For the sake of comparison are given below the average compositions during the last three seasons of each of the above classes, together with their average commercial valuations, and the valuations of each constituent during the same period:

A consideration of the figures given above, would seem to justify the change made in the Regulations at the beginning of the last season, in abolishing the twenty-five (25) per cent. margin previously allowed in branding the guaranteed analysis on the bags and replacing this with the minimum guaranteed analysis only.

The Regulations allowing the twenty-five (25) per cent. margin were not issued till December 12th, 1881-so late as to have but little effect on the trade of the season of 1881-82; but as no changes were made in these Regulations in the following season of 1882-83, their full effect was felt.

The Regulations of last season (1883-84) abolishing the twenty five (25) per cent. margin were issued in time to meet with compliance from nearly all the manufacturers, and the full effect of the change may be claimed to have been felt.

Now, an examination of the figures in the above tables will show that the average analyses fell off during the season of 1882-83, while the full effect of the twenty-five per cent. margin was felt, but during the last season (1883-84) reached a higher point even than in 1881-82.

In comparing the commercial values given in the above tables, care must be taken not to overlook the fact that there has been a steady diminution in the commercial values assigned in successive seasons to the different fertilizer ingredients.