It is shipped largely to Europe, 130,000 barrels having been exported last year, chiefly to Antwerp. It is put up carefully, and re-shipped to this country as olive-oil to such an extent that prohibitory duties have been put on it by the Italian government, and it is ruled out of that country. Before it is placed in the oil mill the cotton seed is hulled. The hulls are valuable, and may be used for tanning, made into pulp for paper stock, or used as fuel, and the ashes sold to the soap-makers for the potash they contain. The mass of kernels left after the hulls have been removed and the oil pressed out is made into seed-cake, a most desirable food for stock, which is exported largely to Europe. It is also worked into a fertilizer that yields under analysis $37.50 in value per ton, and can be sold for $22 a ton. It is a notable fact that the ton of seed-cake is even more valuable as a stock food after the $11.50 worth of oil has been taken from it than before, and quite as valuable as a fertilizer. In the four hundred pounds of lint in a bale of cotton there are but four pounds of chemical elements taken from the soil; in the oil there is little more; but in the seed-cake and hulls there are forty pounds of potash and phosphate of lime. But admirable as is the disposition of the cotton seed for manufacture, ample as is the margin of profit, and rapid as has been the growth in the industry, there exists the same disorganization that is noticeable in the handling of the whole cotton question. Although less than one-seventh of the seed raised is needed by the mills, they are unable to get enough to keep them running. The cotton is ginned in such awkward distribution, and in such small quantity at any one locality, that it cannot be gathered promptly or cheaply enough for the oil mills. Of the 3,500,000 tons of seed, 500,000 tons only are worked up, and perhaps as much more used for seed. This leaves 2,500,000 tons not worked, and in which is lost nearly $30,000,000 worth of oil. For whether this two and a half million tons is used as a fertilizer or fed to the stock, it would lose none of its value for either purpose if the thirty-five gallons of oil, worth $11.50, were extracted from each ton of it.