( XXVII ) 
144s., and Dutcli at 124s. to I28s., and no material change took 
place till March, when the top quotations of these principal kinds 
were 130s. and 124s. Subsequently, only 108s. and 90s. were paid ; 
and in June, when all descriptions were at their cheapest, the 
range for Normandy butter was from 70s. to 104s., and for Dutch 
from 56s. to 6Gs. In July and August an appreciable rise was 
recorded, when prices for the best qualities were 104s. to 110s., 
followed by a still greater advance in the later months, when, in 
October, Normandys fetched 80s. to 130s., and Dutch 112s, to 130s. 
Since then the market has been rather unsettled, but the more 
recent quotations have been on a parity with those just named. 
The value of American butter has varied in proportion, starting at 
80s, to 124s., dropping to 50s. to 110s. in March, 40s. to 90s. in 
April, and stopping at 40s. to 50s. about the middle of the year ; 
but latterly prices have been advancing, and have ruled from 60s. 
to 110s. per cwt. The movements in other descriptions have been 
of minor importance. 
Cheese. — The trade in cheese has maintained the extraordinary 
dimensions which it reached in 1884, and its rapid disappearance 
from the market into consumption has been chiefly due to the 
persistent manner in which importers and others have forced its 
sale almost regardless of price. All kinds have undergone a severe 
depreciation in value, and present quotations, though shillings 
above the late lowest point, are still so reduced that some holders 
are now looking forward to a permanent reaction. American 
cheese, as usual, has taken the lead in our local market, and has 
been sold at varying prices throughout the year. At the com- 
mencement 45s. to 68s. were the asking rates for ordinary to prime 
qualities, but a flat tone shortly ensued, particularly for the lower 
grades, which were disposed of at 36s. to 40s, per cwt. In May 
the heaviness increased, and the worst kinds lost value so per- 
ceptibly that 30s. to 35s. was the most that could be got for them. 
The prime makes in their turn likewise suffered, and from June 
till September the best prices obtainable for these were 40s. to 46s., 
or quite 20s. per cwt. below the opening prices. Lately there has 
been a rather better demand at firmer rates, and the finest 
American cheese now sells at 50s. to 54s., with useful sorts at 
38s. to 42s. Dutch cheese has been ofi"ering on proportionate terms 
during the year, and at the close the best descriptions are 6s. to 10s. 
per cwt. cheaper than they were a twelvemonth ago. English 
makes of all sizes and shapes have participated in the depressed 
condition of the market which has characterised the year 1885, 
and the closing quotations rule about 10s. under those in January 
last. 
