CHAPTEK VIII. 

 THE LANDLOBD'S CAPITAL. 



Dairy Farms Mixed Farms Grazing Farms Upland Farms Tenant 

 Eight Legislation Lands Improvement Acts Borrowed Capital 

 Settled Lands Act. 



THE Landlord's capital includes, not only the bare corpus 

 of the estate, but all of it, beyond the mere " inherent 

 capabilities" of the land, which has not been contributed 

 by the tenant. It includes the fences, roads, buildings, 

 drainage, which have been referred to in the preceding 

 chapters ; and which together have made the land suitable 

 for the application of the capital and skill of the farmer to 

 the work of cultivation. The sum, per acre, to which these 

 several items amount, varies exceedingly with the purposes 

 to which the land is devoted. On rich grazing ground 

 few buildings and few roads, good fences, drinking 

 ponds, and occasional drainage may be required, along 

 with the farm-house and a cottage or two. Grass lands 

 devoted to dairy purposes require larger accommodation 

 for cattle and for the dairy itself buildings, yards, water- 

 supply, &c. together with houses for the tenant and his 

 labourers. In the case of arable cultivation, again, you re- 

 quire ample buildings for the care of live-stock, implements, 

 and produce ; and many cottages in addition to the farm- 

 house. There are also fences, roads, and often much drain- 

 age needed. 



