chap. XVI. THE COUNTY OF FIFE. 365 



his capital, and on this he lays out his money. 

 Considering the farmer, then, in this light, and 

 in this light he certainly ought to be considered, 

 the profits he may be reasonably supposed to 

 draw from his farm, after the rent, and the ne- 

 cessary expences of management, are deducted, 

 ought, in strict justice, to be held as his income. 

 But, in order to ascertain the amount of these 

 profits, the knowledge of his capital is necessary. 

 And the amount of his capital may be determin- 

 ed, with sufficient accuracy, by the quantum of 

 his yearly rent. Those, who have paid parti- 

 cular attention to this subject, have given it as 

 their opinion, that the capital employed in hus- 

 bandry, may amount to thrice the yearly rent, 

 or at most to three rents and a half at an aver- 

 age. And though, in many cases, the farmer's 

 profits may not exceed five cent, and, in some 

 particular instances, may reach 15 per cent, of 

 his capital, yet that 10 per cent, may be a fair 

 medium. Ten per cent, then, of a sum equal to 

 thrice his yearly rent and a half, will be the 

 farmer's income. Suppose, for example, the 

 rent to be 300 1., the capital, according to the 

 proportion above stated, will be 1,050!., and 

 10 per cent, of this sum will produce an income 

 of 105 1. 



I know that farms, in a high state of cultiva- 

 tion, and yielding from 2 1. los. to 3!. and 

 upwards per acre, may be stocked with less than 

 three rents and a half. But as the occupant 

 possesses land that requires no extraordinary 

 outlay of money, and is in a condition to yield 

 not only an ample, but an immediate return, it 

 is not unreasonable that he should be rated a. 



