Twenty cows yielding 8,337 lbs. of cheese, at about 14¼ cents per pound $1,186.33 Increase on beef cow 40.00 Calves 45.00 --------- Total receipts $1,271.33 Expenses. Boy, six months and board $180.00 Man by the year, and board 360.00 Carting milk and manufacturing cheese 215.00 ------- Total cost of labor $755.00 The Other Expenses Were: Fertilizers, plants, etc. $ 18.00 Horse-shoeing and other repairs of farming implements, (which is certainly pretty cheap,) 50.00 Wear and tear of implements 65.00 Average repairs of place and buildings 175.00 Average depreciation and interest on stock 180.00 Insurance 4.00 Incidentals, (also pretty low,) 50.00 ------- $620.00 Total receipts $1,271.33. Total expenses 1,375.00. This statement, it is said, the Club considered a very fair estimate. Now, here is a farm costing $10,595, the receipts from which, saying nothing about interest, are less than the expenses. And if you add two cents per pound more to the price of the cheese, the profit would still be only about $50 per year. The trouble is not so much in the low price of cheese, _as in the low product per acre_. I know some grain-growing farmers who have done no better than this for a few years past.