THE LANDLORD'S CAPITAL. 119 



In Mr. Squarey's report on "Farm Capital" to the 

 Koyal Agricultural Society of England, a dairy farm of 

 200 acres at 50s. per acre, worth, therefore, 15,000, is 

 stated to have 2,250 spent on buildings, water supply, 

 and dairy accommodation 1,000 on drainage and 500 

 on roads. This is 4,030 in all, out of the 15,000 for 

 the land as equipped. The tenant's capital is put at 

 2,400, and the three items bare land, equipment, and 

 tenant's capital stand at 63, 23.2, and 13.8 per cent., 

 respectively, of the whole value of the farm as it is being 

 worked. 



In like manner, on a mixed farm of 500 acres at 30s. 

 an acre (apparently not requiring drainage), the land in 

 its natural condition, is considered to be worth 17,500 

 the equipment 5,000, and the tenant's capital, 6,000 

 or 61.4, 17.5, and 21.1 per cent, respectively. 



On a grazing farm of 300 acres at 63s. per acre, also 

 not needing drainage, the value of the land is 28,350 ; 

 sheds, yards, water supply, &c., 2,600 ; and tenant's 

 capital 4,500; or 78.38, 7.9, and 13.71 per cent, 

 respectively of the total capital employed on the farm, as it 

 is being worked. 



It is with the landlord's equipment only that this 

 chapter is concerned. This will often amount to 3 per 

 acre over the whole land (supposing half of it needs to be 

 drained) for drainage alone, at least 1 per acre for fences, 

 sometimes nearly 2 an acre for roads, 3 to 5 an acre 

 for farm house and cottages, and more than this for 

 farm buildings, water supply, &c. And it may vary in 

 the total from a sum perhaps one-half the capital of the 

 tenant in the cases of the richest grazing grounds and 

 wide upland estates, to quite twice the amount of the 



