FIELD FOR CAPITAL AND LABOUR. 183 



in three years more — in all, six years — 8,000, and so on. 

 Flocks composed entirely of breeding ewes would increase 

 much more rapidly, as wUl be hereafter shown. The 

 expenses of management are usually estimated at about 

 one-fourth or one-third ; this, however, depends on the 

 value of the stock, and applies to stock of average class. 



As an investment of a considerable capital by a com- 

 pany, or more limited capitals by inchviduals, there are 

 sources of profit open to judicious management, apart 

 from the direct returns in wool and average increase in 

 the numbers of the sheep — viz., the increase in the value 

 of land; the wide scope for improvement in the class of 

 sheep ; augmentation of the yield of wool, and improve- 

 ment of its quality ; greater product of carcass, skin, and 

 grease ; and the larger increase of numbers from a given 

 proportion of stock kept. These are results certainly 

 attainable through a more liberal employment of capital 

 and more careful management than has been generally 

 practised. 



It is quite practicable, as I know from experience, to 

 treble in a few years the returns from wool ; and, by 

 consequence, the value of the sheep as wool-producers, 

 and more than double the product in carcass, skin, and 

 grease ; but assuming an estimate considerably under this, 

 there is assurance of a highly satisfactory return for 

 money invested. 



The estimated increase from cattle is more or less the 

 same as in sheep, that is, they double themselves in three 

 years. The annual sources of revenue from sheep are the 

 wool, the wethers, and the surplus and aged ewes. From 

 cattle, the ' steers,' or ' neats ' (Novillos), and surplus 

 cows. 



The expediency of having cattle on a large establish- 

 ment only partially stocked with sheep, and on which 



