9/2 The Provision Trade in January. [feb., 1912 



year, and it is felt by many operators that they are as high as they 

 are likely to go, but others think, with the visible supplies in England, 

 Canada, and the United States much smaller than for many years 

 past, we shall go to 80s. before the beginning of April for Canadian 

 and New Zealand makes, as even with the reduced consumption on 

 account of the high prices, there will not be sufficient cheese to fill 

 requirements until the new makes arrive. Some further purchases 

 of best Canadian makes have been made with Canada at from 74s. 

 to 755. c.i.f., and practically all stocks available for export have now 

 been sold. Cables from New Zealand still 'report dry weather, so 

 it is thought that there will not be a large increase in the shipments 

 from that country, as anticipated. . 



At the end of the month the estimated stock of Canadian cheese at 

 the three principal distributing centres (London, Liverpool, and Bristol) 

 was 206,000 cheese, against 266,000 at the same time last year, and 

 245,000 two years ago. The stock of New Zealands was 10,000 crates 

 in London and Bristol, against 14,000 at the same time last year. 



English cheese was in fair demand at extremely high prices, 

 present rates being from 20s. to 245. per cwt. over those current at 

 the same time last year. Supplies were difficult to obtain. 



Butter. — Prices fluctuated during the month, and at the close were 

 about 2s. to 45. higher than at the end of December. They still show 

 a range of values from 26s. to 305. over those of January, 191 1, how- 

 ever. It is contended by many interested in the trade that the present 

 prices are the result of the "bull" operations of large speculators, 

 but it is not entirely so. On January 1st, 191 1, the public cold stores 

 in London, Liverpool, and Bristol had heavy stocks of butter kept 

 over from the previous summer (which was a wet one), and the losses 

 incurred by the wholesale merchants were very great, the goods 

 having to be sold at under cost of production. We may have slightly 

 reduced prices, but until May next we must expect to Have about the 

 present abnormal rates, as a result of the past summer's drought in 

 England and on the Continent. We cannot expect any further ship- 

 ments, either from Canada or the United States this season, as all 

 available stocks are required for home consumption in those countries, 

 at prices relatively above those current in this country. 



