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such as to cause great fluctuations in the price of commodities. First of all, reference may be made to the unusually hot, dry summer experienced here, in common with the rest of Europe. Not for very many years has such a continued spell of tropical weather been known, and serious droughts occurred in most countries. Apart from natural causes, there have been many other disturbing factors. The year witnessed the varied Coronation .festivities. These were followed a month or two later by great strikes in the transport and allied trades, culminating in a railway strike which threatened to paralyse the country's trade, and for a time placed London in the state of a besieged city. Then there were bank failures of some importance, followed in the late autumn by political complications of a serious nature in connection with the Moroccan dispute between France and Germany. But in spite of all there has been no violent depression, and, on looking at the records of the year's prices, there is satisfactory evidence that the twelvemonth has been a prosperous one, and that trade has proceeded on sound, healthy lines. Frozen Meat. Taking all things into consideration, there is no doubt that the frozen-meat trade has had its share in the general prosperity. Although the majority of the prices realized were rather below those of the previous year, at any rate, so far as the mutton and lamb are concerned, they should, on the whole, have proved remunerative. Mutton. On examining the table of prices for mutton, as quoted in the weekly produce cablegrams sent regularly by me to the Dominion, one cannot fail to notice how unusually small the fluctuations have been from week to week during the greater part of the year. At the close of the last official year trade was slow and dragging. Values were low —3fd. per pound for Canterbury, and 3|d. for North Island respectively. Although Canterbury? were scarce, there were plentiful stocks of North Island mutton in store, and everywhere sales were being pushed, so that by the middle of May values had receded to and 2|d. respectively, the lowest point reached during 1911. Plate mutton was at this time selling at from 2fd. to 2Jd. per pound. These prices, however, had the effect of stimulating consumption, and the belief, then becoming general, that future shipments from the Dominion would be light caused a distinctly better tone in the market. Holders became firm in their demands, and, a fair business passing, prices moved upward about id. per pound for all descriptions. By the middle of June quotations had advanced to 4d. for Canterburys, which were very scarce, and 3|d. for North Islands, the demand being chiefly for carcases of light weight, heavies being somewhat difficult to sell The Coronation holiday requirements helped the inquiry a little, but a dull, inactive trade succeeded. Extremely hot weather was experienced in July, and stocks proved amply sufficient for the slow demand. On the Ist August the trouble in connection with the dockers employed by the Port of London Authority came to a head, and several thousands of the men struck work, this causing delay in the discharge of meat, &c, at the docks. During the succeeding week fresh bands of dockers, stevedores, lightermen, and others joined the strikers, and, as can be imagined, the trade of the port was considerably interfered with. Later on the railway-men, carmen, and other allied workers all came out. It was found almost impossible to unload the many cargoes of frozen and chilled meat, dairy-produce, &c. Business in the meat-market was almost entirely restricted, and indeed most of the London warehouses, cold-stores, &c, were unable to make deliveries. In these circumstances sellers demanded extreme prices, and no reliable quotations could be cabled to Wellington. On the 26th August, however, I was able to cable that the strike had terminated, that work had been resumed, and that the markets were again normal. In September stocks of mutton were brought to a more moderate compass, and prices were steady. During the next two months trade continued slow at the high rates. Medium- and heavyweight carcases were scarce and in demand at the beginning of November, and commanded as much money as light-weights. Demand was small, but stocks were light, and this helped the position. River Plate sheep, however, were selling on Smithfield at from 3jd. down to 3|d. per pound, and this no doubt had its effect on the New Zealand trade. The dull demand continued through December, supplies being quite sufficient for all requirements, though quotations were maintained at 4-|d. for Canterbury and 4d. for North Island, the new year opening with values at 4|d. and 4Jd. respectively. By the middle of January Canterburys had been completely cleared, and the moderate arrivals of North Islands were selling at about 4id. to 4Jd. per pound for best sheep. The competition of Plate mutton was again felt during February, the selling-price averaging about 3jd. per pound, and 4d. was the average quotation for* North Island during the month. It .was at the beginning of March that the great strike of the colliers all over Great Britain commenced, and, as may be imagined, this had a very depressing effect on the trade of the country. Many industries have had to entirely suspend operations owing to inability to obtain the necessary fuel for carrying on their works, and a good deal of unemployment has been occasioned thereby. The purchasing-power of a large section of the population consequently suffered, and this has had a bad effect on all trades connected with the food-supply. During March the demand for New Zealand mutton was dull and lifeless, and the margin between it and South American had to be reduced to bring about a satisfactory output, the official year closing with prices at 4§d. for Canterbury and 3fd. for North Island sheep, light-weight Plate fetching up to 3id. and heavies 3|d. to 3jd. per pound. _ "At the time of writing a settlement of the strike has been effected, with the aid of Parliament, and it is hoped that business will soon resume its normal course, though doubtless it will take some time to recover from the paralysing effects of what is undoubtedly the biggest dispute ever known in this or any other country.