22 TEXAS AGRICULTURAL EXPERIMENT STATION. 



FINANCIAL STATEMENT ON SHEEP BREEDING AND FEEDING PROJECT CON- 

 DUCTED AT TEXAS SUBSTATION NO. 7, LOCATED 



AT SPUR, TEXAS. 



September, 1914 June, 1916. 

 Expenditures. 



148 ewes at $5.00 per head $ 740.00 



5 rams 125.00 



Freight and express on ewes and rams 63.69 



Total feed for lambs. 250.13 



Total feed for breeding flock 64.67 



$1,243.49 

 Receipts. 



Sale 120 lambs (net), January and March, 1916 $ 982.56 



1915 Sale 840 pounds wool at 22fc, net 179.84 



1916 Sale 696 pounds wool at 27c, less 2 per cent, warehouse 



charge -.' 183.23 



Sale 50 ewe's at $6.00 per head 300.00 



Sale 2 rams 40.00 



Premiums Fat Stock Show (Fort Worth), 1916 47.00 



$1,732.63 

 Less principal 1,243.49 



$ 489.14 

 Inventory* 90 head of ewes at $5.00 per head 450.00 



Profit $ 939.14 



Per cent, profit on investment, 75.5. 



The financial statement presented in this bulletin is to impress upon 

 the minds of the readers that when such an investment on the farm 

 returns as high as from 50 to 100 per cent, annually it must be worthy 

 of some consideration. 



The statement shows the total outlay of capital required to finance 

 this sheep work, exclusive of labor, was $1243.49. Interest has not 

 been charged against the expenditures presented in the preceding finan- 

 cial statement. Under receipts it will be observed that the lambs re- 

 turned a handsome profit. The wool from the Rambouillet ewes during 

 two successive seasons brought high prices and the inventory carries the 

 ninety remaining ewes at the same price paid for them two years ago. 

 This has been made possible only as a result of the upward trend of the 

 sheep market generally during the past two seasons. 



In the foregoing financial statement the prices of feeds charged 



Although the ewes have an 80 per cent, lamb crop that will be marketable 

 during the winter, their value has not been estimated in the above statement. 



