In 1848, when potatoes were much higher priced than now, Mr M'Culloch was content to take £2 per ton; and although he marks them down in his Balance-sheet for 1849 at £3 per ton, you tell us that he would not accept that for them. Not, indeed, that he has got the £3 per ton, or been offered it. But he thinks that they are worth that money; and according, not to the purchaser's estimate, but to the seller's, they stand for £1200 on the receipt side of the Balance-sheet. This is, upon the whole, the simplest, most convenient, and felicitous mode of keeping up the profits that we remember of; and proves, incontestibly, how sensible Mr M'Culloch is that everything at Auchness turns upon the potato speculation. And yet, with 400 tons only on 92 acres, let us inquire if this was really a profitable crop. Let us see what was the expense of growing them. In your first pamphlet you state that 50 carts of dung and 4 cwt. guano are allowed per acre, (p. 18.) Let us say that the dung is worth 5s. per load, and the guano 9s. 6d. per cwt; there will then be-- For dung to the 92 acres, £1150 0 0 For guano, to the 92 acres, 174 16 0 For seed at 7 cwt., (p. 33,) at £2 per ton, 64 8 0 Rent, 92 0 0 ---------- Cost of production, £1481 4 0 Produce raised, 1200 0 0 ---------- Loss, £281 4 0 I do not calculate the value of the horse and manual labour, which in the cultivation of potatoes is by no means trifling. Let that go to meet the seed potatoes reserved, and the unexhausted manure in the soil: and yet the factor at Auchness seems a loser in 1849, by his potato crop. And yet it is undeniable, nevertheless, in consequence of the extremely depreciated price of grain, that the sale even of this potato crop does add a _larger present return_ in money to the profit side of the Balance-sheet than a crop of wheat would have done. But as the potato, when sold off the farm, leaves no _pabulum_ for future manure, the prosperity is more apparent than real. Unless a much larger quantity than 400 tons, even at £3 per ton, can be raised on 92 acres, the crop must ultimately entail loss, which the Balance-sheet will not be able to conceal.