THE HOME MARKET 289 



made by one farmer to another are left out of account, 

 as they do not affect the gross revenue of the whole 

 of what is described as the "nation's farm." 



Mr. Turnbull puts the average gross annual revenue 

 for the first five years (1872-7) at 255 millions sterling, 

 and for the last five years of the twenty-five dealt 

 with (1892-7) at 175 millions, thus showing an average 

 falling off in the revenue of no less than 80 millions 

 per annum.^ As regards farmers' capital, he puts the 

 average amount of capital employed in farming during 

 the first five years (1872-7) at ^450,210,000, and 

 during the last five years (1892-7) at ;[^348, 845,000, 

 being a loss of farmers' capital of ;i^ 10 1,3 6 5, 000, or 

 about 22|- per cent. 



But in a shorter paper ^ published by Mr. W. J. 

 Harris, the subject is perhaps treated in a manner 

 more suitable for the trading and other non-agricultural 

 classes, and it is for them that the information is the 

 most necessary. Mr. Harris is a man of long ex- 

 perience in agrarian affairs, and has for years given 

 much attention to the economic side of the farming 

 industry in the United Kingdom. He adopts the 

 same periods for inquiry as those taken by Mr. Turn- 

 bull, and, for all practical purposes, shows the same 

 results. 



The details of his calculation are arranged in a 

 simple and an orderly manner, and can be readily 

 followed and easily understood by a business man. 

 He gives a profit and loss account of the farmincr 

 industry, which shows that in the first five years 



^ These great reductions, it must be borne in mind, represent an 

 finnual decline of our home trade. 



* Addresses delivered to the Devon and Cornwall Chamber of Agri- 

 culture by the President of the Chamber, W. J. Harris, of Hal will 

 Manor, Devon. 



