DISTRIBUTION OP INVESTMENTS. 25 



average 20.2 per cent in all buildings as against 18.4 per cent for the 

 State. Both percentages for the State would be lowered if " Produce, 

 supplies, etc.," had been included in the census. The percentage 

 invested in fences varies even more widely than the acre investment, 

 while the percentages in drainage and water supply usually vary with 

 the natural features of the farm. Farms 5, 8, 10, and 12 (percentages 

 of 8.41, 8.39, 11.87, and 9.18, respectively) have boon tile drained over 

 the greater part of their areas. A large part of the investment in 

 water supply on farm 21 is chargeable to household. 



The percentage invested in hve stock is within the limits of 10 and 

 20 per cent except for a very few farms. Farm 8 (live-stock invest- 

 ment, 5 per cent) as shown by Table IV, has a low acre investment 

 in Hve stock (S8.31 as against an average of $11.40) and a liigh land 

 value ($87.74 as against an average of $46.25). The low percentage 

 is explained by the fact that the owner has limited his farming 

 operations with advancing age. The percentages invested in live 

 stock and machinery as shown by the inventories are lower than 

 they would be on a basis strictly comparable with the State average, 

 as the 4 or more per cent in ''Produce, supplies, etc.," is included in 

 this study and not in the census data. If the last item were omitted 

 the average percentages for the 21 farms would be as follows: Land 

 and all improvements except buildings, 60.4; buildings, 21.1; live 

 stock, 13.1; macliinery, 5.4. The values placed on live stock and 

 machinery were probably on a higher basis in these inventories than 

 census valuations, and all prices are undoubtedly higher than in 1900, 

 hence, the comparison "svith the State averages is of less value than 

 would at first appear. Farm 6 (with a machinery percentage of 

 11.82) has equipment for manufacturing butter and maple sugar in 

 addition to the ordinary macliinery; and No. 7, a small farm with a 

 machinery percentage of 14.10, has a portable gasoHne engine and 

 wood-sawing outfit, only a part of which should have been charged to 

 the farm. Aside from these two farms the variation of the per- 

 centage invested in machinery is small as compared with other 

 classes of equipment. 



DISTRIBUTION OF INVESTMENTS BY ENTERPRISES. 



Reference has already been made to the division of investment by 

 enterprises. Table VII shows the average distribution of capital 

 for the 21 farms, on the basis previously set forth. 



It will be noted that the land value is divided on the basis of acre- 

 age, no differences in quality of land on tlie same farm being recog- 

 nized. Tliis suggests that a farm inventory be made to show the 

 relative value of the various kinds of land, as, for instance, waste, 



212 



