FARMS. 39 



complain that their small space prevented them from getting their 

 business carried out in all its branches with sufficient profit. Although 

 an intelligent and skilful man may certainly make fair profits in farm- 

 ing on a subject of 300 acres, still, if he can secure a subject of 500 or 

 600 acres, or even more, all the better, if he has capital enough to do 

 it justice. In short, in farming, as in all other branches of business, 

 the larger the field of operation, and the larger the capital embarked in 

 it, the greater the profits which may be expected from it, provided it is 

 not too extensive to interfere with its being efficiently superintended. 



SECTION 3. Profits from Farming as at present pursued. 



I am aware that it is not possible to arrive at anything like a really 

 correct estimate of the profits in connection with farming generally 

 over the country, as most men engaged in the pursuit are unwilling to 

 give information on the point ; still, from having had experience on 

 this branch, I feel satisfied that I have been able to form at least a 

 pretty correct opinion as to the average profits arising from it, and I 

 shall therefore venture to give my opinion. Keeping out of view alto- 

 gether the subject of exclusive sheep-farming, which for some years past 

 has yielded unusually high returns, I shall confine my remarks to profits 

 from mixed farming as usually carried out in the purely agricultural 

 parts of the country. 



I have known five men in the same county who had farms ranging 

 in extent from 150 to 350 acres, and who had laid out on them an 

 aggregate capital equal to 10 on each acre of the land they held, who 

 did not, on an average of years, realise once 6J per cent per annum on 

 taking the medium of their profits altogether. These were men, let me 

 observe, who kept correct accounts of their transactions, both in regard 

 to income and expenditure ; and as they showed me their respective 

 books, I had no hesitation in believing their statements. In several 

 cases of farms, however, I have had good reason to know that their 

 tenants realised fully 20 per cent on their capital in use on them ; but 

 these were instances of superior land placed under good management ; 

 still they proved what good management can effect. But to counter- 

 balance these cases of comparatively high returns, I must state that I 

 have known many farmers who did not realise anything as profits, but 

 lost heavily in their farms, partly from bad seasons overtaking them, 

 partly from, their farms being of an inferior'description of land, partly 

 from their not having sufficient capital to improve their subjects, and 

 partly to their want of sufficient skill to enable them to conduct their 



