300 BUTTER-MAKING. 



"43. A carload shall consist of 300 tubs of one mark, unless 

 otherwise specified. 



"44. In case of failure to deliver a carload, settlement shall 

 be made on the basis of 300 tubs. 



"45. An application to the Superintendent for an inspection 

 of goods in controversy, if made within the time allowed for 

 inspection, shall be deemed a compliance with these rules in 

 this respect. 



"Penalties. 



"46. When an inspection of butter sold for spot delivery 

 shows the goods not to be of the class and grade sold, the seller 

 shall pay a penalty equal to 5% of the amount of the contract, 

 and the fee for inspection. If the official quotation for the 

 day exceeds the contract price, the seller shall also pay to the 

 buyer in the same way the difference between the contract 

 price, and the average official quotation. 



"47. If butter purchased for future delivery be not de- 

 livered as per contract, the buyer shall promptly notify the 

 Superintendent in writing. At the next regular meeting of 

 the Exchange, an announcement of the same shall be made 

 by the Superintendent, who shall buy in the goods for account 

 of the seller, provided it can be done under the call at current 

 rates. If, however, the price demanded seems to him un- 

 reasonable, he shall not make the purchase, but shall refer 

 the matter to the Butter Committee, who shall determine the 

 difference between the contract price and the actual market 

 value on the date on which delivery should have been made, 

 and this amount, together with a penalty equal to 5% of the 

 amount of the contract, shall be paid by the seller. 



"48. If butter, sold for future delivery, be not received 

 when properly tendered, the seller shall promptly notify the 

 Superintendent in writing. At the next regular meeting of 

 the Exchange, an announcement of the same shall be made 

 by the Superintendent, who shall sell out the goods, under 

 the call, for account of the buyer, and if the price obtained be 



