62 



COMPAKATIVE PER-CENTAGES OBTAINED IN FARMING 

 THE WILTON HOUSE HOME FARM WITH A CAPITAL 

 OF £3,500, EMPLOYED VIZ. : — 



£ s. d. 



The first section of accounts is a statement of facts as they 

 occurred between 1850 and 1873; the details are 

 recorded in folio 22, and show under the circumstances 

 to have produced a per-centage of ... ... ... 11 :l Ih 



The accounts of the farm as they had previously been kept 

 were discontinued at Michaelmas, 1873 ; but assuming 

 that the yield of the farm between 1850 and 1873 

 could have been maintained between 1873 and 1883, it 

 follows that the quantities of produce obtained in the 

 twenty-three years, if sold at the gazetted prices for 

 cereals, and the market prices were obtained for the 

 quality of meat produced on the farm for the same 

 period, would show a per-centage of profit equal to . . . 9 9| 



But taking the relative products at cost prices, including 

 interest on capital employed, as might have occurred 

 between 1873 and 1883, it is shown, folio 61, that the 

 amount of profit would be, per cent. ... ... ... 14 Dllf 



It thus follows that in considering the circumstances of the farm in 

 question the last per-centage of profits recorded are preferable to the 

 former, as proved in the analysis. The result, however, is at variance 

 with public opinion as to the future of the land question in this kingdom, 

 which is thus shown to depend upon the amovint of capital that can be 

 brought to bear in developing the resources of the land. The analysis 

 proves that the farm was farmed profitably during the first section, and 

 through the influence of increased production would have held its own 

 during the second section up to the transposition of prices for produce in 

 1883 and subsequently. The analysis of the third section of accounts is 

 in effect a paradox, as it will be borne in mind that every pound of meat 

 made on 198 acres, 2 roods, 24' perches of arable land with only the aid 

 of a sheep-down, was produced at a loss of 2|d. on the prices realised in 

 the twenty-three years; but, nevertheless, the loss on every pound 

 produced in the aggregate was 3|d., as shown in folio 32 ; but, moreover, 

 through the transposition of prices the six diagrams, folio 55, give the 

 profitable sale prices, including- interest on capital, viz. : Mutton, 10|d. ; 



