A floating dispenser having an external float or an internal float for supporting a cartridge or cartridges for floatingly delivering a dispersant or dispersants to a body of water with the floating dispenser having cartridges rotationally positionable with respect to one another to control the rate of dispensing while the dispenser floats in an upright condition with the floating dispenser changing its flotation orientation in response to consumption of the dispersant or dispersants in the cartridge or cartridges to thereby provide a visual alert to replace a spent cartridge with a fresh cartridge. In addition, the inventions described herein permit changing the dispensing nature of the system from a multiple dispensing system to a single dispensing system without changing the floating characteristics of the floating dispensers through replacement of a dispersant in one of the cartridges with an inert or ballast material that has no effect on the water characteristics.