VALUATION OF MANURES. 135 



plies would fall far short of the demand, and 

 consequently a large amount of business was 

 done at even higher prices than what prevailed 

 before the close of last season. This advance 

 has been fully maintained, and as there cannot 

 be a doubt that the supplies will fall far short 

 of the requirements of manufacturers, a further 

 advance is imminent before the consumptive de- 

 mand sets in." 



How different is the condition of our manufac- 

 turers, whose factories are glutted with their old 

 stock, notwithstanding the extraordinary induce- 

 ments offered to purchasers. The reason of this 

 state of things may be traced to two causes : 

 First, The exorbitant prices asked ; Second, 

 The inferior quality of the fertilizers. 



We shall now proceed to a discussion of the 

 value of commercial manures, estimating from 

 the amount and condition of the fertilizing sub- 

 stances contained in them. Their value has 

 commonly been estimated from the prices of the 

 same substances in Peruvian Guano. Professor 

 Way, in an article published in the Journal of 

 the Royal Agricultural Society, England, says, 

 that the money value of a ton of Peruvian Guano 

 is $58.58 ; its ammonia being worth $46.95, the 

 phosphate of lime $8.16, and the potash $1.12. 

 He says that ammonia is worth 12 cents a pound 

 for producing wheat at $1.25 a bushel. Bone- 



