The above trade values are the figures at which on March 1st, the 

 respective ingredients could be bought at retail, for cash in our mar- 

 kets in the raw materials, which are the regular source of supply. 

 They also correspond to the average wholesale prices for the six 

 mouths ending March 1st, plus about 20 per cent, in case of goods 

 for which we have wholesale quotations. The calculated values 

 obtained by the use of the above figures, will be found to agree fair- 

 ly with the reasonable retail price in case of standard raw materials, 

 such as : 



Sulphate of Ammonia, Azotin, 



Nitrate of Soda, Dry Ground Fish, 



Muriate of Potash, Cotton Seed, 



Sulphate of Potash, Castor Pomace, 



Dried Blood, Bone 



Plain Superphosphates. 



TRADE VALUES IN SUPERPHOSPHATES, SPECIAL MA- 

 NURES AND MIXED FERTILIZERS OF HIGH GRADE. 



The organic nitrogen in these classes of goods will be reckoned at 

 the highest figure laid down in the Trade Values of Fertilizing 

 Ingredients in Raw Materials, namely, twenty cents per pound. 



Insoluble phosphoric acid will be reckoned at four and one-half 

 (4|-) cents, the cost of phosphoric acid in coarse medium bones. 

 Potash at four and one-quarter cents, if sufficient chlorine is 

 present in the fertilizer to combine with it. If there is more potash 

 present than will combine with chlorine, then this excess of potash 

 will be reckoned as sulphates. 



The use of the highest trade values, is but justice to those articles 

 in which the costliest materials are used. In most cases the calcula- 

 ted value of superphosphates and specials will fall considerably below 

 the retail price. The difference between the two will represent the 

 manufacturer's expenses in converting raw materials into the manu- 

 factured articles. 



These expenses include grinding and mixing, bagging or barreling, 

 storage and transportation, commission to agents or dealers, long 

 credit, interest on investment, bad debts, and finally profits. 



