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104 greatly increased quantities if we had so elected. The plants in this industry are estimated to have a capacity for producing 10 million tons of commercial fertilizer yearly, and we have bountiful supplies of the phosphate rock and sulphur with which to aliment them. Commercial fertilizers are principally used by the cotton growers of the South, who were in a bad position in 1922 and consequently used only about two thirds of the quantity of fertilizers that they did in 1920. This illustrates very well how the data for consumption are correlated. We may enjoy some commodities at the expense of others. In drawing conclusions we ought to concentrate attention upon the final expressions. Thus, we should consider the consumption of cotton which is a direct measure of an important material available for clothing rather than the consumption of fertilizers which contribute to the production of cotton.

The question whether the American scale of living has been improved or impaired may be illuminated by a homely consideration of the affairs of several typical classes of people. We may dismiss the very rich, who have been but little affected, and besides they are a mere handful of the people. They have as good housing, clothing, food and domestic service as they used to have. However, even the very rich are constrained to use the same railways and means for municipal transportation as other persons, and they do not find them so good as they were.

We may begin our consideration with a man of $20,000 income, who will be typical of professional men, the upper class of business and banking executives, etc. During the last 10 years the salaries and gross earnings of such men have increased but little, barring that which