66 Capital. 



rious farmer, lays out the least sum he can possibly contrive ; 

 and consequently he obtains the smallest produce or profit from 

 his farm. These, however, will always increase, when ac- 

 companied by spirit and industry, in proportion to the capital 

 employed, if judiciously expended. At the same time, atten- 

 tion and economy cannot be dispensed with. It is ill-judged 

 to purchase a horse at forty guineas, if one worth thirty can 

 execute the labour of the farm ; or to lay out sums unneces- 

 sarily upon expensive harness, loaded with useless orna- 

 ments ( 9 ). Prudent farmers also, who have not a large capital 

 at command, when they commence business, often purchase 

 some horses still fit for labour, though past their prime, and 

 some breeding mares, or colts ; and in five or six years, they 

 are fully supplied with good stock, and can sometimes sell 

 their old horses without much loss. In every case, such shifts 

 must be resorted to, where there is any deficiency of capital. 



3. A mixture of arable and grass farming. This, on the 

 whole, is the most profitable method of farming. Indepen- 

 dently of the advantages to be derived from the alternate hus- 

 bandry, so favourable to the improvement of the soil, the 

 chances of profit are much more numerous from a varied sys- 

 tem, than where one object is exclusively followed. Where 

 this mixed mode of farming is practised, the farmer will fre- 

 quently rely on the purchase of lean stock, instead of breed- 

 ing his own ; and derives great advantage, from the quickness 

 with which capital thus employed is returned. In that case, 

 however, the profit must greatly depend upon judicious se- 

 lection. 



It is not necessary to enter into any detailed estimates, of 

 the capital required for stocking cultivated farms, as they have 

 been already explained in former publications ( l ) . In general 

 it may be said, that to stock a turnip-land arable farm, will 

 require, at this time, L.5 or L.6, and a clay land farm L.7 or 

 L.8 per English acre, according to circumstances. 



The capital of a farmer is necessarily divided into three 

 branches. The first is partly expended on implements, or 

 stock of a more or less perishable nature, and partly vested in 

 improving the soil ; for this the farmer is entitled to a certain 

 annual gain, adequate to return, within a given number of 

 years, the sum thus laid out. The second is employed in de- 

 fraying the charges of labour, the purchasing of manure, &c. 

 as they occur throughout the year ; the whole of which, with 

 the interest, should be replaced by the yearly produce. The 

 third is laid out in permanent improvements, as in draining, 



