CHAPTEE III. 



FARM CAPITAL. 



Machinery. Live-stock. Food. Seeds. Manures. Labour. Rent. 



THE Farm Capital includes (a) the machinery needed for 

 the due management of the land ; (6) the live stock, both 

 horse-power, and cattle, sheep and pigs, with which to 

 convert its produce into marketable form; and (c) such 

 purchased additions to that produce as may be required in 

 order to the conversion of the latter in the best and most 

 profitable manner. It also includes (d) seeds of the various 

 crops to be grown, by which the fertility of the soil is to be 

 utilized; and (e) such purchased manures in addition as may 

 be required, in order to the best and most economical use 

 and developement of that natural fertility. It includes (/) 

 the labour also of the year's proceedings before the produce 

 is available for the provision of wages. Lastly, (g) it 

 includes the year's rent and taxes. This, so far as rent is 

 concerned, is. in theory paid out of produce, and has not 

 hitherto, perhaps, been considered a claim on the 

 necessary capital of the farm. Where that idea obtains, 

 the farmer and the landlord are partners in the business ; 

 and the individual rights on either side become obscure 

 and mixed. But now that the law defines the tenant-right 

 in precise and unevadable terms, we must consider the rent 

 also to be a demand upon the farmer's capital. 



