No. 4.] KEPOKT OF DAIRY BUREAU. 



337 



last two years. Ten per cent of the product of June 30, 

 1902, to June 30, 1903, which was estmiated at 1,500,- 

 000,000 pounds, would amount to 150,000,000 pounds; 

 the falling off of the oleomargarine product of 78,000,000 

 pounds, A\ hich it took an equal amount of butter to re[)lace, 

 would leave a net increase of 72,000,000 pounds of butter 

 for the year 1903-1904 to depress the market. Then, too, 

 the 54,000,000 pounds of renovated butter, elsewhere re- 

 ferred to, comes much nearer conipetitit)n with creamery 

 butter than would that which was renovated. This accounts 

 to a considerable extent for the ruling low price, and argues 

 that the farmer has not only had a larger market for his 

 butter, but the consumer has not been obliged to pay an 

 extra price for it. 



The following table shows the extreme quotation for the 

 best fresh creamery butter in a strictly wholesale way in 

 the Boston market for the last eight years : — 



