VALUING DAIRY STOCK 249 



feeds to meet the usual maintenance requirements. In 

 determining the cost of the forage grown on this land, 

 $6.60 is charged as the interest and taxes on the value of 

 the land, $3.40 as the cost of fencing, and $10 as the cost 

 of the labor and seed required to raise the roughage on 

 three-fourths acre of land. This makes a total of $20, 

 the cost of maintenance. 



As stated above, approximately 800 pounds of grain or 

 its equivalent, is required to produce 2,500 pounds of 

 milk testing 4 per cent butter fat. This grain has an 

 average market value of about $10. To the $20, the cost 

 of maintenance, must therefore be added $10 for each 

 2,500 pounds of milk, or for each 100 pounds of butter 

 fat, produced. 



Net Profits. The market value placed upon the cows 

 is assumed to be the average price that one is obliged to 

 pay when purchasing them. Where the cows are valued 

 according to the actual cost of raising them, the net profits 

 would be considerably higher than those shown in the 

 preceding table, especially from the higher producers, as 

 witness the following table in which the "net profits when 

 the cow is raised," are based upon the cost of the cow 

 as determined under "valuing calves," page 250. 



The higher net profits from cows raised upon the farm 

 are due to their lower cost to the dairymen, reducing the 

 following expenses based upon the cost of the cow ; risk, 

 taxes, interest and depreciation. 



