(h'Qwth and Bevdopnent of the Trade in Frozen Muiion. 221 
Besides the prospect of closei' combination among those 
selling, the more perfect machinery used has helped to secure 
lower insurance charges — the premium falling from Ql. Gs. to 
4'?. per cent. ; while an actual saving in the process of freezing 
and of transport now secures more profit for the New Zealand 
exporter. In Messrs. Weddel's circular a contrast is made be- 
tween the aggregate freights and charges of 1888 and those of 
1883. It is claimed that services which cost 4c^. in the earlier 
were effected for no more than 2\d. in the later year ; and it is 
- argued that a price of 3|(i. per lb. to-day is nearly as remunera- 
tive to shippers as when in 1883 to 1885 as much as h\d. to (Sd. 
was obtained. 
Now, literally speaking, to take from 3|c/. a sum of 2|cZ. 
only leaves \\d. ; while if we take the lower of the two higher 
earlier prices, 5^f?., and deduct for charges ^d. therefrom, there 
was then still left \\d. Judging, however, from the price of 
tallow, the local or boiling-down value has also probably receded, 
and this must largely affect the possibilities of profit. It 
is scarcely recognised here, as it should be, to how low a point 
the local boiling-down values might recede, but for the outlet 
which the frozen export now furnishes. 
There is no doubt, however, that the margin of cost has been 
reduced between the present time and the early days of the trade, 
to meet falling values here. I can remember a speaker at the 
Meat Conference held at the Health Exhibition of 1884 telling 
us — I have no doubt relying on the opinions of experts and 
authorities then engaged in the trade — that no prospective calcu- 
lation would be safe which did not assume that a London selling 
price of Q^d. per lb. would be requisite to attract increased 
supplies, and that to sell any Australasian mutton at all profitably 
here, Qd. at least should be secured, although possibly the River 
Plate business could be carried on at 4^^. Events ha,ve not 
shown us that such limits may be set. 
As it is useful, if we are to forecast in any way the possible 
future, to compare the reduced costs now with the older charges 
borne by imports, I shall endeavour to contrast with the present 
outgoings a statement which was largely commented on in the 
English press as lately as 1886, and which purported to show 
on good authority the essential unprofitableness of a trade which 
only secured 5cZ. per pound in England for prime New Zealand 
mutton. The original figures were said to have been taken 
from actual account sales, and their accuracy guaranteed ; they 
represent the charges on 1,000 lbs. of frozen mutton disposed of 
in London at hd. The parallel charges, which I now suggest as 
probable, I have had checked by competent authorities here : — 
