for fortifying sweet wines. After this amount had been made, the remaining quantities of suitable grapes were very small. This year a large amount of grapes ordinarily used as table grapes was converted into brandy, because the price for table grapes was very low. This brandy has not yet come upon the market. The following are the receipts by sea since 1891:

IMPORTS OF CHAMPAGNE AT THE PORT OF NEW-YORK FOR THE LAST

REVIEW OF THE CHEESE AND BUTTER TRADES OF NEW-YORK, FOR THE YEAR 1896.

THE CHEESE TRADE.

RECEIPTS AND EXPORTS OF CHEESE, WITH RANGE OF PRICES AT NEW-YORK, DURING THE YEAR 1896.

The generally unsatisfactory condition of the cheese trade for several years past, with gradual shrinkage in the volume of business and the deplorable wind up of the season of 1895, and serious losses incurred, especially in early made fodder cheese, had a very discouraging influence on factory men. Many did not attempt to start up their factories in the spring of 1896 until they could produce full grass cheese, while, in a great many instances, machinery was put in for the purpose of making butter. The low prices ruling through the spring and early summer further discouraged the make of cheese, and the low prices realized by farmers for their milk diverted large quantities to condenseries or milk stations, which were opened up at several new points.

The low, unprofitable prices ruling early in the season were largely due to the demoralized condition of the English market. Large stocks of the previous year's make, both of Canadian and American cheese, had accumulated on the other side, which had to be finally closed out at very serious losses, and this caused very cautious buying of the new crop by exporters here, and counteracted any beneficial effects that might have been expected from the large shrinkage in the make. As the season advanced, however, the falling off in the production, not only here and in Canada, but also in England and the Australian colonies, began to be more fully appreciated, and prices began to look upward in August. At first this was largely due to speculative buying in the country, but later, as the soundness of the situation became more fully demonstrated, operators became more interested, and we had a strong, healthy market up to the close of the year.

The operation of the so-called "RAINES Bill" was an influence looked upon with considerable anxiety by dealers. Heretofore it has been estimated that fully 150,000 to 200,000 boxes of cheese had been consumed on the free lunch counters of New-York City and vicinity alone in each year, and a further large quantity in other portions of New-York State, and that outlet was entirely done away with by the abolishment of free lunches in all saloons and hotels throughout the State. The loss of this outlet, however, has been partially counteracted by the national legislation regarding filled cheese, which has reduced the manufacture of that spurious article to almost nothing. The Government Internal Revenue Department estimated the manufacture of filled cheese in Illinois last season at 15,000,000 pounds, equaling 428,571 boxes of 35 pounds average. It is probable, however, that 15,000 to 20,000 boxes of skim cheese will be made in those sections during the winter months of 1896-97.

The year opened with much larger visible stocks than for several years previously on January 1, and later developments demonstrated that they were largely under-estimated, both as regards American and Canadian holdings. Holders were apparently confident in their views on the basis of 9 @ 10c. for fancy large full cream, and 104 @ 101c. for fancy small sizes. Demand from the home trade, while not showing any force, was still fair for the season, and the market gained a little in tone until 104c. became a well established price for large sizes, and 104 @ 10jc. for small sizes. But those were the highest figures reached during balance of the season. Exporters showed considerable interest, but mostly in early made full cream and late made skims, their prices generally ranging from 7 to 84c., rarely a fraction higher. During February there was little change in the general features for fancy cheese, home trade demand ruling fair though not active at any time, and prices held, with a fair degree of confidence, at 104c. for large, and 10 @ 10c. for small sizes. Exporters showed little interest in the higher grades, but were free operators in early made cheese, though rarely cared to pay above 8c., and sales above that were exceptional. Some lots were obtained during the month a shade under 8c.

During March the home trade demand was moderate, but prices were held fairly steady on the highest grades until near the close, when there was a little more anxiety to try and clean up large sizes a little more rapidly. A slight weakness developed, though no general decline took place until the latter part of April, when, with warmer weather and near approach of new cheese in quantity, prices were reduced to 94 @ 94c. for fancy large, and 94 @ 10c. for fancy small sizes. These figures were the general asking prices until after the middle of May, when remaining stocks were urged to clean up at 9 @ 94c. for large and 91 @ 9c. for small sizes.

Exporters continued to operate freely, mostly in under-priced cheese, all through the season up to the middle of May, while large lots were shipped from here on direct consignment, and Canada kept exporting large quantities; from the amount of cheese that became visible from Canada and in the States between January

and May, it was evident that the stocks on January 1 had been under-estimated nearly if not quite 450,000 boxes.

New cheese was much later last spring than usually the case. The serious losses sustained the two previous years in early made cheese determined most factorymen not to start their factories until full grass cheese could be produced, and while a few scattering lots of part skims arrived during April, not enough new full cream cheese appeared to establish a market until the first week in May. Exporters showed considerable interest in the first new full cream that appeared, but only wanted white, and 8 @ 8ặc. were the extremes for finest factories. New colored had very little attention, and 74 @ 74c. the nominal opening prices. Really fine new white light skims had some export demand early in May, at 5 @ 6c., but bulk of the early made skims were poor and offered at 2 (a 3c. per pound; as receipts of new increased the market ruled weaker, dropping to 8c. for fancy large white by May 15, while large colored continued under neglect, and 63 @ 7c. all that could be reached, though small sizes worked out fairly to the home trade at 8@8c. for colored and 8 @ 84c. for white. Receipts continued to increase and prices gradually declined, until by the end of the month 64c. became the extreme for fancy large white, though colored was not as plenty as white and commanded c. more. Small sizes ruled weaker in sympathy and were offered at 7@74c. for both white and colored before the end of the month. Prices showed little variation until about the middle of June, when higher prices, paid at primary markets, compelled receivers to ask 7a74c. here for large sizes, both white and colored, and some business was done on that basis; but it materially curtailed the export demand, and the market re-acted in a few days to 7c., and ruled weak during the balance of the month of June, closing at 6c. for large and 7c. for small sizes. During July quality was irregular, but supplies were not large, and there was little variation in prices until near the close, when, with speculators paying full prices in the country, the market developed a little stronger tone here, though 63@ 7c. for large and small sizes were all that could be reached.

During August the lighter production became more fully appreciated, and with active speculative buying in the country, the market sustained a sharp advance, prices steadily improving, until 8@84c. were reached on the 19th; but those figures checked the demand from exporters, and after being held about a week began to sag, and before the close of the month dropped back to sc. for colored and 7c. for white, though firmly held at those figures. During September supplies were comparatively moderate. Speculators operated freely in the country, and the market continued to improve until 94 @ 94c. was promptly obtainable by the middle of the month, though later there was a little re-action, and prices fell back to 83 @9c., though only for a few days, and then became stronger again, closing the month at 94c. for fancy large and 9 @ 91c. for small sizes of full cream. Continued speculative buying in the country during October caused strong and advancing prices here, and 10@104c. were well established before the close of the month. General demand from home trade sources did not show any special

activity, as naturally the case just prior to the general election, and prices were rather high for exporters to use much of the finest cheese, though there was a good export demand for early made, and quite a reduction made in the refrigerator holdings.

The movement in fancy September cheese was comparatively moderate during November, but with supplies light and costing high in the country, holders showed increasing strength, and were indifferent about offering large sizes below 10gc., though small sizes were more plenty than large, and 10 @ 104c. about all that could be reached. Exporters showed fair interest in grades obtainable a little under in price, and there was a fair movement to such buyers in late made at a range of 9 @ 9 c. Fresh receipts during December continued moderate, and with stocks of fancy cheese well concentrated in few hands and little more of such quality left in the interior, holders were very firm and confident, and prices showed further advance to 10% @ 103c. for highest grade, both large and small sizes. The home trade demand, while not specially active at any time, still showed fair volume, as most dealers were running on light stocks and compelled to be frequent buyers on the market. Trading was actually better than usual toward the close of an old year, and kept up remarkably well right to the close. Exporters showed little interest in fancy cheese, but were continuously on the market searching for most all grades of under priced stock, either full cream or desirable skims, and such grades had worked into such narrow compass that the actual movement for export was moderate.

As the year closes the outlook is certainly a promising one. Very little stock of any quantity is left at primary points. Holdings here as well as at all other distributing points are comparatively moderate, the West is cleaning up rapidly, very few of the larger jobbers or dealers are carrying any stocks, and taken altogether the market appears to be in a stronger and more healthy position than for several years past, at this season.

COMPARATIVE STOCKS OF CHEESE IN STORE ON JANUARY 1ST.