THE VALUATION OF FERTILIZERS 189 



application of fertilizers, the percentage composition of the 

 fertilizer varies almost proportionately to the crop yields. 



From the farmer's point of view there is another con- 

 sideration which is very important, although frequently 

 lost sight of. The farmer cannot bring on to his land any 

 fertilizer without spending money upon distribution on the 

 land, cartage from the station and railway freight. Some 

 portions of the last item may be hidden away in the manure 

 manufacturer's bills. From the farmer's point of view, 

 therefore, a manure having a very low percentage of essential 

 ingredients is worth rather less than nothing, since it will cost 

 him more to put it on to the land than he will receive from 

 the increased crop production. Such a case is rare in practice, 

 because almost any material put upon a soil will produce 

 some physical improvement and therefore the minus value 

 need not be regarded very seriously. Recently the Ferti- 

 lizer Prices Orders of 1917 and 1918 have put a somewhat 

 different complexion upon the system of valuation. Murray, 

 Smetham and several other writers have drawn attention 

 to this point of view. 



Value of Sulphate of Ammonia. According to the 

 Fertilizer Prices Orders of 1918, sulphate of ammonia is 

 valued according to the percentage of ammonia, rising in 

 stages, each | % of ammonia being worth 35. 3^., that 

 is to say, i % of ammonia is charged 135. The standard 

 sulphate of ammonia, containing 24 J % of ammonia, is 

 therefore worth 15 i8s. 6d. The price charged during 

 June, July and August, 1918, was 15 5$., whereas the 

 price charged for March, April and May, 1919, was 16 155. 

 There, is left a minus 135. 6d. or a plus 175. 6d. for the 

 zero price, that is to say, for the theoretical value of sul- 

 phate of ammonia which contains no ammonia at all. The 

 variation in price according to season is placed entirely 

 upon this zero price, and not upon the unit price of 135. 

 per unit of ammonia. It is obvious that this is quite illogical, 

 since the variation in the season price is a matter which 

 concerns the farmer, and not the producer. The zero price 

 should be a price between the maker's cost of production of 



