show a profit to the producer of £9 Os. 9|d. per cent, on the working 

 capital. 



The abstract for the year 1883 only, included in the second section 

 of accounts, shows a profit of only M 4s. 4d. per cent., the market 

 prices in this year being the lowest on record, for cereals, since the 

 average of the years 1851, 1852, and 1853. 



Third section of accounts. Taking the relative products realised in 

 the first section at cost price (including interest on capital employed 

 as might have occurred between 1873 and 1883), it is shown by the 

 average of the three first diagrams to be . . j617 10 3 per cent. 



The average of the three others . . . 11 19 llf „ 



Average .... £14 9 11 



This result is obtained by taking the relative prices for products 

 obtained from 1873 to 1883, and the second average at cost prices as 

 arrived at in the transposition of prices (folio 47), which are low for 

 cereals, and high for butcher^s meat. This result, however, may be 

 taken as an estimate, presuming that one moiety was obtained on the 

 average prices from 1873 to 1883, and the other moiety at the cost of 

 production, supposing mutton and beef to be marketed at lOd. 

 per lb. (a price commonly obtained during the term of years quoted). 

 The transposition price per cent., however, would be the correct 

 one, so far as the farm in question is concerned, and is shown to be 

 £9 lis. Gd. 



The recapitulation of the experience of the twenty-three years (1850 

 to 1873), representing a period during which the Wilton House Home 

 Farm was increasing year by year its products, shows that the profit on 

 cereals was £4 17s. 5|d. per acre, and the loss on the hay, root, and 

 green crops £2 18s. 8d. per acre. This loss, however, includes the con- 

 version of the hay, root, and green crops into meat, also the cost of 

 increased fertility of the farm and its maintenance between 1850 and 

 1873. The capital employed on the farm in question was £12 15s. lOd. 

 on the total area (including roads, wastes, and down pasture), and 

 £17 8s. 1-^d. on the arable land only. It will be observed that the 

 percentage of profit was produced on .€3,500 — the amount of the capital 

 employed by the producer. Therefore the loss caused through the pro- 

 duction of meat and the cost of increased fertility were thus covered by 

 the percentage realised, and show that increased production is the best 

 remedy known for low prices of cereals. It should be remembered that 

 in this instance there was an excessive expenditure in feeding- 



