since early in 1921, a really firm forward market for beef, which 
further improved with the return of stability in German trading 
conditions. The year 1924 was a record year for frozen beef 
imports into the Continent—the total being 459,000 tons as 
against 223,000 tons in 1923, 113,000 tons in 1922, and 20,000 tons 
in 1913. The results both in the producing areas and in Great 
Britain were evident throughout 1924; producers were able to 
make a profit on their cattle; consumers here were faced with 
higher prices. The early months of 1925 have shown a con- 
tinued briskness, forward buying being more extensive than at 
any time in the previous four years. 
It is too early to say to what degree this exceptional conti- 
nental demand is permanent. Experts differ widely and, until 
the situation clarifies, the beef trade in London must remain 
extremely speculative. There is the additional complication 
that continental cold-storage accommodation has been so extended 
recently that re-shipments from, say, Rotterdam or Hamburg, 
may be expected and do, in fact, arrive when the London market 
is more favourable than the continental. The business of the 
meat-merchants in this country has, therefore, become more 
difficult; he has now to include the Continent in his purview, 
not only as a rival for supplies, or as an outlet, but also as a 
reservoir from which supplies may be shipped at any moment 
to the English market. 
The demand on the Continent is generally for a much leaner 
beef than that supplied to this country, and, to meet this, third- 
grade steer-beef and cow-beef are freely taken. The ‘ conti- 
nental > quality of the Argentine and Brazilian trade appears to 
suit, as does also beef from South Africa. ‘‘ Plainness,” specially 
in Southern Europe, is at present demanded, and this is a con- 
venience to producing countries in giving them an outlet for 
cattle which otherwise would have been canned, or not utilised 
at all. The preference for lean beef will probably pass, especially 
in Northern European countries, and already there is evidence 
to show that a higher quality beef can be profitably sold. The 
change will certainly be of benefit to Australian and New Zealand 
producers, who have a heavier quarter of beef to offer than the 
South American continental”; during the last two seasons, 
considerable quantities of beef from these Dominions have, in 
fact, been sold to Italy, France, Belgium and Germany. Up to 
the present, the Continent has shown little desire for frozen 
mutton and lamb. for which Great Britain remains the principal 
market. 
As the course of prices in this country must, to a consider- 
able extent, depend on the cortinental demand, the future 
development of the continental market is of great interest. On 
the whole, it would appear that the Continent has now become 
a regular absorber of frozen beef and that, in addition to the 
lower qualities, the higher qualities will be demanded in future. 
This mav tend to raise the price of all kinds of imported beef in 
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