Coleman.] Report on Steam Cultivation. 397 



The accounts for 18G6 not having been audited, we are unable 

 to present our readers with the exact results, but the following 

 is a close approximation. 



Third Years Statement up to December 31, 1866. 

 WoKKiNG Account. 

 Dr. £. s. d. i Cr. i- s. d. 



To balance in hand Dec. 31,1 3., q - By wages, &c GO 



1866 / ■ I ,, repairs, including newj g q 



,,cash received for fieldK.^ ^ „ [ sheets for engines ../ 



■workuptoDec.31,1866/" j ,, pump and hose, water-j 7 q q 



cart / 



, , new tires and brass! 



bushes to fore-wheels> 22 

 of both engines .. .. ) 

 ,, cultivator-tines .. .. 12 



,, oil, &c 16 



,, management .. .. 50 



Balance .. .. 110 10 4 



£283 10 4 I £283 10 4 



Presuming that the above figures fairly represent the working 

 account for 1866 (the account for wages appears to us small, 

 considering the weather, and comparing it with the outlay in 

 previous years — and we therefore think it must be under- 

 estimated) we have, as the result of three years' work, the sum 

 of 279Z. 15,?. Id. paid away partly in dividends, and as balance 

 in hand, to put against depreciation, which at 10 per cent, 

 amounts to about 482/. 12^. The financial operations of the 

 Company have not, therefore, been hitherto successful. We are 

 now stating the case at its worst : it is probable that the forth- 

 coming accounts will show assets for book-debts, apparatus 

 charged but not used, &c., and these items may reduce the sum 

 to about 400Z. In pointing out these facts we have no wish to 

 discourage the promoters of this really useful enterprise — diffi- 

 culties at the start have now been overcome, and it is quite 

 possible, with favourable seasons, to make up lost ground, and 

 to yet show the public that a Steam Cultivation Company may, 

 under good management, prove successful even under adverse 

 conditions. It is encouraging to know that the prejudice 

 against steam cultivation which was commonly felt by occupiers 

 in the district, when the Company commenced operations, has 

 entirely disappeared. During the first season the work was 

 chiefly done for landed proprietors. At the present time 

 about 60 names are on the books. Arriving in Whitchurch 

 on a market-day, we were fortunate in being able to discuss 

 the subject with some half score supporters of the Com- 

 pany, only two of whom were shareholders, and the testimony 



