Adversity, in many ways has been a blessing in disguise. Looking back over this company's cost of production I see it averaged over 1914/1920 some 15 pence per lb. which, when the slump hit us was reduced to 8.91 pence in 1921 and further reduced in 1922 to 7.34 pence. And as far as my inexperienced eye could ses when on the property this startling reduction in cost had been accomplished without detriment to its well being. One thing you may be sure of, if we ever again experience any decided rise in costs, there will have to be a very good reason Naturally restriction means slightly higher costs over tha smaller crop, for our overhead chargee-remain pretty well unchanged,. with the tendency to increase rather than decrease.
Text read from the printed page and cleaned; old type leaves the occasional error.