372 
The American Cattle Trade. 
product. No such difficulty is apprehended in the future, how- 
ever, and no further advance in prices. 
Referring to previous figures, we see that there is a large profit 
to most of those concerned in raising, feeding, and marketing 
cattle in this country, when the best beef sells alive in New 
York at §\d. per lb. estimated dressed weight. This is, as 
above, the highest price reached for the best during the past 
nine months, the average being 5frf. So, if the exporter 
can afford to make shipments when paying Q^d., he is safe 
enough. The men who export, buy their beeves at the yards, 
have their own slaughter-houses, dress, pack, and ship, and 
remain the owners of the meat when sold by the cargo on the 
other side. The animals thus purchased, if in New York, 
weigh about 1400 lbs., dress 58 per cent, of this, about 800 lbs., 
and cost, say, 20/. But the buyer gets the "fifth quarter;" 
and as this is worth in New York about 3/. for such an animal, 
he is able to slaughter, pack, and ship the four quarters, and be 
satisfied if they then yield him 18/., or 5^d. per lb., for what he 
purchased nominally at %\d. And this b^d., at which the beef 
stands when ready to leave New York, means United States 
currency, or 5frf. in gold. The cost of ocean-transit is l±d. 
per lb., gold, at the outside, making the lb. of American beef 
represent to its owner, when landed at Liverpool or Glasgow, 
practically, Q±d. This, being of the best quality, brings the 
highest price ; and if sold for 4s. Ad. per stone of 8 lbs., it covers 
all costs, and the exporter makes his profit, as shown, in the 
handling at New York. This profit I place at 4 per cent, upon 
the total capital employed, and the nature of the transaction 
makes it probable that one constantly in the business will repeat 
it at least ten times a year with the same capital. But, as before 
stated, the highest rates prevailing at any time during several 
months past are those which have been taken in considering the 
cost to the exporter, while the average price which the exporter 
has received for good beef during the same period at Liverpool is 
understood to be at least 4s. per stone. Most of the shipments 
during the last six or eight months have reached the other side 
at such a cost to the exporter, that all he could obtain over 
5jrf. a lb. per carcass was surplus, or profit over and above what 
he considered as covering the rise and risk of his capital. 
The details of the method of ocean transit of dressed meat, 
and the itemised cost of the same, are omitted, because the one 
has been fully described and illustrated in numerous publica- 
tions during the present year, and the other varies with the 
circumstances attending each shipment, and the efficiency of 
the manager. Various improvements and means of econo- 
mising — the results of experience — have already reduced the 
