23 



2 (C) Thf VnliKit'inii* (IritrniUii. 



Tables 3 and 4 show details of the valuations at the 

 beginning and the end of the year, and the amounts per 

 acre. 



The Scottish figures per acre are small, because of the 

 relatively larger area of moorland and waste on some of 

 these farms compared with the English farms. 



In considering the total amount of the valuations on 

 the 325 farms, as shown in Table 4, it must be remembered 

 that in a large number of cases some of the dead-stock 

 items are omitted from the valuations. This point has 

 lieen further dealt with in paragraph 4 () of this report 

 dealing with the amount of capital employed on the 

 farms. 



2 (d) Valuations Per Farm Average of 325 Funnx. 



At the beginning of the year, the average amount of 

 the valuations per farm was 4,553, running from 

 3,739 tenant farmers, England and Wales, to 5,343 

 home farms, England and Wales. 



At the end of the year the value of all the separate 

 items in the valuation had gone up in the case of all the 

 classes of farms. 



The total amount of the valuation per farm at the 

 end of the year accordingly becomes 5,208 instead of 

 4,553 live stock and stocks of grain, hay and straw 

 showing the largest amount of increase. 



These results do not include the items of dead stock 

 which were omitted in some of the valuations. 



Paragraph 3. Live-stock Numbers and Values. 



With a view to arriving at the average value per head of the live-stock valuation, farmers were requested to state 

 the numbers and values, of each class of live-stock on the farm at the beginning and end of the year. 



The full information was submitted in 237 out of the 301 cases, and the following are the particulars of the 

 numbers and values of live-stock as rendered in 237 accounts. 



The values per head of all stock are increased at the end of the year, with the exception of pigs. 

 part of this increased value arises in the case of the home farms. 



The numbers of stock are increased at the end of the year in all cases except dairy cows. 



The greater 



Paragraph 4. Capital. 



The total amount of capital on 325 farms at the end 

 of the year as shown by the accounts and schedules 

 submitted and excluding the value of the land and 

 buildings, wag 1,726,876. (See Table 7.) 



The average amount of capital }#r acre at the end of 

 the year on the 325 farms was 12 6*. 6d. 



The average amount of capital per farm (the average 

 acreage being 431 acres) was 5,313. 



The capital on the 325 farms was turned over during 

 the year under review to the extent of 71 '84 per cent., 

 the total income being 1,240,630 and the total capital 

 1,726,870. 



4 (a) Probable t 



ini "/ << rtuin itemt. 



In considering the total amount of capital employed on 

 the farms at the end of the year, it must be borne in 

 mind that in many of these valuations, no value was 

 inserted opposite some of the dead-stock headings, as 

 follows : 



Tenant Right. No amount inserted in 103 valuations. 



lni'l.-> nf Feeding Stuffs, Fertilisers, tf'C. No 

 amount inserted in 52 valuations. 



/H/i/i infills. \\'<ii/i/on, &c. No amount 

 inserted in 21 valuations. 



Grain, II'ii/. linotx, &c. No amount inserted in 20 

 valuations. 



In the majority of these cases it is probable that the 

 figures were omitted from the valuations not because 

 there was no such dead stock on hand but because of 

 the common practice on the part of farmers to take no 

 account from year to year of all or some of these items, 

 which often vary very little from year to year. 



The amount of the valuations on the various farms at 

 the end of the year, 1,692,666, as shown by Table 4, is 

 incomplete in respect of these omissions and the capital 

 employed is also affected to the same extent. I have 

 accordingly made a rough calculation with a view to com- 

 pleting the valuations in Table 4 in respect of these 

 possible omissions, HO as to obtain a figure approximating 

 more closely to the actual amount of capital employed at 

 1 nf thejMU "ii the various farms. 



9M70 



In this calculation an amount has been added to the 

 valuation, for each farm omitting to include any such item 

 of dead stock, equal to the average value of that par- 

 ticular item, as shewn by those farms from which 

 particulars have been received. 



This adjustment is only approximate, as it assumes (1) 

 that the farm omitting these items had, in fact, dead 

 stock of that kind on the farm, and (2) that the actual 

 value of the omitted dead stock would correspond to the 

 average value I adopt for this purpose. 



The effect of this adjustment would be to increase the 

 total value of the different items of dead stock as shewn 

 in Table 4 as follows : 



Corn, straw, hay, &c. increased by 21,000 to say 



322,000. 

 Sundry stocks, food-stuffs, &c., increased by 22,000 



to say 129,000. 

 Implements and machinery increased by 12,000 to 



say 181,000. 



Tenant right increased by 42,000 to say 155,000, 

 and to increase the total valuation at the end of the 

 year by 97,000 to 1,789,000. 



The total capital employed would be similarly increased 

 by the above 97,000. 



If it is desired to eliminate the value of the tenant 

 right from the total valuations, the balance is 1,634,000. 

 This calculation, being made only on the valuation at 

 the end of the year, is not meant to affect the amount of 

 profit for the year shown by the several farms, but only the 

 amount of the capital employed at the end of the year. 



Further comments on the amount of capital employed 

 are made in paragraph 5 of the interim report. 



Paragraph 5. Profits. 



Of the 301 accounts (representing 325 farms) 227 

 accounts show profits and 74 show losses. These losses 

 are further referred to in paragraph 6 of this report. 



The aggregate profit on the 227 accounts is 223,007 

 and the aggregate loss on the 74 accounts is 32,709, 

 making a balance of profit of 190,298 on the full 301 

 accounts. 



It will be observed from Table 13 that the profit of 

 190,298 is made up of an increase of 212,724 in the 



H 2 



