METHODS OF PRODUCTION 



107 



The accounts given here " represent two farms of 

 roughly 2000 acres of which three-fifths are arable and 

 two-fifths pasture, the arable land of a mixed quality, 

 erring rather on the hea\T side. 



" Opposite are the net financial results per acre over 

 (i) the whole eighteen years ; (2) the first twelve years ; 

 and (3) the last six years. The average profit per acre 

 shown has been arrived at after charging all expenses, 

 including rent, rates and taxes, but excluding interest 

 on capital. 



" The following figures show the result of stock- 

 keeping on the same area of land : — 



Note. — Losses arc shown in heavy type. 



" It will be observed that cows and poultry after being 

 charged with every expense have been profitable to the 

 farm. Taking the whole period, cattle, sheep and pigs 

 have shown a slight loss. 



" During the eighteen years the cows kept have 

 averaged about 450, so that, even in their case, the net 

 profit each year only amounted to from 43/- to 45/- 

 per head. 



" The net profit from the arable land over the whole 



