220 Growth and Decclopment of the Trade hi frozen Mutton. 
sheep, or more thau half of the whole coming to England from 
New Zealand, Each of these seems to be doing fairly well in 
the business. 
The New Zealand Refrigerating Company, at Dunedin, in 
the province of Otago, exported 14G,561 sheep ; and, reporting 
in July last, declared a dividend of 8 per cent. Again, the large 
trade of the Canterbury Frozen Meat Company, at Christ- 
church, in the district whence the best class of New Zealand 
sheep is furnished, embraced the freezing of 22G,000 car- 
casses in the year, and was so far profitable that the dividend 
was 10 per cent. ; and the Wellington Meat Export Company, 
upon the Northern Island, which had frozen 101,000 sheep, as 
against no more than 5,000 in the previous year, seems to laave 
paid 8 per cent, to its shareholders, giving also a bonus of Sd. 
per sheep and l^d. per lamb to the shippers, and proposing still 
further to reduce the charges now current for freezing. 
Still more conspicuously successful was another company, 
already named as buyers as well as freezers of sheep, the Gear 
Meat Company. In this case the last dividend declared was 10 
per cent., while it was stated at the meeting that in six years' 
time GO per cent, of the capital employed had been returned. 
The ultimate test of the possibility of a largely extending 
trade is, of course, that of profit to all the persons concerned. In 
the case of New Zealand the risk of loss and the chance of gain 
are spread over many individuals. First we have the grower of 
the sheep — who, as he takes the risk of sale here in the New 
Zealand trade, is also the shipper ; then the Freezing Company, 
whose services are limited as a rule to the trade at some par- 
ticular port ; next, the shipping companies as carriers ; and, lastly, 
consignees on commission here. The commission charged by 
salesmen is, perhaps — as stated in the interesting summary of 
the frozen trade issued by Messrs. Wm. Weddel & Co. — the only 
item of cost which has not undergone diminution since the 
import trade began. This remains at 2 per cent., as formerly. 
To the loosely organised trade arrangements in London, 
skilled advisers of the colonial importers, such as the New 
Zealand Loan and Agency Company, have long attributed the 
unsatisfactory prices realised. It is alleged that the present 
level of New Zealand prices is kept much lower in relation to 
the best English mutton than it need be, by defective com- 
bination among the exporters. Those, therefore, who wish to 
reckon with the future of the trade must bear in jnind the 
possibility of improvements being effected in this matter, which 
may hereafter make the million carcasses of the New Zealand 
shippers more formidable competitors with our native sheep. 
