THE MONTHLY BULLETIN. 721 



was thirty-four thousand carloads, or 13,250,000 boxes. Never before 

 was the estimate so large. 



The heavy November winds destroyed ten per cent of the crop, and 

 the unprecedented freeze of January, 1913, still further reduced it, so 

 that only 12,445 carloads were sent to market. We see by this that over 

 60 per cent of the crop was destroyed. 



This colossal misfortune was heralded throughout the country, and 

 without the Exchange the showing given in this report would not have 

 been possible. 



As a result of the double loss, only 37 7/10 per cent of the estimated 

 shipment for the year was sent to market by the Exchange. This 

 amounted to 61^ per cent of the total shipment from the State during the 

 season. Indeed, it surpassed the percentage of any previous year. In 

 1905 the Exchange marketed only 47 per cent of the total crop, but has 

 speedily increased from that time until now. 



The freeze of course resulted in a shortage of citrus fruits, and so 

 prices ruled high. The cash returns exceed $13,500,000, an average of 

 $2.75 per box. This is 50.2 per cent higher than the average for the 

 past eight years. 



It will be remembered that Mr. Frank F. Chase, of Riverside, dis- 

 covered a method of segregating the frozen and unfrozen fruit. It is a 

 gratifying fact that only one third of one per cent brought "red ink" 

 returns. Notwithstanding the great freeze, 98.25 per cent brought a 

 cash return after all expenses were paid. The one third of one per cent 

 were probably those sold immediately after the disastrous frost. 



The total cost of marketing each box of fruit the present season was 

 7;^- cents, or only 2 per cent of the gross sales. This is 16 per cent less 

 than that of the previous year, owing to better prices this present season. 

 Surely, farmers can do business. This, however, is only the cost of 

 maintaining the central exchange. If we add the cost of maintenance 

 of the district associations, the entire cost is less than 2| per cent of the 

 gross sales. Doctor Powell adds that this is less than the cost of market- 

 ing any agricultural product in America other than this. The usual 

 cost is not less than 5 per cent and more often reaches 10 per cent or 

 even more. 



The total losses during the year from bad debts, etc., were $380.70, or 

 less than 1/333 of one per cent, of the cash returns to the growers. 

 Since 1904 the net returns paid by the Exchange to growers has been 

 $131,000,000 ; the total losses $5,731.21, or less than 1/200 of one per 

 cent. Does this not show that farmers can do business 1 Co-operation 

 has won out. 



The shipments this season after the disastrous freeze were 53 per cent 

 of those of the previous year, and the f. o. b. cash proceeds 79 per cent. 

 After deducting all expenses of whatsoever kind, the growers received 

 85 per cent of the amount paid them the previous year. The f. o. 1). 

 average price this season was 47 per cent above that of last season. So 

 well was the business conducted by the Exchange that though the 

 amount of fruit sold was so greatly reduced, yet the cost to the growers 

 was only f of a cent per box al)ove that of last year. 



