208 THE MARKETING OF WHOLE MILK 



uary. A table was prepared (Schedule "A") to show the 

 value of butter, of skim milk, and of whole milk based on 

 different butter and skim milk prices. This table assigned 

 to the skim milk in one hundredweight of whole milk 

 values varying from 20 cents, when butter was 25 cents 

 per pound, to $1.30, when butter was 80 cents per pound. 

 The average cheese price for the same period was $0.3191 

 Allowing for 9.68 pounds of cheese to be made from 100 

 pounds of 3.6 per cent milk, and adding for the value 

 of whey in 100 pounds of whole milk approximately 22 

 cents, a total of $3.31 was secured as the cheese basis value. 

 The values assigned to whey varied from 10 cents for the 

 whey in 100 pounds of whole milk, when the cheese price 

 was 10 cents per pound, to 25 cents, when cheese was 37 

 cents per pound. The butter price of $4.22 and the cheese 

 price of #3.31 were averaged, giving a butter-and-cheese 

 price for milk of $3.77 for 3.6 per cent milk. To this was 

 added an arbitrary differential of 16 cents for the month 

 of January, making the price of milk $3.93 in the 200-210 

 mile freight zone. Differentials for the various months, 

 were: l 



January plus 16 cents 



February plus 16 cents 



March plus 16 cents 



April minus 15 cents 



May minus 15 cents 



June minus 15 cents 



July plus 16 cents 



August plus 36 cents 



September plus 36 cents 



October plus 26 cents 



November plus 26 cents 



December plus 26 cents 



1 Milk Reporter, Jan., 1920. 



