226 Gron'th and Bevelopment of the Trade in Frozen Mutton. 
laud from its depreciated value to tlie extent of 20 to 30 per cent. 
On tlio strength of the trade improvement of last autumn, this 
gentleman had already sold three farms at 10?. 10s., 15?.,and 10/. 
an acre respectively, after having failed to obtain a satisfactory 
offer during seven years. So strong was the faith in the future 
of the frozeu-mutton trade which was held, that he was keep- 
ing 14,000 sheep on turnips, while a neighbour had 36,000 
being so fed, 15,000 of them being fat wethers. Since the 
beginning of 1888 this one New Zealand flockiuaster had, it 
seems, shipped 31,000 carcasses of sheep and lambs, obtaining 
the advantage of the summer rise in price on a considerable 
proportion of that great number. 
Argentine. 
The trade in frozen mutton from the Eiver Plate is. however, 
the youngest ' of the two forms of competition with which 
alone British farmers need seriously concern themselves. It may 
be said to have jiractically assumed dimensions entitling it to 
notice only in 1883, and is conducted in a manner wholly 
diverse from the New Zealand trade. In New Zealand the 
freezing and shipping interests are distinct, as a rule, from those 
of the stock-owners, who have their sheep frozen at one fixed 
rate, and sent here at another, themselves retaining ownership 
of the mutton and risking the commercial return on the ship- 
ments made. 
In the Argentine Republic the trade is practically concen- 
trated in four hands, and I believe that number is about to bo 
reduced to three. The exporting companies buy, either on 
standing contracts, or from time to time on the estanc'uis or at 
the markets, the sheep they want ; they freeze in works situated 
in different Argentine centres, charter the vessels, and them- 
selves receive, store, and sell at their discretion in the English 
markets. 
At present the companies engaged are the River Plate 
Fresh Meat Company of London, represented by Messrs. 
Drabble Brothers on the other side ; Messrs. S. E. Sansinena 
& Co., who are represented both in Liverpool and in London ; 
Messrs. James Nelson & Co. of Liverpool ; and Messrs. Terrason 
— the last-named firm a French one, I believe, buying and freezing 
in the Argentine territory, and consigning to agents here the 
produce of their works. The probable absorption of this busi- 
ness by Messrs. Nelson is reported. 
The freezing stations of these companies now in operation 
are situated at some distance from each other, but all in the 
