SECONDARY RESULTS ' 



reason it is necessary to find some method of securing 

 greater uniformity of quality in the units of land and its 

 equipment even when using land alone as a measure of the 

 standard of output. However, the familiar methods of 

 measuring production may be illustrated from the records 

 of these five farms, before the necessary amplifications are 

 indicated. 



TABLE XXVII 



Measuring the production of these holdings by the unit 

 of land Farm D would be judged the best of the five, but 

 when the production per man is used, Farm E would be 

 reckoned the best. 



But, as has just been said, the production per unit of land 

 varies with the quality of the land itself much more than 

 the production per man varies with the quality of the men. 

 It is therefore necessary to find some method of equalizing 

 the units of land as regards their quality. This may be 

 done by estimating the value of the landowners' capital in 

 land and its equipment. The records for these farms do not 

 include valuations of the land and its permanent equipment, 

 but reasonable estimates may be obtained by capitalizing 

 the rents at twenty years' purchase. If this is done the 

 following comparison of production per unit of land and 

 per unit of landowners' capital will be obtained. 



In this Table the variations in the rate of production per 

 1,000 of landowner's capital are much smaller than those 

 in the rate per 100 acres of land, as shown in Table XXVII, 

 and it is clear that some of the errors due to differences in 

 the quality of land have been reduced by the assessment 



