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equal to previous seasons. American butter lias come very sparingly 
to our market, Irish butter and Continental butterine having pre- 
vented any regular trade being done. The operation of the new 
tax on oleo in the United States has also had a hurtful influence, 
as prices have been kept up to figures which precluded importers 
from acting with freedom or with a reasonable chance of profit. 
Cheese. — While the course of the butter market has followed the 
expected and conventional lines, the prices of cheese have been of 
a somewhat surprising description. The new season's make found 
but a poor reception in consequence of the large stocks of old cheese 
in the hands of the retail trade, and the general impression was 
that only a run of very low prices would cause a healthy demand. 
Buyers were, therefore, inclined to stand aside, as the demand was 
far from encouraging. In the course of the month of June, 
although there was nothing in the situation to justify such a pro- 
ceeding, one or two large English houses began to buy up all 
the finest cheese in Canada and the United States ; and the later 
makes being curtailed by the severe drought in many parts of the 
country, prices of American cheese were forced up nearly 20s. per 
cwt. On the other hand, we have been favoured with an excep- 
tionally large and fine make of Scotch cheese, for which there has 
been, a healthy demand at steadily advancing prices. The greater 
part of the make is now understood to be out of farmers' hands, 
and a further advance in prices is looked for early in 1887. Dutch 
cheese have been in full supply, and are at present the best value 
in the market. 
Butterine. — Leaving the natural products of the dairy, we must 
glance at the artificial, in the form of Dutterine. This article has 
met with a steady demand, although not to such an extent as in 
some previous years, the low prices of the genuine article having 
interfered with the sale during six months of the year. Prices have 
also been somewhat unsettled by the action of the United States 
authorities in imposing a tax on oleo, and both manufacturers and 
the trade generally have suifered in consequence. The great bulk 
of the supplies is still drawn from Holland ; but the industry of 
butterine-making is extending somewhat in our midst, as, in addi- 
tion to the small factories at Liberton and Dunraggit, there has 
been a new one erected in the neighbourhood of Kilmarnock, and 
active operations are expected to start in a few weeks. It is still 
an open question whether the article can be made at a profit in 
this country, and the resxilt of this latest experiment will be 
watched with interest. 
