Growth and Development of the Trade in Frozen Mutton. 235 
Occasional accumulation of stocks has often caused uneasi- 
ness to the impoi'ters, for charges for storage are a matter of 
importance. The record of so great a stock as 99,000 frozen 
carcasses awaiting purchasers at one time in London in October 
1885 was regarded as alarming to the trade; but much larger 
stocks have occurred since then. June 1887 acknowledged an 
accumulation in London of no fewer tlian 200,000 carcasses ; 
a fortnightly stock-taking rarely showed less than 110,000 
-throughout that year, and for only about one month in the 
entire year was the stock here under 100,000 carcasses. 
Still more embarrassing was the position when 1888 opened, 
as it is said there were then 140,000 fimen sheep. Despite a 
growing importation, there do not seem to have been equally 
heavy unsold accumulations at some later dates, but that remain- 
ing at the end of December was larger, 191,000 carcasses. Prices 
showed a rise of considerable importance in summer — the July 
level being 43 per cent, above January ; but this was followed 
by a steady decline in the later autumn and winter, so that the 
year ended with prices very nearly as low as when it began. 
Quoting in stones of 8 lbs. from the valuable circulars of 
the New Zealand Loan and Mercantile Agency Company, and 
throwing the data into tabular form, a good picture may be 
obtained of the course of values, and of the conspicuous difference 
displayed in the relative firmness in price of the best home 
mutton over that of mutton from abroad, which, as usual, fell 
towards the end of the year. (See Table on page 236.) 
At the commencement of the year 1888, the mild weather 
of January was believed to have retarded the frozen sales, and 
prices drooped, the country markets keeping a higher level than 
London. A month later both these features were reversed : 
a slight rise took place in London, while country prices re- 
mained stationary, A concentration of frozen supplies in fewer 
hands than usual in March promoted a further rise in New 
Zealand imports ; but the River Plate mutton, of which supplies 
were plentiful, remained cheap. May again saw a check in 
value. At the end of six months the London stocks were down 
to 90,000 carcasses, and the rate of consumption was apparently 
rising ; the arrival of the " Selembria " with a cargo of 24,000 
damaged, and in part jettisoned, apparently helped a revival,which 
caused prices to touch a higher level than had been reached since 
the middle of 1886. The stocks were reduced to some 40,000 
carcasses in August, and hd. and b^d. per lb. were the prices 
quoted. The usual autumnal arrival of Dutch mutton once 
more augmented supplies, and the frozen trade, sensitive as it is 
to the smallest competition in the lower grades, again dropped 
