Agricultural Capital and Profits 79 



seasons have, with a few exceptions, been 

 satisfactory from the agricultural point of 

 view, and the evidence before us shows 

 that the existing depression is mainly due 

 to the fall in the prices of farm produce. 

 The fall had been most marked in grain, 

 but at the time wool had also fallen 

 heavily, though since there has been a 

 great recovery. 



In this general survey it does not seem 

 desirable to carry the inquiry beyond the 

 report of 1897, which is one of the most 

 instructive Blue Books ever issued. 



With regard to the special subject of 

 this chapter, namely, capital and profits, 

 the most noticeable points in recent years 

 are as follows : Farmers' profits since 1875 

 have fallen greatly. Taking representative 

 farmers' accounts, it is calculated that in 

 the twenty years, from 1875 to 1894, ^^^ 

 average profit was only 60 per cent, of the 



