Milford chronicle., 1926-03-26

carrying charges, insurance, etc.
added, the contract price for the
winter would actually be higher
than the market price. Its judg-
ment has been vindicated, and SO fan
its price for the ratiOns have been
lower than the average price for the
same feedh last summer. carrying
charges taken into consideration
so that this buying policy and price
policy has undoubtedly worked out
to the best advantage of the men,
bers this year.
General Satisfaction
1t woud be very splendid if the
Exchange could measure in some
tangible way the satisfaction Of its
membership Ii it could, the figure
would show a material increase over
any other year in the history Of the
Exchange. One thing is the quality
OF feed the members are getting
from the mill at Buffalo. The quail
ity has been very pleasing, to say
the least, and there have been many
instances OF old buyers who drop
ped out on account of some dissat-
isfaction, who have come back be-
cause they have seen the quality
their own mill turns out.
Territorial Expansion
It has been mentioned that one of
the outstanding features which is
promised for the ensuing year is the
/ DEVELOPMENTS outside the present
territory. This development has not
| assumed concrete form as far as
business is concerned, but it indi-
Gates the prominence this Exchange
! is beginning to achieve throughout
| the country. On the Eastern shore
of Maryland, there are several coun-
ties which have expressed interest
in having the Exchange extend its
service to their territory. Caroline
County is getting feed and grain at
two stations, and it is possible that
when contracts expire, other sta
tions will follow the lead of these
two.
At one of the meetings it was
stated that representatives from
PENNSYLVANIA came to Springfield
last spring and tried to learn if its
service was available. At that time,
the Exchange was not sure OF the
tonnage that its mill cOuld-turn out.
AS the operation of the mill has pro-
gressed. it has developed capacity
for approximately 100000 tons per
veaf. The Exchange now feels en-
tirely satisfied that it can take care
OF additional business. The EX-
change is sending a representative
into Pennsylvania to determine the
amount of interest which those peo-
ple show in having it extend the ser
vice into that State This Exchange
never takes the attitude of invading
territory, or attempting to tres
pass where its services are not
wanted. Ii it's services are wanted
by a group of farmers, it is the duty
oil the Exchange to offer the services
to them ii it can. The business in
Maryland and Pennsylvania will de-
crease the overhead The farmers
in New England and Delaware, in
turn. can offer those farmers in
Pennsylvania and Maryland an or
ganization we'll established and
strong in many respects, so that it
seems it is quite an even trade.
The Exchange has had the most
cordial and helpful relations, during
the past year, with other agricultur-
al organizations, particularly the
College Feed Committees, both for
the dairy and poultry feeding. The
dairyand poultry feed experts visited
the mill to study the method OF man
ufacture. and are therefore in pos
ition to advise more intelligently in
the formulation Of the feeds, not
only from the standpoint OF the
needs Of the consumers, but also
from the standpoint of manufacture.
This year the members have had two
committees, working with the EX-
change primarily on its problems,
one looking after the feeding prob
lens Of the dairyman and the other
the poultryman. Delaware has had
q representative on both OF these
committees to look after the inter-
ests OF Delaware farmers, and it is
Dossible. if the territory is expand
ed. that representatives from the
new territory will also be included
or this committee.
The Exchange does not operate
for profit, but it must aim to
accumulate capital with which to
do business since it has not request
ed it's members to finance its opera
ton by capital stock subscription.
Therefore, it charges for its services
a small margin in excess Of its cost
OF doing business.
In 1925, the average cost per ton
covering all expenses of the EX-
change was $1.44. The gross in
come per ton varies with the class of
commodities-feed, grain, fertilizer
or seeds-with the kind OF cOmmo-
dity in each class-oats, bran, Full
pail Dairy Ration, acid phosphate,
mixed fertilizers, timothy, red clover !
etc..-and with the monthly and |
weekly market fluctuation so that it |
is impossible to arrive at an average |
figure representing gross income |
per ton which will not be misleading |
The total net income on 1852 tons |
Of all commodities shipped during |
1925 was $7O,763.
From this amount $24,416 was re-
quired to complete the minimum |
surplus required by the bylaws |
since the surplus on December 81,
1924, was S75,584. This left $46,947
as the surplus over 100000 derived |
from Interpretations for the year 1925
According to the bylaws two
thirds of this amount is<returnable
to the members and one-third is to
be added to surplus to take care of
the capital needs Of the growing
business. The amount available for