74 AGRICULTURAL EXPERIMENT STATION. [Jan. 



no other connection with the financial management of the 

 creamery. 



Our presentation of financial results is based on the local 

 cost of feed alone, and does not consider interest on invest- 

 ment and labor involved ; for the reason that approximate 

 estimates on these points are in an exceptional degree 

 dependent on quality of stock, and varying local circum- 

 stances. The details are eml>odied in a few subsequent 

 tables under the following headings : — 



1. Statement of articles of fodder used. 



2. Record of average quality of milk and of fodder rations. 



3. Value of cream produced at creamery basis of valuation. 



4. Cost of skim-milk at the selling price of three cents per 



quart of whole milk. 



5. Fertilizing constituents of cream. 



6. Some conclusions suggested by the records. 



