412 STATE BOARD OF AGRICULTURE. 



Table XI completes the accounts for the several farms and sTiows the 

 net receipts together with the profit or loss, as tlie case may be. The 

 third double column headed "Net Profit per Herd," shows that during 

 the year 1914 on eiglileen of the twenty-five farms, the dairy enterprise 

 was conducted at a profit, and that during the same year the dairy 

 enterprise was an occasion for loss on the remaining seven farms. Again, 

 in the second year, there are eighteen farms in the profit list and seven 

 that show a loss. Of the seven losing farms four showed a loss during 

 both 3'ears, one showed a profit during the first year, and the remaining 

 two were under investigation during the second year only. 



