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buyers who, long before the killing season begins, visit farms 
and form an estimate of the supplies likely to be available and, 
roughly, the proportion of each grade. Some buying may take 
place at this early stage, though, as a rule, both works and 
farmers do not care to commit themselves until they have some 
idea of probable london prices. To obtain this information, 
the London organisation or the London agents are freely con- 
sulted. In the case of British firms owning works in the 
Dominions, the proprietors are, of course, in close touch with the 
British market and they issue instructions to the works as to 
the prices which they should give for stock. The works manage- 
ment informs the London organisation whether buying can be 
done at the prices named. Frequently, the works are instructed 
as to the output required, the stock-buyers being left to follow 
the market to obtain supplies. When freezing works rely on 
agents in this country, the usual and most satisfactory method 
is to make or ask for a firm offer of meat. This preliminary 
offering may take place some weeks before the killing season 
begins. If, for example, the season is expected to open in 
October, the works may cable over to their London representa- 
tive during September, or even earlier, an offer of 10,000 lambs 
at, say, 10d. per 1b., shipment to be made during October. The 
London representative will immediately offer these lambs to 
various firms and, if possible, endeavour to obtain a higher price 
than 104. If he obtains an offer of 10d. or above, he will accept 
and cable out to the works to that effect, adding, as a guide, 
whether the trade generally was ‘‘ interested ” in offers at that 
price. If he cannot get 10d., he will probably cable the highest 
counter-offer he has received. From this information, the works 
will decide upon a buying price which will show a profit after 
taking into account what will be obtained for the fall,” s.e., 
the skin and offal. The stock-buyers will be instructed accord- 
ingly, and will visit farms or sales and buy to cover the trans- 
actions already made. The speculative character of the business, 
both in the Dominion and in this country, can be seen from this 
simplified example. In the first place, the London buyer, in 
September, agreed to pay 10d. for lambs that may not arrive 
until well into December, and, between the time of his purchase 
and the time of the arrival of his goods, the market may change 
considerably. It should be remarked that shipment during 
October is fulfilled if the lambs are placed on board ship on or 
before October 31st, though the vessel may not sail for a con- 
siderable time. In the second place, the works have sold at 10d., 
and when they try to buy stock, they may find the market 
against them so that the deal shows a loss. Of the two, the 
works are in the better position on this one transaction, as pre- 
sumably they would not have offered the agreed price unless 
they believed that they could buy to show a profit. 
It will be seen from the above, that the weeks which precede 
the opening of the season are of great importance to the freezing