64 THE EQUIPMENT OF THE FAKM. 



capital required on entering a farm, the amount of the 

 bill to be paid to the outgoing tenant. Its items are, 

 for the most part, included in the statement already given 

 of payments made for food and manure in the course of the 

 year, and probably, so far as the current crops on the land 

 are concerned, for seed and labour. Where there is a 

 payment due to the outgoing tenant for increased fertility, 

 that is a matter rather for the landlord than the farmer. 

 It has to be paid for by one or the other ; and if by the 

 former, then the tenant will pay the higher rent which 

 land in the improved condition commands, with the 

 necessity, however, laid upon him of maintaining that 

 condition; or, as he knows, it will be replaced at his 

 expense by his successor. If the tenant takes the land 

 at the old rent, himself paying for the extra condition in 

 which he receives it, that indeed will be an increase of the 

 amount of capital he will require. But if fairly valued to 

 him, it will be the most profitable portion of his outlay. 



It is necessary to add, that the general tendency of 

 modern farming being towards the production of milk and 

 meat rather than grain, a much larger capital will become 

 necessary in the future than has hitherto sufficed for the 

 due equipment of the farm. 



In a series of instances in which this whole subject of 

 the capital of the farm was examined many years ago, the 

 sum required varied from 7 10s. per acre in the case of 

 a dairy farm, to 17 per acre in the case of a small farm. 

 The labour bill is now extraordinarily heavy: and the 

 amount, taking the increased cost of rent and labour, 

 tradesmen's bills, machinery, and livestock into considera- 

 tion, will be from 10 to 30 per cent, higher. 



In a paper on Farm Capital, by Mr. Elias P. Squarey in 



