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Missouri Agricultural Report. 



work — paying interest on investment and giving us any profit in 

 addition, unless we have some such record of that enterprise. 

 After we have studied our different enterprises from the stand- 

 point of profit or loss a closer study will give us the factors 



which determine that profit or loss. We have found, for in- 

 stance, that a farm horse works about twelve hundred hours 

 per year on an average — one hundred hours per month. If it 

 costs ninety dollars per year to keep that horse, our labor will 



