THE MIDDLEMAN IN AGRICULTURE. 85 



announced a dividend of 30 per cent., in addition to an 

 interim dividend of 7! per cent., while an additional 

 profit of 5,000 was put by. These remarkable results 

 were attained, according to the explanation officially 

 given by the chairman, " not by speculation, but by 

 continuous and constant labour," a creditable fact which 

 everyone will readily believe. But there was a further 

 cause, which was thus explained by the chairman. He 

 said : 



They had had a great fall in prices this year. A collapse in 

 prices took place last year at the beginning of the company's 

 financial year, and therefore they, as merchants, manufac- 

 turers, and retailers, had reaped the full benefit of that great 

 reduction, while on the other hand it had been ruin to the 

 importers and producers. 



It is evident, therefore, that in such a case as this these 

 large profits have been amassed simply because the 

 cheapening of produce has benefited, not the consumer, 

 but the middleman. 



It is stated that it takes about 400 Ibs. of wheat to 

 produce by the roller process 280 Ibs., or one sack, of flour. 

 Thus a quarter of wheat of 496 Ibs. will produce 347 Ibs. 

 of flour. In the case of wheat ground into flour by the 

 old system of stones, it takes only about 388 Ibs. to produce 

 280 Ibs., or one sack, of flour, and a quarter of wheat 

 will produce 362 Ibs. of flour. A sack of flour of 280 Ibs. 

 will produce at least 390 Ibs. of bread, or ninety-seven 

 and a half loaves of 4 Ibs. each, while the produce of a 

 quarter of wheat ground by the rollers will be 347 Ibs. 

 of flour, or 483 Ibs. of bread, or say 120 loaves of 4 Ibs. 

 each. 



I have received from Mr. G. E. Francis, of Oxford, 

 particulars of a bread-making test made by himself 

 in his own kitchen in April last year which are of interest 

 in this connection. The ingredients of a 4~lb. loaf, and 

 their cost, were as follows : 



