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On the 24th July, 1933, the Customs duty on margarine imported into Sweden was raised from 0-15 to 0-35 kr. per kilogram, and concurrently an excise duty of 0-2 kr. per kilogram was imposed on margarine manufactured in Sweden. Finally, as from the Ist November, 1933, the State Milk Committee was granted a monopoly of the importation of dairy-products into Sweden. If necessary, licenses to import could be granted to importers when an amount would require to be paid for the goods equal to the export premium on such goods. In the first twelve months during which the milk scheme was in operation (November, 1932, to October, 1933) the average quotation for butter on the home market was 195-5 ore per kilogram, and the average net export price, 149 ore. Present rate of exchange .. .. .. . . 19-39 kroner to £1 sterling. Par of exchange .. .. . . .. .. 18-16 kroner to £1 sterling. Switzerland. A Federal Decree prolonging aid to milk-producers in Switzerland on similar lines to that already in force has been issued and came into operation on Ist May, 1934. The main provisions of the decree are as follows :— There have been put at the disposal of the Federal Council, in order to permit it to mitigate the agricultural crisis, and especially to maintain the price of milk, from Ist May, 1934, to 30th February, 1935— (а) A sum of 15,000,000 francs charged upon the general revenues of the Confederation : (б) The profits of the Swiss Central Butter Board instituted by decree of the Federal Council of 26th February, 1932 : (c) The proceeds received from the Ist May, 1934, to the 30th April, 1935, from the supplementary import taxes and surtaxes on feeding-stuffs. The credits provided for in paragraphs (a) and (6) of Article I, as well as two-thirds of the amount received as provided for in paragraph (c), will be allotted to the Central Union of Swiss Milk-producers, which will employ them in maintaining the price of milk from Ist May, 1934, to 30th April, 1935. If the proportion of the proceeds of the supplementary import taxes and the surtaxes as well as the profits made on imported butter by the Swiss Central Board of Butter Supplies are together less than 16,000,000 francs, the subsidy from the Confederation will be increased to the amount of the deficit. The increase must not exceed 3,000,000 francs. One-third of the sums received as provided for in paragraph (c) is put at the disposal of the Federal Council for other measures calculated to mitigate the agricultural crisis. In particular, it will be used in order to facilitate the disposal of cattle reared in the mountain districts. Prices of milk and milk-products for the year Ist May, 1934, to 30th April, 1935, have been fixed and show certain changes from those in force during the winter of 1933-34. The basic price of milk for manufacture is unchanged at 18 centimes per litre. The price of butter, when the cream is delivered, is fixed at 4-25 Swiss francs per kilogram for the summer six months and 4-30 francs for the winter six months. The guaranteed price for butter made at cheese-factories is unchanged at 3-75 francs per kilogram. The quota granted to the dairy federations for the guaranteed price (for both butter and cheese) is fixed on the basis of 90 per cent, of the supplies delivered under the guaranteed price during the year 1933-34. For societies whose production is small a quota equal to the previous year's production is granted. A Federal decree intended to promote the consumption of Swiss butter has been issued and came into operation on 23rd July, 1934. Under the decree edible fats of all kinds are prohibited from being offered for sale unless mixed with a certain proportion of Swiss, butter. Lard and beef fat which are the product of animals slaughtered in Switzerland do not come under this regulation if they are marketed unmixed. The minimum content of butterfat is fixed at 5 per cent, for ordinary fats and 15 per cent, for margarine and edible fats sold as purporting to contain butter. The required addition of butterfat may be made in the form either of cream or of milk. By a further decree which came into operation on Ist August, 1934, the Federal Council have prohibited the importation into Switzerland of certain commodities, except by the Swiss Co-operative Society for Cereals and Forage. The commodities affected include edible oils ; oleomargarine and edible suet; margarine, artificial fat, and other butter substitutes and edible fats ; and cocoa-butter. Present rate of exchange .. .. . . 15-01 francs to £1 sterling. Par of exchange . . .. .. .. 25-22 francs to £1 sterling. Argentina. Under the Dairy Industry Control Board's scheme of payment for butterfat to producers, a subsidy of 15 centavos per kilogram of butterfat has been paid as from Ist July of this year. The payment is provided from funds collected on the sale of bills of exchange received by exporters in payment of lnutter shipped abroad. These bills are required to be cashed by the banks at a pegged rate of 15 paper pesos to the £1 sterling. The bills are sold by tender to importers of foreign goods, and the profits resulting from these transactions are credited to the Control Board. July payments per kilo for butterfat payable by the factories registered with the Board were as follows : extra quality, 70 to 100 centavos ; first quality, 65 to 90 centavos ; seconds, 50 to 70 centavos ; to which in all cases there is to be added 15 centavos paid by the Control Board. Present rate of exchange .. . . 36Jd. per peso ; 100 centavos equal 1 peso. Par of exchange .. .. .. 47-62 d. per peso.

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