1 176 RURAL ECOXOMICS 



a wish to invest money in wheat-growing. The Department of Agricul- 

 ture then undertook to put the farmers into communication with the capi- 

 tahsts, and a number of the latter concluded arrangements under which 

 their financial aid was afforded for the purpose of more extensive wheat 

 sowing. 



One of them sent the Department of Agriculture a summary of the re- 

 sults of his investment. He supplied the necessary funds for cultivating 

 on the share farming system 204 acres in Borungand 500 acres in theMallee, 

 that is to say, he paid the farmer a given sum for putting in and taking 

 off the crop, supplied 2/3 of the seed and manure, and in exchange took for 

 his account ^/^ of the crop. The results obtained are set out in the appended 

 Table. 



I. — Borung. 



Expenditure. 



£. i. d. 

 (i) Cash advance to farmer for working 204 acres of land at 



£ r per acre 204. 0.0 



(i) Seed wheat (2/3) at 7s. per bushel 50. o. o 



(3) Two thirds of the cost of 5 tons of superphosphate . . 15. 10. 3 



(4) Sacks 33- I5-" 



Total cost. ... £ 305. 3. 3 

 Receipts. 

 Investor's share (^/g) of wheat: 2934 bushels 



II. — Mallee. 



Expenditure. 



£ s. d. 

 (i) Cash advance to farmer for working 500 acres of wheat at 



16 s 400. o. o 



(2) Seed wheat i^l^, purchase and carriage 74. 9. o 



(3) Manure (2/3) 25. i. o 



(4) Sacks, purchase and carriage 44. 14. 6 



(5) Carriage of wheat to railway station, 8 miles 41. 2. o 



Total cost . . . £ 5f^6. 6. 6 

 Receipts. 

 Share f)f investor : 3 744 bushels of wheat and 52 tons hay. 



Thus the total sum invested by the capitalist in this undertaking, 

 £ 890.19.9, yielded him 6678 bushels of wheat at the railway siding, and 52 

 tons oihzy. 



Deducting from this sum the value of the hay at 30 s. a ton the grain 

 would have cost the investor £ 813 in all or 2S. ^Y^ d. per bushel. There- 

 fore he can realise a considerable profit on its sale, as the price of wheat 

 / 0. b. in Victoria is at present 5s. 3 ^^(?. 



The two farmers and the capitalist are so satisfied with their joint oper- 

 ations that they have entered into fresh contracts for still further exten- 

 sion of wheat-growing over 1000 acres this j'ear. 



