Report on the trade in refrigerated beef, mutton and lamb

Bibliographic data

Monograph

Identifikator:: 1800540760

URN:: urn:nbn:de:zbw-retromon-185131

Document type:: Monograph

Title:: Report on the trade in refrigerated beef, mutton and lamb

Place of publication:: London

Publisher:: Stat. Off.

Year of publication:: 1925

Scope:: vi, 65 Seiten; Ill., graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV. From overseas pastures to british ports

Collection:: Economics Books

RQ quantities of cheaply-marketed meat will be greater or less than that incurred in selling small quantities of meat handled at a oreater unit cost. It is not unusual in the summer months for supplies to be greater than demand, prices to be low and con- siderable losses to be made; but as the trade continues through- out the year, such losses are usually recouped when the market surns the other way. (iii) The part played by the Banks.—It may be convenient to consider briefly, at this stage, the part played by the banks in these operations. It is obvious that the freezing works could not go on operating if they had to stand out of their money until their goods were marketed. When a sale is made, the terms of the contract are usually cash against documents on arrival of the vessel at destination, and this may be many months later. Advantage is, therefore, taken of the facilities offered by the banks. An advance of a proportion of the value of the meat san be obtained in the producing country, against warrants, directly the goods are lodged in cold store. When the goods are shipped, the bill of lading, together with the freezing works certificate, which certifies that the goods have been properly frozen, and the insurance declaration, are handed to the bank, which then advances a further proportion of the cost which now includes freight paid in advance. The banker, in making these advances, is guided by the prices obtainable for similar goods at the same destination, and also by his judgment of the trend of the market. He endeavours, in other words, so to restrict his advance that he will be covered in the event of a sharp fall in prices. This system of marketing finance is of great value to the freezing works and makes it possible for them to continue treating. The advance is made on a bill drawn either on the freezing works’ representative in this country, at 30 or 60 days’ sight, or, in the case of a direct sale, it may be drawn on the buyer in this country. Frequently, an English merchant estab- lishes a credit in the Dominion through his bankers in this country and, in that case, the bills will be drawn under that credit. In addition, a good deal of meat is “ passed through ” the bank. The documents, when handed to the bank, are forwarded to their representative in London and the bill is presented to the drawee for signature.

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