13 



s. d. 



Produce in eiyht yetirs. Wheat three years, 

 4 qrs. per a~re per annum @ 76*. 45 12. ; 

 straw @ 20x. per acre, 3 : beans, two years", 

 3 qrs. each year @ 80s., 24 ; bean straw, 

 10s. per acre each year, 1 ; oats, one year, 

 6 qrs. per acre @ 50s., 15 : straw, 20s. ; 

 clover, 25 cwt. per acre @ 6 per ton, 

 7 10s. ; grazing, 10. Total produce eight 

 years 97 12 



(Beans are at present 6 per qr. but with 

 wheat at 76*. and oats at 50*. are not likely 

 long to be worth more than 80s.) 



Deduct eight years' costs 



Eight years' profit 



... 81 15 6 

 .. 15 16 6 



This profit has to provide interest on capital (say 15 per 

 acre), depreciation of machinery, remuneration for 

 management, market expenses, <&c. 



Average annual profit per acre, 1 19s. 6d. 



NOTE. Since the above calculations were made (at 

 Christmas, 1918) wages have been raissd by 6. &d. per 

 week. This would add about 5s. per acre per annum to 

 the cost of cultivation, audit is now proposed to reduce the 

 hours of work during summ r by four per week ; as this 

 would curtail the hours of horse labour too, it would 

 probably add about another 5s. per acre psr annum. 



Sept. 29th, 1919. 



E. M. N. 



D. PROFIT AND Loss ACCOUNT, 1878 TO 1918 INCLUSIVE. 



NOTE. From 1878 to 1891 about 4oo acres land wag occupied (varying slightly at times), about half grass, half 

 arable. Capital employed, 5,<M(0. 



From 1895 to 1915, 9oO acres occupied, half Grags, half Arable. Capital employed, 7,000 in 1895 to 10,000 in 1915. 



From 1916 to 1918, 740 acres occupied, 270 Graie, 470 Arable. Capital employed, 10,000. 



The profit shown in 1911! is probably swollen by my having left a farm in that year (325 acres), and having received 

 payment for Tenant rights, Engines, Threshing Machines and Fixed Machinery, taken over by the Lindlord by agreement 

 (having been taken from him when I took the farm), and which would probably be valued higher than I put them in my 

 annual stock-taking, when I purposely always pat a low value on them. 



It will be seen that I have divided the 41 years into three periods 187H to 1894, 17 years of falling prices, when I only 

 made Zyi interest on capital ; 1895 to 1913, 19 years of very t'oioly rising prices, when 1 male 10% interest on capital and 

 I '.i 14 to HI 13, five war years of quite abnormal prices and conditions, when I made nearly 2<>- /, interest on capital. 



Nothing ha* been charged for my market expenses, nor for my time and labour, nor for those of my son who has bsen 

 with me on the farm since 1*95. 



(Sgd.) E. M. NUNNELEY. 



K. SUMMARY OF THE YEAR AND BALA'NCIC SIIEKT FOR FIVE F/IKI,Y TYPICAL YEARS FOUR BEFORE THE WAR 



AND ONE (1918) UNDER WAR CONDITIONS. 



NOTK. Dnring the first four of the above years the land occupied was 900 acres, 450 arable and 450 graes. In 1918, 



470 arable, 270 grass. 



