188 RURAL RECONSTRUCTION 



very much more than upon " guarantees," Government " con- 

 trol," and the like. But it is, as observed, a matter per se. 



The other two objects — which the farmer may be expected to be 

 able to deal with for himself, and which he is likely to have most at 

 heart — will be these : First, to ascertain from year to year how 

 exactly he stands in respect of his money invested in his farm ; 

 and, secondly, to learn what are the results of every year's 

 operations. 



Under the first head, for the capital account, the first thing to be 

 taken in hand will be a full inventory of assets representing the 

 money sunk in the farm, so far as that can be actually ascertained, 

 with the value of the land itself, of course, and its buildings, etc., 

 in the forefront, where it is the occupier's own. Apart from that, 

 there will be the live stock, the machinery, implements and tools, 

 the food and supplies intended not for sale, but for the conduct 

 of the farming business (including stock of fertilisers, binding twine, 

 machine oil, lumber and so on) and till money. That inventory 

 should be renewed every year at a fixed time — best in winter, or 

 before spring work begins — with all additions or reductions duly 

 noted, as well as regular depreciation, best in a well-bound book, 

 in which the returns of each several year could be subsequently 

 compared. The advantages of a date before the beginning of 

 spring work will be, that that time will find the farmer with most 

 leisure on his hands for doing the work. However, this is a point 

 of detail. The articles enumerated being intended for use, not for 

 sale, the value put upon them should be a very conservative one. 

 Current market value is likely to prove misleading, even where it 

 can be correctly ascertained ; for sale, as observed, is not contem- 

 plated ; and if it were attempted, the market value could probably 

 not be obtained. Valuation for transfer to a new occupier 

 would be a matter by itself and stand upon a totally different 

 footing. 



It is the account keeping for the second object, the ascertaining 

 of annual profit or loss, which will make the greatest call upon the 

 farmer's or cultivator's attention, and possibly occasion greatest 

 difficulty. The master key to that mystery, the part in the 

 machinery to be constructed so as to be well qualified to govern the 

 whole apparatus, is the daybook, or journal, upon the accurate keep- 

 ing of which all will in a sense depend. Farmers are very close and 

 minute observers of whatever happens to affect their business, and 

 as a rule they retain the results of their observation in their memory 

 with remarkable fidelity — for a time. Their difficulty begins, as 



