650 AGRICULTURAL ECONOMICS 



$314, that of the part owner $456, approximately 50 per cent larger, 

 and that of the tenant $501, nearly 70 per cent larger than that of 

 the landowner. The average labor income for the region is $422. 

 Another interesting point in this connection is the fact that the man 

 renting land to a landowner received 5 . 7 per cent on his investment 

 while a man renting land to one who owns no land received only 

 5 . i per cent. This may be explained in two ways. The land rented 

 to a part owner is usually nearly all tillable and is therefore all farmed. 

 This would naturally be expected to return more than one rented 

 where a portion of it is waste land, building block, etc. Another factor 

 which might influence this difference is the fact that tenant land does 

 not usually receive the care that land farmed by a landowner would 

 receive. There would probably be some crops pastured down by an 

 owner who has stock, while a tenant does not have such an oppor- 

 tunity. 



Another point which should be mentioned here is the difference 

 between labor income before products used in the home are credited 

 to the farm and after these products are credited. A little more than 

 one-third of the owner's actual income was in products which the 

 farm furnished him. By "farm products" here is meant the vege- 

 tables, fruit, poultry, and dairy products and any meat furnished the 

 household from the farm. To show what the operator actually 

 receives from the farm, it would be necessary to add to this figure 

 rent on the house. With these additions, it is shown that the owner 

 I receives a house to live in and $481 in actual value, while the part 

 -t owner receives a house to live in and $628 in actual value, and the 

 I tenant a house and $645. 



There is another factor which may be obtained from this calcula- 

 tion that is of as much or even more importance than labor income. 

 This factor is obtained by deducting the cost of family living from 

 the gross labor income mentioned above, which gives the actual number 

 of dollars, in addition to interest on investment, which the operator 

 has left at the end of the year for improvements of any kind, for 

 investment, for giving his children a better education. According to 

 * Table X, the farm owner would have $696 for this purpose, the part 

 I owner $592, and the tenant $368, provided no mortgage interest had 

 \ to be met. The average owner's mortgage is $880 and the average 

 part owner's mortgage $920. Allowing 5 per cent interest on these 

 mortgages, the owner would still have left $652 and the part owner 

 $546. This gives a more accurate basis for judging the efficiency of 





