SOME RESULTS. 185 



Later he planted half an acre of sweet cherries. He 

 has made money from the start, and in one year 

 banked $4,000 (£800)." 



If now we consider these facts and statements as 

 a whole, it is fair to draw the inference that, after the 

 second year from the start, a fruit grower will be 

 able to realise something like $500 (£100) per acre 

 from his land. This is, of course, the gross return : 

 the net return would be equal to about half of that 

 amount. The actual returns which I have been able 

 to gather are nearly all higher than Mr. Palmer's 

 conservative estimate. But even if we assume that 

 Mr. Palmer's figures are correct, it is at once obvious 

 that from a ten-acre orchard in full bearing the fruit 

 grower would realise a minimum net return of $1,500 

 (£300) per annum. So far as my own experience 

 goes, I do not think it would be at all an unsafe state- 

 hient to say that to an energetic, intelligent man, who 

 thoroughly understands what he is doing, the actual 

 net return would be nearly double the amount just 

 quoted. A very great deal depends upon the skill 

 and energy that are brought to bear upon the up- 

 building and maintenance of the orchard. While 

 Smith may make a good thing out of it. Brown, on 

 the very next ranch, which does not differ in any 

 material particular from Smith's, may be unable to 

 make anything. 



Capitalising the minimum net return arrived at 

 above at a 10 per cent, valuation, we obtain as the 

 value of the fruit land $1,500 (£300) per acre. Con- 

 sequently, unimproved fruit land is not dear at $100 

 (£20) per acre, even though it should cost as much 

 again for clearing, and produce nothing for the first 

 two years. 



