COOPEKATIVE WOKK WITH COLUMBIA UNIVERSITY 467 



of the products of the farm. May it not be true that the reason 

 that the farmer is not recognized as a business man is because of 

 his lack of proper business methods ? 



We wonder at the lack of business methods on the farm ; but we 

 must remember that it is not so long ago that there was little need 

 for any system of bookkeeping. If we go back a generation or two 

 in almost any locality, we shall find a time when there was a smal] 

 investment in the land and very little in buildings, stock, and 

 equipment. Little was sold from the farm for which cash was 

 received and almost nt)thing came to the fann for which cash was 

 paid. FaiTa produce was exchanged for what was not produced; 

 if no books were kept, it made little difference to the farm income. 

 We have gradually progressed from that time to the present, when 

 we find ourselves with a large investment in farm buildings, stock, 

 and equipment, on which we are paying high taxes and insurance. 

 We are buying largely the things needed on the farm, for which 

 cash is paid, and selling for cash large quantities of products, ob- 

 tained at a high cost of material and labor. While this change 

 has been going on, many farmers have failed to adopt the business 

 methods that are considered necessary in any other industry. 



Every farimer should have a safe place to keep all valuable 

 papers, and a convenient place for all correspondence. A safety 

 deposit box can be rented in any country bank at small cost, and 

 letter and bill files, which can be bought for twenty-five cents each, 

 make convenient receptacles for business letters and papers. 



The farm inventory should be taken at least once a year and as 

 near the same time of the year as possible. The farm inventory 

 consists of a complete list of all real and personal property, includ- 

 in all amounts due, cash on hand, and cash in bank, which added 

 together constitute the resources of the farm. Another list of the 

 debts, which includes all mortgages, notes, and accounts, constitutes 

 the liabilities. The difference between the resources and the lia- 

 bilities is called the present worth, and is what the farmer would 

 have if his business were closed up at the time the inventory is 

 taken. The inventory shows the farmer the amount of his invest- 

 ment ; it gives him a complete list of his personal property, a list 

 of all his bills payable and bills receivable, and tells him what he is 

 worth at the time the inventory is taken. The list of personal 



