The American Cattle Trade. 
373 
total cost between shipment and delivery from Ljjtf. to l\d. 
per lb. average, and it is confidently expected that a further 
reduction will be effected. 
While the exporters of American dressed meats depend for 
their profits and the permanence of the business upon the ruling 
prices on the two sides of the ocean, the fact of the trade must 
itself influence those prices. When the margin between them 
becomes too small, the shipments may be suspended, and a 
surplus in the Eastern markets of this country will soon carry 
prices down to a point which will reopen the trade. The extent 
of the trade must even now, though perhaps imperceptibly, reduce 
to some extent the prices of English beef at its great markets. 
I have noticed that, at periods during the last fifteen months, 
when the prices of English beef at the Metropolitan Meat 
Market have been lowest, the reports have in each case noted 
the presence of an unusually large supply of good American 
beef. Remove the American competition entirely, and prices 
in England will probably soon warrant new consignments. The 
trade already has a double action. 
It is true, undoubtedly, that the selection of choice animals by 
the exporters, and the amount of their shipments, have caused of 
late a scarcity in the higher grade of beef in the home markets, 
and, indeed, the general demand has somewhat exceeded the 
supply ; hence the advance in prices here. This can have but 
one effect — an increased production and lower rates. It has 
been shown that both are quite feasible, accompanied, too, by a 
steady improvement in the average quality of the beef mar- 
keted. It is not probable that any considerable decline will be 
realised ; for if the foreign demand is such that increased ship- 
ments will meet with ready sales at anything like the prevailing 
prices of American beef in England during the last year, the 
exportation of our entire surplus will tend to hold up the prices 
here ; but it is the possibility of the future, as well as the present 
fact, that we are considering. Should a sudden decline of prices 
occur in the cattle-trade, it would cripple holders who had 
bought at higher rates ; but the general result reached by this 
extended review of the subject is, that it is possible to effect a 
gradual reduction in the cost of production and handling at 
all points, without embarrassment to any concerned, or such 
lessening of profits as will diminish the supply, until beef fully 
equal in quality to the best now exported can be started from 
Atlantic ports in any quantity that is demanded, at a cost to 
the owners of 3f d., and delivered in Great Britain at a cost of 
4Jrf. per lb., gold basis. 
In conclusion, therefore, I believe that American beef will be 
profitably sold before long, in Liverpool and Glasgow, at 4Jrf. 
