262 CATTLE-RAISING INDUSTRY IN THE UNITED STATES. [Dec. 1896. 



following is given as an approximate estimate of the various 

 items of expense : — ■ 



Per Head. 



s. d. 



Railroad freight from Chicago to New York - 29 2 



Feed on ocean - - - - - 12 6 



Ocean freight (about) - - - - 37 6 



Insurance - - - - - 36J 



Attendance - - - - - 4 2 



Yardage, commission, &c, on English side - 12 6 



Incidental - - - 4 2 



Total - - £5 3 6± 



It is calculated, making due allowance for loss of weight on the 

 voyage, that a difference of some 3d. to 3\d. per pound between 

 the Chicago and English prices (live weight, and estimated 

 dressed weight respectively) is just sufficient to enable the 

 exporter to recover his outlay with a fair profit, supposing the 

 shipment to be of heavy cattle ; and the prices in the two 

 markets tend in the long run to adjust themselves in this 

 relation. A difference in price of more than 3\d. has an imme- 

 diate effect in stimulating purchases for export at Chicago ; a 

 very slight advance of prices at Chicago, or decline at Liver- 

 pool, bringing the difference in price below 3d., is sufficient to 

 make exportation a losing business. The exporter having gene- 

 rally been forced to engage ocean freight some months in 

 advance has then to choose between sacrificing his freight or 

 shipping at a certain loss. Thus the business had admittedly 

 been one of great uncertainty and risk. 



It seems still a matter of doubt whether the larger profits are 

 secured by exporting the cattle alive or in the form of chilled 

 beef. The United States Secretary of Agriculture in his report for 

 1895 says : " It appears to work out more profitably to transport 

 the live cattle. They are carried on parts of the ship that 

 would otherwise be unoccupied. They do not require such 

 special fittings and appliances as to debar the vessel from 

 carrying other cargo when cattle are not available." 



