EXPERIMENT STATION BULLETINS. 447 



Buildings poorly arranged, hauling feed and milk in small quantities 

 for long distances and the, maintaining of low producing cows, tend to 

 raise the cost of production. 



Moderate investment in buildings and equipment, systematized labor, 

 moderate priced feeds, and high producing cows, are inducive to profits. 

 On the other hand, the price received for the product determines a profit 

 or loss when milk is produced under economical conditions. The price 

 secured should be great enough to allow a fair margin of profit. 



The graphic charts which follow present a summation of the receipts 

 and expenditures of each of the dairies under investigation for each year. 



The farm number appears at the bottom of the chart, and above each 

 of these numbers are two upright columns. The one at the left is divided 

 into three separate parts ; the one at the right into two parts. From the 

 explanatory material at the bottom of the chart one will understand 

 that the aggregate of the three portions of the left-hand column shows 

 the average costs per cow of that dairy, and the aggregate of the two por- 

 tions of the right-hand column shows the average receipts per cow of that 

 farm's dairy. The reader will therefore understand that in each case 

 where the left-hand column is higher than the right-har.d column the 

 total expenses are greater than the total receipts and a loss is indicated. 

 When the right-hand column is higher than the left-hand one, the receipts 

 are greater than the expenditures, and a profit is indicated. 



The last double column at the right of the diagram is labeled "Av.," 

 and shows the average of all the dairies on the chart. 



For the convenience of the reader the average figures for each of the 

 three classes of expenditures and each of the two classes of receipts, ap- 

 pear at the extreme right of the chart. 



