24 



closing valuation, over the valuation at the beginning of 



;ir : leu* an amount < 

 expenditure on the H'2ii farms exceeds the 



For ili.' whole :t'J."i farms the profit* work m. 

 ','1 7-. 'lit. per acre. which represents ll'Ol per cent, on 

 the capital employed, and the a v. rage amount of profit 

 - I the farms having an average acreage of 



4:s I n. : b 7. 



If interest at 5 per cent, on the capital employed be 

 deducted from thin average profit per farm of f86, Un- 

 balance is :12I. or a profit per acre of 14*. 1 1'/. 



"f ili.- mts referred to above as showing 



profits : 



X4 account* show profit* up to 500 each. 



59 accountH show profits Mween i'.VHl and 



1.000 each. 

 84 accounts show profits of over 1,000 each. 



Table 8 groiif* tin- profits a.-.- >r.ling to amount, and 

 shows the number of accounts falling within tho 'iniit ..f 

 profit of each group. 



In analysing the accounts submitted, the figure of profit 

 has been arrived at liefore deducting interest on capital. 

 or any charge for the services of the farmer, or for the 

 unpaid services of his family. 



Some general questions that arise in considering the 

 amount of profit earned are discussed in paragraph >'< l 

 the interim rejwrt. 



I have investigated certain of the accounts which 

 showed large profits to see if any special reasons were 

 apparent on the face of the accounts. 



It is somewhat difficult, from the accounts only, to 

 ascertain the real causes, but the following are some 

 typical notes on the various accounts : 



The following are some of the results : 



1. Dairy Farm- Home Farm 383 acres Profit 



2,334. 



A largely increased value taken for the live 

 stock ; profit also made on selling Jersey cows. 

 _'. Mixed Farm Owner - Occupier 1,002 acres- 



Profit 3,595. 



Profit said to be wholly due to increased acreage 

 of corn ; there are also heavy sales of sheep and 

 cattle. 

 Mixed FarmOwner - Occupier 288 acres- 



Profit 2,115. 



Sales of milk and corn are heavy ; the valuation 

 is on a moderate basis and there are no special 

 reasons shown by the account!. 



4. Mixed Farm Owner - Occupier 1,032 acres 



Profit 4,022 



Increased value of live stock ; the same number 

 of horses are increased in value by 1,000 at the 

 end of the year ; the rent is comparatively low : 

 there is apparently a big profit on selling cattle. 



5. Dairy Farm Owner - Occupier 400 acres- 



Profit 2.324. 



Receipts are mostly composed of dairy produce : 



the rent appears to be low. 

 I'.. Mixed Farm Tenant .V.i.') acres Profit 4,.T.M i. 



Heavy sales of corn and stock : apparently a 



large profit on cattle sales. 

 7. Mixed Farm Tenant 691 acres Profit i'.'!.x4.',. 



Chief sales are of sheep, cattle and oats ; tin- 



valuation of the sheep per head in increased nt 



the end of the year. 



i". Sheep and Corn Farm Tenant 71 :.' acres 

 Profit 3,46 1.' 



Tli- occupier stated that this was an excep- 



tionally good year. The following are the 



reasons given by the occupier for the profit : 



(1) Very good harvest, 2 qrs. of corn mor<> 

 per acre than the average for wheat, 

 l.ar ley and oats. 



(2) Good turnip crops and consequently 

 instead of selling sheep was enabled to 

 keep them. 



(3) Small lalKMir bill because it was unolitam 



Ill.le. 



. did well and had very few lone*. 

 I .'. I Was n liable to buy cake and feeding stuffs 



in anything like the usual quantities. 

 1. Sheep and Corn Farm Tenant I.OM acres- 

 Profit 1 



P and barlty are the chief sales ; the valua- 

 tion of borm is increased at the end of the vear. 



in. Mixed Farm Tenant 310 acres Profit 1. ;.'. 

 Chief sales are of c..ttl. and sheep, which appar- 

 ently make a profit ; tho valuation is on 1 a 

 moderate liasiii. 



1 1 . Mixed Farm Tenant 73'.l acres 1'rolii n. 



The dnof sales are cereals, sheep, ami milk. 

 Crops were good. 



IJ Sheep and Corn Farm Tenant 788 acres- 

 Profit 3,061. 



I'hieflya stock-raising fnrm (cattle and sheep); 

 big increases in t)>> he end ,,t 



the year : implements and tenant rights 

 admitted to I . vritien up at the end of 



the year owing to the dissolution of a partner 

 hip. 



13. Mixed Farm Tenant :W4 acres Profit 1."'.'.'.. 

 Chief sales are of dairy produce : some of the 

 live stork is increased in value at the end of the 



14. Mixed Farm Tenant 47 acres Profit C-'.i.7r. 



Dealings in Pedigree Stock. 



Paragraph 6. Losses. 



Of the 301 accounts received, 74 shew losses on the 

 - working. 



The aggregate amount of these losses is :;_'. 7n;t, and 

 the Table below shews how these losses are distnl.ut-l 

 over Tenants, Owner-Occupiers, and Home Farms. 



I hav,- endeavoured to ascertain the reasons for 

 losses by examining somewhat closely the accounts con 

 cerned, and a subsequent Paragraph indicates some of the 

 causes of the loss, so far as those causes can be ascertained 

 from the face of the account 



No. of Amount 

 Accounts, of I. m. 



Average. 



I have investigated a numlier of the accounts which 

 shewed large losses to see if any sp;vial reas , M , 

 apparent on the face of the accounts. 



It is somewhat difficult, from the accounts only, to 

 ascertain the real causes, but the following are "some 

 typical notes on the various accounts : 



l.'i. Mixed Farm Owner - Occupier 2"i" acres 



Loss 3(11. 

 This farmer went in for breeding Pedigree Stock. 



16. Mixed Farm Owner - Occupier 379 acr. 



Loss 871. 



The live stock has apparently been written down 

 at the end of the J[ 



17. Mixed Farm - i >wuer ( Icciipicr 1 -_'7 acres- 



Loss 34:i 



First year's farming ; compulsory com gr<>\> 



is said to have involved heavy loss. 

 1*. Mixed Farm Owner - Occupier 115 acres 

 Loss 3:V.i. 



Poor crops ; cost of feeding stuffs and wages is 



comparatively high. 

 I'.i. Dairy Farm -Tenant 218 acres Loss :.L';. 



Deaths of c.ittlc and horses : apparently con 



servative valuation of live utm-k at the end of the 



year. 

 i"i. Mixed Farm Tenant 250 acres Loss 487. 



First year's farming admitted to be the cause. 

 _'l. Corn Farm Tenant 200 acres Loss 7i.l'. 



Farm in bad order when taken over two years 



ago : now being improved. 



Hairy Farm -Tenant 236 acres Loss 47.'. 



No special reason apparent by these accounts for 



the |.>s. 



I Farm Tenant 317 acr. - I. H ';7.V.i. 



Apparently a conservative valuation of livestock. 



Ac., at the end of tin- year. 



