COMMERCIAL.

Taranaki Daily News, 8 March 1922, Page 2

COMMERCIAL.

AUSTRALIAN LOANS. By Telegraph.—Press Assn.—Copyright, Received March 7, 5.5 p.m. London, March 6. It is understood New South Wales and West Australia are floating loans within a few weeks.—Aus.-N.Z. Ca&le Assn. LONDON MARKETS. HIGH COMMISSIONER’S CABLED REPORT. The Department of Agriculture has received the following cablegram, dated March 4, from the High Commissioner for New Zealand, London : MEAT. Supplies of chilled beef still much above normal and affecting demand for and prices of heavyweight mutton, eWes, and heavyweight lamb. It is reported that Argentine beef shipments are now being limited, and space used for imutton, and this is affecting c.i.f. sale New Zealand mutton. Fair demand for New Zealand lamb and lightweight mutton. New Zealand beef almost unsaleable, and quotations quite nominal. New Zealand Mutton.—Lightweight: March 4, 7%d to 7%d; February 25, 7%d to 7%d; February 18, 7%d to 7%d. Heavyweight: March 4, 6%d; February 25, 7d; February 18, 7d. Ewes: March 4,6 d; February 25, 6 l-8d; February 18, 6 l-Bd. New Zealand Lamb. —Old season’s lightweight, March 4, 10%d; February 25, lO&d to 10%d; February 18, 10V4d to 10%d. Sec-ond-class quality, lightweight; Marqh 4, 10%.d. Heavyweight: March 4, 9%d; February 25, lOd; February 18, lOd. New season’s: Maffeh 4, lid to is o’4d (according to weight) ; February 25, 11 %d to Is. BUTTER. Market firm, with brisk demand for unsalted, but very slow for salted. Present quotations are:— New Zealand.—-Salted: March 4,138 s, 140 s to 142 s per cwt. (Is 2%d, Is 3d to Is 3%,d (per lb.); February 25, 136 s to 140 s per cwt. |(ls to Is 3d per >b.) ; FebAiary 18, 135 b to 140 s per cwt. (18 2%d to Is 3d per lb.). Unsalted; March 4,13« s 6d to per cwt. (Is 2%d to Is 3%d per lb.) ; exceptional, 144 s per cwt. (Is 3%d per lb.) ; February 25, 140 s to 145 s per cwt. (Is 3d to Is 3%d per lb.) ; February 18, 150 a to 160 s per cwt. (Is 4d to Is 5d per lb.).

CHEESE. Market slow, and lower prices have been accepted. Towards end of this week New Zealand colored, selling down to 98s per cwt. (10%d per lb.), and white 84s per cwt. (9d per lb.). Official quotations are:—

New Zealand.—March 4: Colored, 96s to 100 s per cwt. (10’Ad to 10%d per lb.) ; white, 84s to 80s per cwt. (9d to 9%d per lb.). February 23: Colored, 98s to 102 s per cwt. (10%d to lid per lb.) ; white, 86s to 90s per cwt. (9’4d to 9%d per lb.). February 18: Colored, 100 s to 102 s per cwt. (10%d to lid per lb.) ; white, 90s to 94a per cwt. (9%d to lOd per lb.). Estimated stock of New Zealand and Australian cheese in London, Liverpool and Bristol on March 1, 55,900 crates, and Canadian and U.S.A., 56,000 boxes.

TRANSFER RATE REDUCED. London, March 6. The Australasian banks have reduced the cable transfer rate on Australia and New Zealand to 5s from Wednesday. INGLEWOOD SALES (From Our Own Correspondent.) For Saturday’s mart sale by Newton King, Ltd., a. good number of pigs were offered. There was a large gathering, but bidding was none too vigorous, and, if anything, prices were in favor of buyers. Good porkers sold for £2 0s «d, store pigs £l, wcaners from 9s to Ils, slips 15s. Cocks and hens made Is 6d <0 2s 4d,, a purebred cock 9s 6d, cockerels Is, hen and brood 4s 6d, ducks Is 9cL Pears brought 3s to ss, local grown apples 2s 6d per box, imported 4s 6d for half and 6s for full-sized cases. Beetroot, carrots, beans and other vegetables, aa well as general sundries, completed the sale. The sale at the Farmers’ Co-op. yards on Wednesday (March 1) attracted a very considerable attendance,. to. wlroun a good yarding of stock was submitted for sale. The prices realised do not snow much evidence of renewed confidence amongst buyers, though It may be hoped that the favorable weather following sale day will improve matters from the vendors’ point of view. Weuner heifers of mixed type sold up to 255, Jersey strain 645, 18-month lu-calf heifers 60s, a springing heifer made £5 10s, backward store cows from 15s to 255, forward up to 50s, fat cows £4 ss, bulls from 40s to 70s. A considerable number of sheep were yarded, and realised 9s to Us for forward ewes, 10s 6d for Loggets, and 26s 3d for Romney rams.

THE MEAT TRADE. AN ANALYSIS OF ENGLISH PRICES. The London Financier, in its issue to hand by the last mail. Las the following Interesting remarks on the price of imported meat:— “Accumulations of <meat in the United Kingdom continue to be very large and wholesale prices very low. Heavy losses are believed to have been incurred by meat companies. In these circumstances it is stiU doubted in responsible quarters if the retailers are doing all in their power to encourage consumption by lowering prices. The fear is expressed that retailers may prefer to be content with a comparatively large profit on a small trade, instead of aiming at a counparatively small profit on a larger trade. “As Indicating the wholesale and Retail prices in London for imported meat, we are informed that those shown below represent tie wholesale prices in Smithfield market yesterday. and thosec charged amongst retailers for joints. The cost to the retailer of one hindquarter of chilled Argentine beef in the Smithfield market represents, on the basis of a weight, of 1801 b at 7%d per lb, about £5 8s 9d. The amount which the retailer should realise froan tLis purchase is put down at £8 12s 6d, th£ amount being made up as

' —rne surplus to the retailer would thus be 4i4d per lb, or £3 3s 9d for the quarter. “Similar figures for chilled forequarters of Argentine beef show that the cost to the retailer of one forequarter of 1601 b at 3%d per lb would amount to £2 6s Bd. Tte total selling prices by the retailer should realise £4 6s Bd, representing a surplus of 3d per

“It will be seen from these figures that a butcher could buy a side of beef, consisting of fore and hindquarters, for an expenditure in the market of £7 15s 6d. His surplus on this outlay should be £5 3s 9d, or about 66 per cent, on the purchase, price. From this surplus ho would have to pay the cost of delivery from the wholesale market and his shop expenses. These expenses would, c,f course, be spread over the total trade, which in the ease of a representative suburban butcher is assumed to average About tea

quarters of beef -and, thirty sheep weekly. Taking these facts into account, tte view Is expressed, in wholesale circles that retailers could reduce their prices and yet make the same amount of total profit, if they would be satisfied with a smaller profit on a larger volume of business. “The profit to the retailers in the case of New Zealand mutton seems to be now substantially smaller. The cost to the retailer of a carcase on the basis of yesterday's wholesale prices would be, at 5d per lb, £1 8s 9d. The total selling price might, as » shown below, be expected to be £1 13s Bd, representing a profit of only one penny per lb, or of 4s lid per carcase: — £ 3. <l. Legs, 161 b at 9%d. per lb » 12 8 Shoulders, 141 b at 7Vfcd per lb .. 0 8 9 Loins, 121 b at 7d per lb 0 7 9 Necks, 101 b at 5d per lb » 4 2 Breasts, 51b at 2%d per lb 0 1 1 Waste, 31b 0 0 0 Average, 6%d per lb £1 13 8 “The surplus of Id per lb on the muttop compares with a corresponding estimated surplus of 4d per lb on the hindquarters of beef, and of 3d per lb on the forequarter* of beef.''

follows: — £ Rump steak 201b at Is lid per lb 1 18 4 Sirloin, 321b at Is 3d per lb .... 2 Thick flank, 221b at Is 2d per lb 1 Topside, 201b nt Is 3d per lb .... 1 Silverside (boneless), 141b at Is 3%d per lb 0 Thin flank, 161b at 4d per lb .... 0 5 4 Leg beef, with bone, 201b at 3d 5 0 Aitch bone, 101b at 8%d per lb .. 0 7 1 Kidney knob, 61b at Is 4d per Tb 0 8 0 Waste fat, bone, etc., 201b 0 0 0 Averag®. ll’/fcd per lb_ .. •. £8 12 6

lb. or of £2 per quarter:— £ s. <1. Prime rib, 241b at Is l%d per lb 1 7 « Top, 101b at lOd per lb 0 15 0 Back, 201b at oy 2 d per lb 0 15 1° Thin flank, 101b at 4’/ 2 d per lb .. 0 6 0 Brisket, 181b at 4%d per lb 0 6 9 Boneless shin, 101b at 5%d per lb 0 4 7 Clod and sticking (boneless), 251b at 5%d per lb « 17 6 Waste, 291b 0 0 0 Average, OM-d per lb ...... £4 0 8