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as good as Pond's; but, as neither of them are quite satisfactory as a butter-package, we will have to settle what is the best package to get and how a sufficient number of them can be got pickle-tight. That package is not made at present in New Zealand. With the experience of this season as a guide, you will have to consider what alterations it will be necessary to make in our rules. . . . The committee, in retiring, beg to submit that, although the result of the season's operations are very unsatisfactory, there is no reason to despair of the ultimate success of the undertaking, for increased shipping facilities will exist in the future, being such as will enable us to send our butter away twice per month, once per month direct from Port Chalmers. The other matter affecting the success of the undertaking is the package, which we submit for your consideration. Your committee would also submit that, bad as we undoubtedly are in the result of our season's transactions, we are better than any one who has shipped butter from Dunedin this season, for it seems that nearly all New Zealand butter has this season arrived in London in more or less bad condition. How is this ? In our opinion it arises chiefly from bad package. The sample of butter shown you to-day in wood-lined tin—an experiment of Mr. Eiddell's—was packed on the Ist March; and, had the butter we sent to London arrived there as good as this sample is, our balance-sheet would be a very different thing. The tawa butter-keg shown to-day was kindly given by Mr. Bridger, of Messrs. Thomson, Bridger, and Co., as a sample of what they were making. The retail price of the size shown is ss. For quantities of 500, more or less —that is to say, for our season's requirements —1001b. kegs, made in the style of that shown to-day, would cost £2 ss. per dozen ; and 701b. kegs of the same kind, £2 per dozen. As to their goodness or otherwise, until they are tried we will say nothing; but, as compared with Pond's boxes, they are just half tho price, and there would be a saving in freight, as one keg would not weigh as much as two boxes.

The Butteb Teade. The following review of the Australasian butter trade with Great Britain up to the Ist May, 1890, has been compiled by H. Trengrouse and Co., London: —■ " This season has been a very disappointing one to all concerned. Early in the year first arrivals sold fairly well, although quotations for European were from 15s. to £1 per hundredweight below those of last year, but only a small proportion of the total imports could be designated as of fine quality, and most of the parcels answering to that description went off in flavour shortly after delivery from the steamers, causing dissatisfaction to consumers, which might feasibly confirm the theory suggested by us last year, through our representative in Australia, Mr. Meadows, that the refrigerating-chamber is not the most desirable medium for the conveyance of butter, and that freezing should be discontinued, a temperature of 35° to 40° being likely to show 7 a more saleable condition upon arrival. When frozen, butter appears to lose its keeping-properties very quickly after its exposure in shops, and, indeed, before the packages have been opened, notwithstanding that they have been kept in cool warehouses upon this side, the trouble being considerably aggravated by such phenomenal mildness as we have experienced here during this year. In regard to secondary grades, great difficulty has been met with in finding buyers at fair prices in consequence of enormous supplies from all the European and American sources, which have ruled at very moderate figures, as already indicated. In the United States, similar climatic conditions having prevailed, very heavy shipments have been made from thence to London, sadly tending to aggravate an already-demoralised market. Although values of Normandy have rallied during the last few days to the extent of several shillings per hundredweight, there has not been any additional attention bestowed upon secondary Australian or New Zealand, which move very slow indeed at from £2 10s. to £3, down to £2 55., indicating very unsatisfactory results to shippers and importers. " The chief lesson to be learnt therefrom is the necessity of exporting only the finest grades, manufactured upon the factory system, as, except in seasons of great scarcity, inferior qualities are more than likely to result in loss. " Packages are an important feature, and kegs containing from 601b. to 701b. are thought to be much superior to boxes, and are more capable than the latter of being made air-tight. Of course, if boxes can be made thoroughly air-tight they have the advantage of stowing better on the steamer. " Some brands have been seriously prejudiced by the development of a ' fishy flavour,' which may possibly have been imparted by inferior salt. The cause, however, should be promptly investigated, with a view to prompt removal. " It has been amply demonstrated that the antipodes can supply us with most excellent butter, and, with the improvements for transit which should shortly be attained, it cannot fail to occupy the position it deserves in the English market. " Comparative Prices. —Finest New Zealand, January, 1889, £5 10s. to £6 65.; January, 1890, £5 to £5 10s. Secondary (same dates), £4 10s. to £5; and £3 10s. to £4. Present nominal quotations of Australian and New Zealand, £2 to £2 10s., and practically unsaleable, whereas fine would command £4 to £4 10s. Danish, £5 Bs. to £5 125.; Dutch, £4 6s. to £4 10s.; Normandy, £5 to £6 (scarce)." Approximate Cost of Paper.— Preparation, nil; printing (8,200 copies), £S9.

By Authority : Gbobgb Didsbuky, Government Printer, Wellington.—1890.