The Farmer 



As the farm is owned by Mr. Prout the rent 

 charged (which is above the average of the 

 locaHty) represents the interest on the capital 

 value of the land, and it is a very fair interest. 

 The other item of 8s. per acre is the interest 

 at 4% on the capital spent in preparing the 

 farm for the new system. So we see that after 

 receiving fair interest on the capital sunk in the 

 enterprise, Mr. Prout has a handsome sum 

 over for the remuneration of his personal work. 



Comparisons may be odious, but they are 

 generally useful, so I now give another budget, 

 one of the few that I have been able to obtain 

 from farmers. This example is of a mixed 

 farm of 800 acres of medium land, rental 15s. 

 per acre, working capital ^^5,000. 



On an average the farmer in question cleared 

 ;^5oo per annum, which may be divided thus: 



4 per cent, on ^5,000 capital ... ... ... ^200 



Remuneration for personal superintendence ... ^300 

 Otherwise 7/6 per acre. 



This is by no means a bad example, and yet 

 what a contrast it affords ! 



Mr. Prout undoubtedly spends a good deal 

 more than the ordinary farmer on his produc- 

 tion of wheat, and I am not sure that on an 

 average mixed farm, using leguminous crops to 

 the full, the cost of production need be so high, 

 especially when a rotation is adopted in which 



81 H 



