FAEM MAISTAGEMENT IN LENAWEE COUNTY, MICH. 33 



rented land. The average farm income of the 300 owTiers was SI, 068; 

 that of the 90 owners with additional rentedland, $954; and that of 

 the 16 owners with a part of their land rented out was S726. The 

 average farm income of the 33 cash tenants was S739, and that of 

 their landlords, $249; the average farm income of the 120 one-half 

 share tenants was $640, and that of their respective landlords was 

 $730; whereas the average farm income of the five one-third share- 

 tenants was $376, and that of their landlords, $1,070. It should be 

 observed in this connection that the landlords' farm income on the 

 one-third share farms ($1,070) includes pay for whatever work the 

 landlord himself has done on the farm, and taking into account the 

 difference in capital, the landlord's income naturally should be 

 somewhat higher by this plan of operation than that of the tenant. 



After subtracting the average estimated values of the labor of 

 owners and of tenants from the farm income, the owners have left as 

 interest on their investment 5.8 per cent; the owners with additional 

 rented land, 5.9 per cent; the owners with part of their land rented 

 out, 4.9 per cent. The average per cent on the small investments 

 of the tenants run much higher. The cash tenants made an average 

 of 20.3 per cent, and the one-half share tenants made an average of 

 16.1 per cent. It must be remembered, however, that these men 

 were hmited in the investment that could be handled economically 

 in the form of working capital. The percentage returns must, 

 therefore, be much higheT than that for the entire capital of the farm 

 if these men are to receive a fair return for their labor. The 33 land- 

 lords rentmg their farms for cash received an average of 2.7 per cent, 

 and the 5 landlords renting on the one-third share plan received an 

 average of 6.5 per cent on their respective investments. It would 

 seem that the per cent received by the cash-renting landlords (2.7) 

 is rather low, but some consideration should be given to the certainty 

 of income under this plan. 



It will be seen that the average labor income on the owner-farms 

 was $481 ; of the owners with additional rented land, $469; and of the 

 owners with part of the land rented out was $272; while that of the 

 cash tenants was $651 ; of the 120 half-share tenants, $564 ; and of the 

 one-third tenants, $347. 



Tenants naturally look forward to the time when the}^ shall be 

 owners and gain that coveted feehng of independence which comes 

 with the ownership of land. Conditions vary greatly in different 

 sections with respect to tenancy, and it is not always an easy matter 

 to say when and under what' circumstances the tenant should become 

 an owner. Generally there is a decided inclination, however, to 

 ignore the possibilities of renting and to hasten unduly into owner- 

 ship. It is highly advisable to make sure that sufficient capital is 



