PRIMARY RESULTS 95 



milk production on farms where the dairy stock is raised 

 by the farmer, and thus both of them must enter into the 

 cost of the milk produced. The cost of raising the young 

 stock minus the profit derived from feeding the old 

 cows for beef (or plus the loss consequent on this process, 

 as the case may be) represents the cost of maintaining the 

 capital value of the herd in other words, the depreciation 

 on the cows, a figure very difficult to determine by any direct 

 means. 



Thus, the cost of keeping the bull, the cost of raising 

 young cow-stock to replenish the herd, the cost of feeding 

 off old cows for beef, all these items can be slumped with the 

 cost of keeping the milking herd, and together they make up 

 the cost of milk production on the farm. 



This method of calculation can be followed only where 

 milk production is the main object of the herd management, 

 whether for butter, cheese, or new milk. Where the raising 

 of store cattle, or the feeding of beef, is practised other than 

 as an incident of dairying, it is necessary, of course, to take 

 account of these matters separately. 



The valuation includes bulls and young stock, as well as 

 cows. It is made on the basis of a fixed figure per head for 

 each class of stock, and this figure should not be varied in 

 an attempt to conform with temporary fluctuations of the 

 market. Where breeding stock is being dealt with the impor- 

 tance of keeping the valuation free from the influence of 

 market prices, which are no concern of the man who is not 

 selling, and which are bound to bring about fictitious 

 results, has been stated already. 1 The valuation of the 

 stock will remain constant, therefore, from year to year 

 except in so far as the numbers of any age-class may vary. 

 The figures used for valuation purposes should represent 

 as nearly as possible the cost at the various ages.. In most 

 cases the amounts can only be estimated, but with reason- 

 able care they may be made fairly accurate, and the effect 

 of any error will be eliminated after the. first year, if the same 

 scale be adhered to. Table XXV gives an analysis of the 



1 See ante, p. 41. Also Orwin, op. cit., p. 10. 



