COST OP PRODUCTION 239 



ticular lines was made, and the result thus far, when 

 we take into account the lack of time and the scarcity 

 of data, must be regarded as satisfactory. Comprehen- 

 siveness is not in any way claimed as an advantage 

 of the investigation. Far from it. In fact, the work 

 is open to some of the greatest objections to which 

 statistical work is liable. The limited area which the 

 investigation covers, and the shortness of the period for 

 which it was made, are such fundamental disadvantages. 

 But adequate support has already been given to the 

 claim that the estimates possess the advantage of being 

 representative. 



The method employed in the work is certainly more 

 accurate than that wherein certain estimated values 

 are given to each operation in production. These are 

 probably contractor's prices, but they have little or 

 no equivalent in actual practice, for the contract system 

 has become obsolete, and now farmers almost uni- 

 versally own all the implements and stock necessary for 

 production. Much of this is kept for several other 

 purposes besides wheat production, so that cost of 

 production is lowered to a certain degree. 



In the light of the various estimates which have been 

 presented, what position must be taken up in regard to 

 the question whether wheat growing is profitable or not ? 

 With pre-war prices it cannot be denied that the margin 

 of profit was not large when the many difficulties which 

 the producer experiences are considered. Such problems 

 as the labour supply, satisfactory marketing, uncertainty 

 of yield, probable losses of fertility, are rather formidable 

 with even the most resourceful of producers. If the 

 problem is considered relatively to pastoral farming, it 

 must be admitted that the latter pursuit is much too 

 alluring for the wheat farmer in the light of recent 

 events. But it is very uncertain how far the transition 

 from cereal growing to pastoral farming in Canterbury 



