No. 4.] HINTS FOR DAIRYMEN. 285 



At 2 J cents per quart, 1,400 quarts of milk are worth, . . $31 50 

 At 20 cents per pound, 130 pounds of butter are worth, |26 00 

 Adding to the above the value of 1,10U quarts skim- 

 milk at ^ cent per quart, 5 50 



We get • . . $31 50 



On the same basis, a good cow is worth 



The cost of keeping the average cow in the United States 

 is not far from $30 a year. In Massachusetts both the value 

 of the product and the cost of l^eeping are somewhat in- 

 creased, but the net profits remain about the same. In other 

 words, take the country through, the average cow just 

 about pays her keeping. This state of things reduces the 

 profits of dairying to a very small sum on the average, and 

 finds its defence mainly in the fact that the dairyman has 

 found a home market for his crops at a fair price, when 

 without his cows it might be difficult to dispose of them. 



It is thus seen that the average cow, producing 1,400 

 quarts of milk, or 130 pounds of butter per year, will not 

 figure prominently in lifting mortgages from our Massachu- 

 setts farms. 



It is generally believed, however, that keeping a better 

 grade of cows yields a larger profit. Accepting this as a 

 fact, let us briefly consider the extent to which the value of 

 cows is enhanced by their increased productiveness. 



Without gainsaying the close relation between the value 

 of a cow and her annual product, as stated by Alvord, I 

 would like to submit another scheme of valuation, based on 

 the net profit which she earns her owner. This basis of 

 value is as follows : a cow must pay for the feed she con- 

 sumes and 6 per cent interest, and 2 per cent taxes on her 

 beef value. Whatever is left to her credit, after paying 

 maintenance, interest and taxes, is profit. This profit in- 

 creases her beef value by the amount on which it will pay 

 interest and depreciation. Six per cent interest is ample, 

 but the depreciation is great in good cows. To prevent loss, 

 sufficient allowance should be made to cover her value in 

 from two to four years. While the average usefulness is 

 more than four years, the risk is so great that it is wise to 

 err on the side of conservatism in estimatino^ values. If we 



