These wet days, forcing him unwillingly to stay within doors, send him to his books and accounts, and they tell a story somewhat at variance with the prevalent belief that dairy-farming is the only branch of farming that is still profitable.  First, as to the milk-selling.  Cows naturally yield a larger supply in the summer than in winter, but by the provisions of the contract between the farmer and the milkman the quantity sent in summer is not to exceed, and the quantity in winter not to fall short of, a stipulated amount.[Footnote:  An improvement upon this system has been introduced by the leading metropolitan dairy company.  The farmer is asked to fix a minimum quantity which he will engage to supply daily, but he can send as much more as he likes.  This permits of economical and natural management in a dairy, which was very difficult under the rigid rule mentioned above.] The price received in summer is about fivepence or fivepence-halfpenny per imperial gallon, afterwards retailed in London at about one shilling and eightpence.  When the cost of conveyance to the station, of the horses, of the wear and tear, of the men who have to be paid for doing nothing else but look after the milk, is deducted, the profit to the farmer is but small.  He thinks, too, that he notices a decided falling-off in the demand for milk even at this price.

Some dairies find a difficulty in disposing of the milk—­they cannot find a purchaser.  He has himself a considerable surplus over and above what the contract allows him to send.  This must either be wasted entirely or made into butter and cheese.  In order to make cheese, the plant, the tubs, vats, presses, and so on, must be kept in readiness, and there must be an experienced person to superintend the work.  This person must be paid a salary, and lodge and board in the house, representing therefore a considerable outlay.  The cheese, when made and sent to market, fluctuates of course in price:  it may be as low as fourpence a pound wholesale; it may go as high as sixpence.  Fourpence a pound wholesale will not pay for the making; sixpence will leave a profit; but of late the price has gone rather to the lower than the higher figure.  A few years since, when the iron industries flourished, this kind of cheese had a good and ready sale, and there was a profit belonging to it; but since the iron trade has been in so depressed a condition this cheese has sold badly.  The surplus milk consequently brings no profit, and is only made into cheese because it shall not be wasted, and in the hope that possibly a favourable turn of the cheese market may happen.  Neither the summer cheese nor the summer milk is bringing him in a fortune.

Meantime the hay is spoiling in the fields.  But a few years ago, when agricultural prices were inflated, and men’s minds were full of confidence, he recollects seeing standing grass crops sold by auction for 5_l_. the acre, and in some cases even higher prices were realised.  This year similar auctions of standing grass crops hardly realised 30_s_. an acre, and in some instances a purchaser could not be found even at that price.  The difference in the value of grass represented by these prices is very great.