io62 The Provision Trade in February, [march, 1912 



tities early in March. The values of hogs at Chicago during the month 

 ranged from $5.80 to $6.35, against $6.65 to $7.85 last year, and 

 $8.10 to $9.35 two years ago. 



The English curers still report a shortage in the quantity of bacon 

 pigs obtainable, and consequently they are having to pay higher prices. 

 These conditions are likely to become more acute as time goes on. 



Cheese. — The trading throughout the month has been of a very 

 disappointing nature, and prices show little, if any, changes. Although 

 present values are many shillings above those current at the same time 

 last year, it is generally expected that still higher prices will prevail 

 during the next three months, on account of the small stocks at all 

 points. 



It is now estimated that the increase in the make of New Zealand 

 cheese will be about 10 per cent, over last year. There is no accumu- 

 lation of this description on spot, although ^the arrivals have been 

 heavier. There will be practically no more cheese shipped from 

 Canada, and there is nothing to come from the United States, the 

 small stocks being required for home consumption. 



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

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

 was 139,000 cheese, against 210,000 at the same time last year, and 

 221,000 two years ago. The stock of New Zealands was 16,200 crates 

 in London and Bristol, against 32,000 at the same time last year. 



The abnormally high prices of English cheese have curtailed the 

 consumption, but holders of stock are firm, especially on high-grade 

 lots. 



Butter. — The demand has been quiet, with a tendency for prices to 

 drop slightly, especially at the close . of the month, but no doubt the 

 somewhat restricted trade in many districts on account of the 

 threatened coal strike has been the cause of this. It is generally 

 anticipated that prices will remain around present levels for the next 

 two months at least. The weather during the month has not been 

 conducive to a good consumption, and at such extreme prices dealers 

 naturally operate very cautiously. The most striking feature of the 

 market has been the way in which importers have been able to make 

 within 25. of first-grade goods for all secondary quality butter, which in 

 the ordinary course of events would be selling at from 55. to 6s. under 

 best. 



Some of the latest advices from Australia speak of the very serious 

 effect that the drought is having on the production in that country, 

 especially in Queensland and New South Wales; in fact, is is reported 

 that these two States are finding it necessary to buy their best-grade 

 butter in Victoria. The arrivals from the Argentine, which have been 

 fairly free, have made good prices, as the quality is reported to be 

 very fine this year. The weather there has been very favourable for 

 the production of butter. 



Eggs. — The arrivals of foreign eggs have been extremely small ; 

 in fact, importers have at times been able to make almost any piices 

 they cared to name, so great has been the scarcity of these cheaper 

 grades. At the end of the month prices for English show signs of 

 easing a little. 



