OVERCAPITALIZATION- 45 



under a galvanized roof as a mere protection for 

 the plant ; and when they had gained the confidence 

 of the farmers, as well as a certain outlet at the 

 retailing end, they would have thought it time 

 enough to put up the substantial building in which 

 the Wensleydale Pure Milk Company are starting 

 their venture. Then, when the opportunity arose 

 to improve their methods by the introduction of 

 later machinery or a rearrangement of their build- 

 ings, the minimum amount of the original capital 

 would be sacrificed, and the wooden shed, having 

 done its work, might be relegated to the scrap-heap 

 without much loss. I noticed another illustration 

 of this principle in the case of farm-buildings in 

 the dales. 



Under the old system of farming induced by 

 cheese-making the stone barns in isolated fields 

 were a necessity. Now that milk-selling is being 

 taken up, the cows have to be milked and fed at 

 the homestead for convenience' sake that is to say, 

 the buildings on a milk-farm are useless as they 

 stand, and are badly wanted at the homestead 

 where there are none. The largest farmers now 

 wish to induce their landlords to let the stone 

 barns fall out of repair and put their money into 

 buildings which will be more convenient for the 

 purposes of milk-sellers. No doubt this will be 

 done in some cases, involving considerable expense. 

 Then, when the slump in milk arrives, and a 

 return to cheese-making will be desired, these time- 

 enduring buildings will be in the wrong place again. 



