best 1 North Island lamb.

The Southern product is apparently no longer regarded as the star line in New Zealand frozen meat exports. The A\ aikato and fertilisers has apparently triumphed at last. Today, best North Island lamb is quoted at 8 5-8 d in the Smithfield markets, compared with Sid lor best South Island lamb. At this price it can be seen there is very little margin for exporters who are offering up to 7id for best grade lamb on the hooks at Auckland. Reviewing the position" at Home at the end of last week the New Zealand Meat Producers’ Board’s representative stated that the lamb market had eased during the week; the market for ewes and wethers was dull, with a poor demand; beef was also depressed owing to large arrivals of Argentine chilled heel'; short supplies of bacon pigs were keeping prices up for baconers. but the demand lor New Zealand porkers was falling olf owing to the warmer weather. Auckland meat exporters, interviewed this morning, could add little to the Meat Board’s cable: all their ad - vices were to the effect that the market was depressed, .generally regarded as a result of the general depression combined with heavy supplies. The outlook was such that most exporters were operating with considerable caution in respect to fixing schedule prices. A pleasing factor about the position from the point of view of the national income of the Dominion is the allround increase in production which is reported from most stock-raising districts. Returns to hand show an increase in returns of Auckland works. Stock is still offering freely for this time of the year, cattle in particular coming forward in greater numbers than last year.

WOOL PRICES HOLD Reed. 10.35 a.m. LONDON, Monday. At the wool sales, 6,140 bales were offered, including 3,109 from New Zealand. Approximately 5,230 bales were sold. There was a small offering of greasy Merinos, principally of Continental style, and a good offering of greasy crossbreds. There was a steady demand and a good clearance was made at full late rates. New Zealand greasy crossbreds sold: KRA, 102 d and 10$d; Tepura, 13d and 12. id; Pare, 12d and 10Ad. Half bred, Moeraki, 13d and 12\d. BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Joseph Nathan -and Co., from Trenj grouse and Nathan, Ltd., London: —• ‘ Butter. 3 245. White cheese, 745; coloured, 765. Both markets weak with buyers holding off.”