290 Report oF THE CHEMIST OF THE 
1.28 cents per pound; second, the. money value of the milk cal- 
culated on the basis of the milk-solids at nine and one third cents 
per pound; and, third, the money value of the milk calculated 
on the basis of milk-fat at 264 cents per pound. 
If we take the value of all the milk produced by all the cows 
as calculated at 1.28 cents per pound and divide this by the total 
number of pounds of milk-solids produced by all the cows, then 
we get, as the average selling price of one pound of milk solids, 
mine and one-third cents. In other words, with milk selling at 
1.28 cents per pound, milk solids have an equivalent value of nine 
and one third cents per pound. In a similar way, milk-fat has 
an equivalent value of 264 cents per pound. 
