Budgets for water, nitrogen, and chemical oxygen demand (COD) were determined in two 0.012 ha earthy-bottom ponds stocked with Israeli strain common carp at an initial stocking density of $20;fish/m^3$. Total ammonia nitrogen (TAN) concentrations increased continuously but later decreased in pond A as a consequence of high nitrification. COD concentrations increased during the experimental period due to the accumulation of feed input. Nutrient budgets showed that feed represented $94-95\%$ of nitrogen input and about 99% of organic matter input. Fish harvest accounted for $40\%$ of nitrogen and organic matter input. Seepage and water exchange removed $15-17\%$ of nitrogen input but only $1-2\%$ of organic matter. Draining of the ponds removed $20-26\%$ of input nitrogen, mostly in inorganic forms, but removed only minus organic matter. Fish and water column respiration accounted for $39\%$ of organic matter input, and benthic respiration accounted for $7-12\%$ of organic matter input. No significant change of nitrogen and organic matter in both pond bottoms were found during the three-month growth period. The unrecovered input nitrogen, about $6.3-13\%$, was lost through denitrification and ammonia volatilization. On a dry matter basis, fish growth removed $31\%$ of total feed input and left $69\%$ as metabolic wastes.