The item manure purchased iu A is 1:2s. Id. on eereals^and lis. ll|d. 

 on hay, root, and green crops — together 24s. Okl. — and is thus 

 explained in the exposition of expenditure (fo. 68), viz. : — " This item is 

 spread over the area of the arable land, as its application could not be 

 separately distinguished in the production of the respective crops 

 grown.''' It will, however, be observed that the amount applied to the 

 root and cereal crops has only been such as to promote early vegetation, 

 while the fully-developed crop was secured by increased fertility in the 

 soil. 



It is contended that the £2 12s. 6d. per acre charged against cereals 

 in the estimate " B " ought to have been distributed over both cereals 

 and hay, root, and green crops, and is therefore, as a whole, an illegiti- 

 mate charge against cereals, and therefore in this comparison it unjustly 

 ignores the margin remaining in the calculation as due to the tenant for 

 interest on capital. The remaining items of expenditure are the actual 

 costs on "A" from 1850 to 1873, amounting together to £3 19s. Ofd., 

 and on '^B'' to £3 17s. 8d., and may therefore be taken as 

 synonymovis. 



In 185U the normal products of the farm (exclusive of Hookland or 

 lands adjacent to water-meadows, consisting of a small area) were : 

 wheat, 18 to 20 bushels per acre; barley, 28 bushels; and oats, 32 to 



36 bushels. The ewe flock consisted of 150 Hampshire downs (improved 

 breed). In 187U the foregoing crops stood respectively 32|, 46, 57 1, 

 and pulse, 37^ bushels per acre. From 1870 to 1873 the relative 

 quantities per acre were : wheat, 36 bushels ; barley, 50 bushels ; oats, 

 61 bushels; and beans or pulse, 41 bushels; and the ewe flock numbered 

 312 (exclusive of chilver or ewe lambs). The aggregate average increase 

 is, therefore: wheat, 15^ bushels; barley, 19|; oats, 23| ; and beans, 



37 per acre; and ewe flock, 7. These results, it will be remembered, 

 were maintained for twenty-three years. 



SYNOPSIS OF RESULTS. 



The first section of accounts is a statement of facts as they occurred 

 between 1850 and 1873, showing a profit realised by the producer 

 (folio 22) of £11 2s. lid. per cent, on the capital employed. The 

 second section of accounts assumes that the yield of the farm between 

 1850 and 1873 could have been maintained at the same cost during- the 

 following ten years, viz., 1873 and 1883. If the quantities of pro- 

 duce obtained in the twenty-three years be sold at the gazetted 

 prices for cereals, and the market prices were obtained for the quality 

 of meat produced on the farm for the same period, the result would 



