(g) Notification of or claims for taint may be made within 10 days, provided that in the case of bacon purchased between June 1 and September 30 the parcel be stoved within five days from the date of the delivery order. Complaints of bad bruise or fishiness may be made within 10 days.

(h) Sales to arrive.-When shipper's weights are taken, loss in weight shall be tested within three days of landing, at wharf, railway depot, or buyer's warehouse, and buyer shall be entitled to an allowance for any loss of weight exceeding an average of 2 per cent upon each separate tender under a contract.

(i) The date of invoice shall be that on which the goods are ready for delivery.

RULES GOVERNING C. I. F. AND F. O. B. (OCEAN STEAMER) CONTRACTS

The following rules are published as being in agreement with the Institute of American Packers:

1. The term c. i. f. shall mean that the shipper shall pay only cost, freight. and insurance (other than war risk and pilferage) to discharging berth of vessel at point named in contract, or in case of transshipment to other agreed destination.

2. (a) C. i. f. contracts.-All risks shall be on buyer's account after actual shipment from the packing house or store.

(b) F. o. b. (ocean steamer) contracts.-All risks shall be on buyer's account on and after the date of ocean bill of lading.

(c) During the period April 16 to October 16, inclusive, all goods shall be shipped from packing house or store to seaboard in refrigerator cars.

3. Unless otherwise agreed upon at time of sale, payment shall be made by acceptance at 30 days sight with documents attached, the said documents to be surrendered on due payment of the acceptance under rebate, or at seller's option by cash on arrival of the goods in exchange for the documents and/or delivery order, certified if required, entitling the buyer to delivery of the goods, less a rebate for the unexpired portion of the term of the draft, from the date of sighting draft or receipt of invoice, at the current rate of banker's rebate on day of payment. Unless otherwise stated at time of sale the price shall be in sterling.

4. Each shipment shall be regarded as a separate contract.

5. The words "about" or "remainder," when used in contracts with reference to the average weight of the parcel or the quantity, shall mean within 5 per cent over or under that stated. Variation in weight of individual pieces shall not exceed 10 per cent from the extremes mentioned in the contract, up to 40-pound average and 5 per cent over 40-pound average. The words "prompt shipment" shall mean shipment within 10 days; immediate shipment shall mean shipment within five days, both exclusive of day of sale. The word "shipment" in this rule shall mean "dispatch from packing house or store," unless otherwise stated in contract.

Certificate of marine insurance shall cover invoice cost and 10 per cent. The term "marine insurance" used herein shall be construed and interpreted as meaning that the insurance furnished covers total loss and general average due to marine perils, and particular average due to marine perils if the damage amounts to 3 per cent on each separate package.

6. All goods are warranted that at the time of shipment they are sweet, in good condition, and of the usual quality of the brand and description contracted for (provided that allowance shall be made to cover the case of goods detained in the packing house or seller's store by reason of the seller's inability to ship as referred to in clause 16). Also that they are pure and free from all adulteration and made or manufactured in accordance with the requirements of any statute and/or orders in council in force in the United Kingdom at time of sale. In case any dispute arises as to such quality and/or conditions, the question shall be referred to arbitration as hereinafter mentioned, provided that such reference be claimed in writing within three days after the goods shall have been landed, or, if the goods be landed before the buyer has sighted draft and/or received invoice, then within three days after such sight ng or receipt.

7. (a) On bacon or hams ocean shipped between May 1 and October 31, inclusive, for which the buyer contracts for shipment in refrigerated ocean space, and/or any bacon or hams ocean shipped between November 1 and

April 30, inclusive, no claim shall be made upon the seller for any loss in weight under 1 per cent. In the case of ocean shipments made between May 1 and Ocotber 31, inclusive, where the buyer does not contract for shipment in refrigerated ocean space, no claim shall be made upon the seller for any loss in weight under 2 per cent.

(b) On refined lard ocean shipped between May 1 and October 31, inclusive, for which the buyer contracts for shipment in refrigerated ocean space, and on any refined lard ocean shipped between November 1 and April 30, inclusive, no claim shall be made upon the seller for any loss in weight under one-half of 1 per cent. In the case of ocean shipments made between May 1 and October 31, inclusive, where the buyer does not contract for shipment in refrigerated ocean space, no claim shall be made upon the seller for any loss in weight under 1 per cent.

(c) The seller shall allow the buyer any loss in weight over and in excess of the percentages specified above for bacon and hams, or for lard, respectively, provided the buyer gives the seller reasonable written notice of his intention to average such notice to be compulsory and to specify a time of averaging which shall be within three days after 10 per cent or more of the goods shall have been landed, or if the goods be landed before the buyer has sighted draft and/or received invoice, then within three days of such sighting or receipt. In the case of boxed meats, if a parcel on weighing shows a gain on average, the same shall be charged to the buyer. For the purpose of this rule refined box lard in all paper-lined packages shall be weighed in drafts of 1 hundredweight at one time, and to the quarter of a pound, with an allowance of 4 ounces per hundredweight for paper. In either case overweight to be put against short weight in averaging. Boxed meats packed in salt shall be brushed at scales before weighing. Boxed meats cured in the United States of America packed in borax shall be weighed without brushing, with an allowance of one-half of 1 per cent for borax. Boxed meats cured in Canada packed in borax shall be weighed after brushing, with no allowance for borax. Provided that the seller's liability under this clause shall be limited to a period of 30 days from date of shipment from packing house or store, when such packing house or store is situated at an inland point, and to 20 days when such packing house or store is situated at seaboard.

8. The following shall be deemed holidays, and not business days: Sundays, Good Friday, Saturday after Good Friday, Christmas Day, New Year's Day, and statutory bank holidays.

9. When a seller fails to ship goods within the time specified in the contract he shall pay the buyer the difference (if any) between the contract price and the market price of the same or similar goods on the day of default (as in this rule defined), to be fixed in case of dispute by arbitration as hereafter provided, plus such penalty (not exceeding 1 shilling per hundredweight) as assessed damages as may be determined by arbitration as hereafter provided. For the purpose only of ascertaining the amount to be paid on such default as mentioned in this rule the day of default in the United Kingdom shall be deemed to be the twenty-first day if from inland points in the United States of Canada, or the twelfth day if from seaboard points in the United States or Canada after the last day, for shipment provided for in the contract.

10. Whenever a seller accepts a rejection of tender, or whenever a rejection of tender has been upheld by final award (other than under clause 12), he shall have the right of making other tenders within the time limited by the contract; but a tender once made shall not be withdrawn without the consent of the buyer.

11. Whenever it is finally awarded that the goods tendered are equal to the contract warranty, the seller shall forthwith deliver and the buyer accept the goods tendered, but subject to the terms of payment provided for by the contract.

12. Whenever the arbitration committee or appeal committee award that the goods tendered are not equal to the contract warranty, they shall also determine and certify, as on the date of the default, the market price or the value of goods equal to the warranty, and also the difference in value between such goods and the goods actually tendered; and the buyer may, before 12 o'clock noon on the next business day after he receives the final award, elect in writing to accept the tendered goods for or on account of his contract, in which case the seller shall pay or allow the buyer the certified difference in value.

In default of such election, the buyer shall forthwith invoice the tendered goods back to the seller at the certified market price or value, as above

provided, and as on the day of default, and the seller shall pay or allow such invoice price to the buyer; any profit or loss being received or borne by the buyer or seller, as the case may be.

13. Should either party to a contract at any time declare his inability to meet his engagements, or become bankrupt or insolvent, all his outstanding contracts shall, within three business days next ensuing, be closed at the market price then current for the several periods for which they may be open; and the difference thus ascertained shall be a claim on or an asset of his estate. 14. The standard average weight of packages shall be 350 pounds net per tierce for lard and 500 pounds net per box for meats. This clause shall not apply when brands are specified in the contract, in which case the weight of packages usual to the brand shall be the standard average weight.

15. Sellers shall not be responsible for the consequences of war preventing the due shipment of the goods sold.

16. If in consequence of lockouts (other than of the seller's employees only), strikes, riots, fire, floods or storms, or any other cause or causes, whether of the same kind or not, beyond the seller's control, a seller is unable to make shipment of the goods or any part thereof, he shall give notice thereof to the buyer by telegraph before the expiration of the time allowed for the shipment by the contract, and thereupon the time allowed for shipment shall be extended for 28 days or for 7 days from the time when the operation of the causes preventing the due shipment of the goods has ceased, whichever shall be the shorter period. Whenever the operation of the above causes continues beyond the said period of 28 days, the seller shall further notify the buyer by telegraph of his continued inability to make due shipment under the contract, whereupon the buyer may within the next three business days elect to notify the seller by telegraph canceling the contract or offering him the alternative of canceling the contract or fulfilling it by shipment within the next 14 days. If the seller accepts the latter alternative and afterwards fails to ship within the 14 days specified, the provisions of clause 9 shall not apply, but instead thereof settlement shall be made on the basis of the market price in the United Kingdom of the same or similar goods on the last day of shipment provided for in the original contract. Failing such notification on the part of the buyer, the contract shall remain in force and the time for shipment be extended to seven days from the time when the operation of the causes preventing the shipment ceases.

Whenever a seller of a buyer gives any such notice, as provided by this rule, the effect of such notice shall follow and apply to every subcontract relating to the same or part of the same goods as are the subject of the original contract, provided (1) that the subcontract has been made subject to these rules, and (as regards the goods thereby agreed to be sold) to the like terms and conditions (except as to price) as are contained in the original contract, and (2) that the seller in the subcontract shall, within two hours after he shall have received such notice from his seller, give a similar notice to his buyer by delivering the same in writing at his place of business if situated within the recognized city limits, or by sending the same by telegraph addressed to him at his place of business if situated outside the recognized city limits.

17. Shipment south of North American bacon, hams, and lard is prohibited from any port south of Philadelphia, unless by agreement with the buyer, and except that during the period November 1 to April 30, inclusive, shipment may be made from the port of Baltimore.

18. All disputes arising out of a contract made subject to these rules shall be referred to arbitration, in accordance with Rule XII of the Liverpool Provision Trade Association (Ltd.), which Rule XII is to be deemed part of and incorporated in the contract.

PORK AND HEADS, MESS PORK, AND BEEF

Pork and pork heads in barrels and tierces. In averaging, seven days is to be allowed and overweight is to be put against short weight. The terms of payment and credit are (at seller's option):

(a) Payment by cash within seven days from date of invoice (or before delivery if required) less two months' discount at the rate of 5 per cent per

annum.

(b) By approved bill at two months from date of invoice. No buyer shall be entitled to full discount who does not pay cash within seven days f

of invoice. On payments made after seven days, discount to be allowed at the rate of 5 per cent per annum on the unexpired portion of two months and three days.

Checks (town or country) not to count as cash until cleared.

Mess pork and beef.-Mess pork is packed in barrels of 200 pounds net and beef in tierces of 304 pounds net each. Ten per cent may be turned out for averaging, and overweight to be put against short weight. Time for averaging is seven days. Terms: Payment by acceptance at two months to approved buyers, or by cash in seven days, less 12 per cent discount.

BUTTER-LANDED SALES

General rules for weighing and averaging.-Packages containing net weight of 30 pounds and under to be weighed to one-half pound. Packages containing net weight of more than 30 pounds and up to 60 pounds to be weighed to one-half pound. Packages containing a net weight of more than 60 pounds to be weighed to 1 pound. Packages of irregular weights to be weighed gross and tare. Tares to be weighed to one-half pound. Averages to be taken within three days, but on fresh and mild goods immediately on delivery.

Overweight on packages of uniform marked weights can neither be included in the average nor charged for. Should any package taken in average prove to be more than 1 pound below the average short weight of the parcel, the loss will be allowed and another package substituted in place thereof.

In averaging packages (other than packages of uniform marked weight), overweight shall be put against short weight. Should any package taken in average prove to be more than 1 pound below the average short weight of the parcel, the loss will be allowed and another package substituted in place thereof. Any package showing a gain of more than 1 pound over the marked weight shall be treated in the same way.

When averages are taken, principals shall have the opportunity of being represented.

Ten per cent of the bulk to be weighed if required by buyer or seller, but in the case of hot weather not more than 5 per cent to be taken.

The date of invoice shall be that on which the goods are ready for delivery.

MARKET NEWS AND TRADE STATISTICS

One of the chief sources of commercial information are the reports on all subjects that come continuously from 1,000 or more representatives of the United States Departments of State, Agriculture, and Commerce resident in foreign countries. These reports are distributed by the two last-named departments through "Commerce Reports," printed documents, mimeographed reports, etc., to every section of the United States.

The Department of Commerce is now issuing weekly export statements of specified meat products through principal ports in order that an official check may be had on private statements which conflict.

The Department of Commerce compiles import and export statistics from import manifests and export declarations. Completed compilations are issued through the department's "Monthly Summary of Foreign Commerce of the United States" and the annual volume "Commerce and Navigation." The former contains monthly totals of imports and exports and the latter yearly data, showing sources of origin and destination of merchandise in foreign trade.

Other very important information is disseminated by the various State and the National organizations of farm bureaus and by the United States Department of Agriculture.

One of the important sources of trade information in this country. is the Chicago Board of Trade. Data which come to it are distributed or made available to its members and by them to many packers throughout the country. The board receives reports concerning the situation in foreign markets from Broomhall's, of New York, the American branch of an English firm of the same name, connected with the Liverpool Board of Trade. This information is posted at the offices of the board of trade. Members distribute it by telegraph and telephone in some instances but usually through printed or mimeographed bulletins.

The larger packing companies receive cable reports every morning from their foreign representatives, giving the market quotations on lard and the principal cuts of meat, and at regular intervals they receive reports on stocks at Liverpool and other points. This information, of course, is private and is confined to the company which

receives it.

Publications of Government agencies and individuals or corporations constitute a third source of information. Data on exports, prices, etc., as well as detailed and comprehensive reviews of market conditions, are published at frequent and regular intervals by various departments and bureaus. The lateness with which some of this information is made available detracts from its value for current use, but there is no doubt that the information not only helps complete the picture so far as conditions in the foreign markets are concerned but also provides the basis for prognostications as to the future.