274 THE AMERICAN 



item of insurance which will approxi- 

 mate $5. The interest on the "work- 

 ing capital" amounting to $23.84, ' to- 

 gether with the revised "labor" item, 

 increases the total expense by $183.84 

 Now let us revise Mr. T.'s figures: 



Capital in plant $1,416.00 



Working capital 397.40 



Total capital $1,813.40 



Total Income $897.00 



Total expense 591.16 



Net income $305.84 



Profit on tlae investment of about IS per 

 cent. 



But it should also be noted that 

 no allowance appears for cost of sell- 

 ing, for even if the prices he quotes 

 are net returns, it surely cost him 

 in labor something to sell it. To 

 me his item of "wear and tear," figur- 

 ed at 6 per cent., is too low. Stated 

 differently it means that his plant is 

 good for i6 2-3 years, or that if he 

 sets aside each year for maintenance 

 and renewal 6 per cent, of the cost 

 of his plant, it will, at the end of 

 16 2-3 years, be as good as it is now. 

 But will it? 



Then there is a nice little item of 

 "bad debts" which now and then 

 arises. Others of the hazard of dis- 

 ease, the elements, of exceptionally 

 bad years when heavy feeding, which 

 means more working capital, is need- 

 ed. In other words, the item of 

 "wear and tear" should either be in- 

 creased, or another one called "sink- 

 ing fund" should be established to 

 cover the items just referred to. 



Either Mr. Townsend and his son 

 must keep bees enough so that the 

 business will engage practically ali 

 of their time, or else find some other 

 way to increase the net returns on 

 the capital invested, if the business 

 is to "pay," for 18 per cent is not 

 enough to cover the hazards of such 

 a business over a series of years and 

 leave a satisfactory margin. Invest- 

 ments in good "industrial" stocks 

 yield from 8 per cent, to 15 per cent, 

 and more, and with no attention or 

 care on the part of the investors, and 

 surely a business entirely under the 

 management of the owner should 

 yield as great a net return on his in- 

 vestment, as well as pay him a prop- 

 er salary. If it does not, then he had 

 better change his investment and go 

 to work for some one else. 



The foregoing is written solely to 

 show the need of full and careful "ac- 



BEE-KEEPER. [December, 



counting" in figuring the "profit and 

 loss" of the honey-producing busi- 

 ness. 



Providence, R. I. 



MR. GREINER'S REPORT. 



Naples, N. Y., Nov. 4, 1907. 

 Friend Hill: 



Our bees here seem to be in fair 

 condition for winter, but we have hard- 

 ly been able to make up the last win- 

 ter's losses, which, on account of poor 

 winter food and unfavorable spring 

 weather, had been uncommonly heavy. 

 The general result has not been un- 

 satisfactory, considering the condition 

 the majority of colonies were in last 

 spring. In fact, I am surprised that I 

 have obtained as good a crop as I did. 

 One outyard, with bees badly run 

 down, gave me 80 pounds of comb and 

 an increase of thirty-five per cent. Of 

 course this was the best. My home 

 yard did rather poorly with scarcely 

 any increase. 



Prices obtained were slightly better 

 than in previous years. I sold f. o. b. 

 at 15 1-2 cents, for white; 13 1-2 cents 

 for amber, and 11 cents for dark and 

 buckwheat. 



Most of my bees are ready for the 

 winter. Some are not yet packed, and 

 40 colonies will have to be moved home 

 yet to be placed into cellar. 

 Sincerely yours, 



F. Greiner. 



NEW YORK STATE BEE-KEEP- 

 ERS' CONVENTIONS., 



A series of bee-keepers' meetings 

 will be held in this state as follows: 



Mt. Morris, December 9. 



Canandaigua, December lo-ii. 



Auburn, December 12. 



Syracuse, December 13. 



Fulton, December 14. 



Watertown, December 16-17. 



Amsterdam, December 18-19. 



Albany, December 20. 



Glens Falls, December 31. 



Mir. Chas. Stewart, of Sammonsville, 

 N. Y., has been designated as Con- 

 ductor, and he will be present at all 

 of the meetings. 



The annual meeting of the New 

 York State Association of Bee-Keep- 

 ers' Societies will be held at Amster- 

 dam, December 18-19. 



All interested in bee-keeping are in- 

 vited to attend these meetings. 



C. B. Howard, Sec'y. 



Romulus, N. Y. 



