66 STATES OF THE EIVEE PLATE. 



and all product of wool, over and above three or four 

 years' clips, stands as profit or ' interest ' on that capital, 

 and against contingencies. If, therefore, tlie sheep- farmer 

 improves his sheep, and augments the weight and quality 

 of their fleeces during that period, that ' profit ' or ' interest' 

 will be proportionately greater. 



The increase of numbers represents the charges of care 

 and management, and the interest on the money value of 

 the land,* plant, improvements, and the rams ; therefore, 

 according to the value of the stock, will the interest of 

 profit on this money value, or capital, be greater or smaller. 



Thus, a party has a league of land, and on it, say, 8,000 

 sheep, which double themselves in three years ; this in- 

 crease of 8,000 sheep represents, as just said, expenses, 

 interest on value of land, &c.; the annual increase there- 

 fore averages 2,666, from which he may deduct a fourth 

 for expenses, say 666 sheep, leaving the 2,000 remainder 

 as interest. Assuming that the land and plant are valued 

 at 1,000,000^ currency, and the 2,000 sheep at bOS each, 

 this interest or profit would be 100,000^, or 10 per cent, 

 per annum. If the value of the increase is only 5b$ per 

 head for sheep, then the interest or profit is 2 per cent. ; 

 if, on the other hand, 100^ per head be the value of this 

 increase, the interest or profit is 20 per cent. ; or, this 

 profit is divided, as it were, with the land, augmenting the 

 value of that land, until an equilibrium is attained with the 

 current interest of landed securities. 



The calculation is difierent on establishments for the 

 breeding of high-class sheep for the sale of rams. In these 

 the value of the male lamb at the time of weaning, repre- 

 sents the value of the ewes and the rams. Assuming that 

 two ewes lamb three male lambs in three years, the value 



• The stock the land will carry fairly represents ita value. 



