a 
First-quality lambs are usually graded at ‘‘ 42 1b. and under,” 
i.e., the two lower-weight grades are grouped together, and the 
average weight of the whole parcel offered is given. There are 
two ways of stating this average in the trade, namely, ‘ average 
— 1b.” and “average not to exceed — 1b.” The first is, 
apparently, an individual average, 7.e., each carcase must be that 
weight, with an agreed allowance of 1 lb. each way; in the latter 
case it is a bulk average, ¢.e., the individual carcases may be of 
any weight—unless a range of weight is stated—provided that 
the true average is not higher than that stated in the terms of 
sale. The grouping of carcases weighing under 42 Ib. for sale 
at one price is explained by the premium set upon light carcases, 
and this gives the average weight its importance, for it shows 
the buyer whether his purchase will contain a larger or smaller 
number of the lighter grade. First quality lambs, however, are 
not usually sold alone, but a percentage of second quality are 
included. Thus an offer from the Dominion may be of 10,000 
Victoria lambs under 42 1b., average not to exceed 35 lb., 
75 per cent. first quality, 25 per cent. second quality. The 
buyer bidding for such a parcel has a nice point of prices to 
decide, for, although he is bidding for two qualities, his normal 
business may be confined to first-quality goods, and, apart from 
weight variations, he will have to decide the exact price-relationship 
of the 2,500 second-quality lambs which he must buy in order 
to obtain 7,500 of first-quality. If he is a jobber,* he will, of 
course, endeavour to sell on exactly the same terms as he has 
bought. At times, a percentage of the heavier weights, i.e., 
over 42 1b., are included in an offer—the works adopting this 
practice in order to dispose of their heavy weights at a satisfactory 
price. Ability to do this depends on the general state of the 
forward market; in times of scarcity, the inclusion of heavy 
weights may be advantageous, but, in times of heavy surplus 
it would tend to depress the price offered for the whole parcel. 
The works operator, offering meat on the above system, is 
endeavouring, as far as possible, to pass over to the meat his 
method of buying the live animals. Buyers visit farms and 
sale yards and buy ‘ mobs,” including all grades, at a certain 
over-all price, though the buyers’ skill is such that they can 
quickly make an approximation of the proportion of each grade 
which their purchases include. The meat merchant, on the 
other hand, is interested only in such carcases as suit his trade 
in this country. It follows that the trade is most successful 
when the two agree; it is the task of the producer, therefore, to 
produce a carcase of the quality and weight which the meat-trader 
requires. | 
(ii) New Zealand.—Because of its climatic and other natural 
advantages, New Zealand holds the world’s premier position as 
an exporter of lamb. Its exports of mutton have also been high 
in recent years, though, in 1924, exports from South America 
* Qee pages 37-38.