(ii) Prices.—As the price structure of meat has been recently 
investigated by the Royal Commission on Food Prices, it has 
not been necessary to deal with the subject in this study. It is, 
however, of interest to note the changes in the general level of 
the wholesale prices of imported meat during the last 20 years, as 
taken from ex-stall returns of trade on Smithfield Market. 
(a) Chilled and Frozen Beef —Smithfield beef prices have 
varied to a greater extent than those of either lamb or mutton. 
[n 1905, Argentine chilled hindquarters were 4d. to 41d. per lb. 
There were some declines, but the tendency was upward in the 
years immediately preceding the war and, by 1917, prices stood 
at about ls. No supplies were offered after that year until the 
snd of 1919, frozen beef taking the place of chilled on the market 
because it could be more closely packed. In 1920, the price of 
chilled beef was again about ls., but, by 1922, it had dropped 
to about 6d., forequarters during the same period dropping from 
an average of about 81d. to 3}d. During 1924, hindquarters 
varied, on the average, from over 8d. to 4}d., and forequarters 
from over 5d. to below 2d: Chilled-beef prices are exceedingly 
unstable, and hindquarters may vary as much as 3d. per lb. in a 
fortnight. 
Australian frozen beef, in 1905, averaged about 3d. for hind- 
quarters and 21d. for crops (i.e., the forequarter without the 
brisket, which is cut off before the beef is exported). Here, too, 
there was an upward tendency before the war which was 
emphasised after war broke out. In 1920, Australian hindquarters 
were sold at over 11d. per lb., but the average price, during 
1921, was just over 6d. and, during 1922, about 4}d. During 
the same years, crops dropped from about 81d. to 4}d. and then 
to about 3d., though, during the course of each year, prices 
were, at times, considerably below these figures; indeed, the 
price was frequently merely nominal. Argentine frozen beef 
prices are usually slightly higher than Australian, those of New 
Zealand being about the same as Australian. Since 1923, frozen 
beef prices have been rising and, during 1924, Australian hind- 
quarters varied between 41d. and slightly over 51d. 
(b) Lamb and Mutton.— Twenty years ago New Zealand lamb 
averaged about 51d. to 51d. per 1b. By 1909, the price had risen 
to about 6d. and, after a drop to below 5d. in that year—due to 
a sudden increase in total supplies—steadily rose to over 63d. 
in 1914. During the war, prices soared and averaged over ls. 1d. 
in the year 1918. During 1924, prices varied from below 11d. 
to over ls. 11d., the average for the year being about 113d. 
Australian and Argentine lamb are roughly 1d. per lb. less in 
price than New Zealand. New Zealand mutton which, 20 years 
ago, was about 41d. to 41d. per lb., varied, in 1924, from an 
average of 7d. to 9d. per lb., Argentine mutton being about id. 
and Australian mutton about 1d. less.