PROFITS THAT FARMERS RECEIVE 



643 



PROFITS THAT LANDLORDS RECEIVE 



In Table V is given the capital, receipts, expenses and net 

 income for the landlords of the 722 tenant farms given in 

 Table III. On the whole, the net returns on investment are 

 low, considering the time and supervision needed. On the other 

 hand, the rise in land values within the last twelve years has 

 given the owners a very substantial profit in itself. In regions 

 where land values are stationary, we would not expect landlords 

 to be satisfied with an average income of 4 per cent. 



TABLE V. THE AVERAGE CAPITAL, RECEIPTS, EXPENSES AND 



INCOME OF THE LANDLORDS OF 723 FARMS OPERATED 



BY TENANTS 



From a careful study of all available data, we are led to believe 

 that the farmer is receiving only nominal wages and interest on 

 his capital. In certain years he makes good profits, but adverse 

 weather conditions or low prices in one year will often wipe out 

 the returns of a period of years. Again, the agricultural districts 

 which have been studied are much above the average of the 

 general country, so that the income of the ordinary farmer in all 



1 Bulletin 295, Cornell University. 



