210 COTTON 



This estimate is based on a cotton farm of twenty 

 acres which produces an average of 200 pounds of 

 lint cotton per acre or 4,000 pounds as a total prod- 

 uct. These additional charges now should be 

 added to the expense incurred during the six 

 months of the growing season. When this addi- 

 tional cost, on basis of calculation suggested, is 

 included in the expense, we have obtained a figure 

 that reasonably represents the cost per pound of 

 cotton production as follows: 



Cost Farm A Farm B Farm C Farm D Farm E All Others 



Growing 5.8 6.7 4.2 5.8 4.8 6.2 

 Additional 1.5 1.4 1.7 2.6 2.0 1.7 



Totals 7.3 8.1 5.9 8.4 6.8 7.9 



DIFFERENCE BETWEEN COST AND MARKET 

 PRICE 



So far in our estimate no allowance has been 

 made for directive effort save in that of labor itself. 

 But this the cotton farmer is entitled to, since he is 

 both a laborer and a capitalist; when considered in 

 connection with the value of his product, to a 

 considerable extent, he is both. The difference re- 

 maining between the cost of production and market 

 value of the crop comes now as profit to cover such 

 charges as are included in superintendency, in the 

 duties of the producer as a citizen, in the risks he 

 runs as to profit or loss in his enterprise, and in 

 accumulating gain. 



RELATION OF OTHER EMPLOYMENT TO COTTON 

 PRODUCTION 



The cotton farmer has a perfect right to carry on 



