46 



The valuations made by Mr. CHAPMAN of the samples referred 

 to in the preceding table may now also be given in tabular form 

 together with those arrived at by the factors, or (in the case of the 

 last five years) by the factors and the merchants, who examined 

 the corresponding duplicate samples. Where the samples were 

 examined both by factors and merchants, the mean of their 

 independent valuations has been taken the difference between 

 them, it may be added, being in no case of much moment. 



It is seen throughout that the valuation of Mr. CHAPMAN is 

 higher than the market valuation, and it should, therefore, be borne 

 in mind that the market valuation represents the price payable to 

 the grower, while Mr. CHAPMAN'S figures represent the value to the 

 brewer ; the difference including merchants' profits, cost of 

 intermediate warehousing, &c. 



It should also be noted that Mr. CHAPMAN'S valuations were not 

 usually made on the same day as the valuations made by the mer- 

 chants and factors, but some time later, when he had completed his 

 chemical analyses ; and also that the price of hops " as to grower " 

 fluctuates rapidly, according to momentary supply and demand. 



The produce of plot S, although included in the foregoing table, 

 cannot, except for the separate individual years, be compared with 

 that of the other plots, as its manuring has varied. It is of interest, 

 however, to examine the average comparative quality of the samples 

 from the other plots. 



From an examination of Mr. CHAPMAN'S valuations, arrived at 

 jointly from chemical composition and physical characteristics, it 

 appears that in different years both the highest and the lowest 

 places have been taken by the plot (A) receiving mineral manures 

 only; and that, while the dunged plot (X) has also twice occupied 

 the place of honour, it has on two occasions been near the bottom 

 of the list. The highest position in one year was accorded to the 

 sample from plot F, which received no less than 10 cwt. of nitrate of 

 soda per acre ; while this plot on three occasions took the last 

 place. The sample grown with 4 cwt. of nitrate of soda per acre 

 (plot C) was twice in the front rank and once in the second as 

 regards quality. 



