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prices, till they have finally attained the rates the market opened 

 at in spring. The expectations of an increased supply to the 

 market in 1873 have heen disappointed, the receipts being in round 

 numbers but 360,000 firkins, against 400,000 in the same period of 

 1872, showing the very large decrease of 40,000 firkins. This is 

 attributable to the farmers having fattened the cattle for sale instead 

 of keeping them for dairy purposes ; so that, although the prices 

 of butter may be called high, there were great attractions in other 

 branches in farming, 



FouEiGN Butter. — The month of January commenced with very 

 heavy stocks lying at the London market, say over 25,000 packages, 

 and a great portion of it of very inferior and doubtful quality. 

 There was a good demand for finest Normandys at the beginning 

 of the month at 134s. to 154s., closing at 140s. to 156s. Dutch 

 varied considerably. In February the greater part of the stocks lying 

 in the London market was of inferior quality ; prices for finest 

 Normandys, the first week, 148s. to 156s., then a reduction of 4s. the 

 second and third weeks, and a further 4s. at the close ; best Dutch, 

 135s. to 142s. With fair average supplies the month of March 

 opened with a somewhat quieter feeling ; the chief part of the arri- 

 vals were of middling quality : very little American in the market. 

 The arrivals in April were of full average, and best Normandys were 

 quoted at 124s. to 134g. the first week. The coldness of the weather 

 at the end of this month had some efi'ect upon prices ; no American. 

 In May supplies were large, over 120,000 packages. Best Nor- 

 mandys began at 122s. to 126s. In June, arrivals were large, but a 

 good deal being wanted for Manchester, Liverpool, &c., a clearance 

 was effected. Best Normandys were in request at about 112s. to 

 118s.: no American, and scarcely any arriving. In July arrivals 

 were large. Best Normandys sold steadily at 112s. to 118s. until 

 the last week, when, the weather being hot, buyers operated sparingly 

 at a reduction of 2s. per cent. Supplies in August were a little 

 beyond an average extent. The fear of the Adulteration Act 

 operated against doubtful descriptions. In September supplies 

 were large ; a good demand for finest qualities. In October, sup- 

 plies were bej'ond average ones ; but the feeling was scarcely so 

 firm as it had been. Asking rates were — Normandys, 13Gs. to 144s. ; 

 American, slow sale at from 90s. to 124s. In November the arrivals 

 were very large, a considerable portion of it of second and third 

 rate qualities. Best Normandys saleable at 136s. to 146s. American, 

 sale slow at from 96s. to 104s. for inferior, to 126s. for finest. In 

 December the foreign supplies were large, but holders of fine 

 qualities firm. 



