RjtCEirn AMD PAYMENT* AUOODMT FOB 10 YKAKU faun OCTOBER, 1908, TO OCTOBER 1918. 



Light Land Area 822a. Ir. 7p. 



IlKOKI ITS. 



PAYMENTS. 



SUMMARY OK PROFITS. 



This shows an average balance of 260 to recom- 

 pense the farmer for his own time and skill and pay 

 interest on his capital. 



I estimate the capital required to work this hum 

 to-day is not less than 10,000, interest on which ai 

 ") per cent, is i'500 per annum ; 



showing that the farmer received 584 less per annum 

 for his capital invested in the farm than he would 

 receive if it were invested in Kxchoqnri- Bonds 

 besides giving him no return for his own labour. 



Tli.-ir lias been nothing charged in these accounts 

 for management, office expenses, or auditor's fees. 



