FARM MANAGEMENT STUDY OP COTTON FARMS. 



35 



This observation revives the question of ownership, to which allu- 

 sion has already been made. It is not to the interest of the tenant 

 to plant alfalfa even if he were encouraged to do so, because the 

 profit of that crop from the first year's planting is comparatively 

 small ; it is valuable from the standpoint of yield because one plant- 

 ing suffices for several years. Under present customs the rental 

 contract is usually for only one year. Without some change in the 

 tenure system there will be fur- 

 ther depletion of soil fertility. 

 The contrary result is encouraged 

 by ownership, for the owner has 

 every reason for maintaining and 

 increasing the fertility of the soil 

 and the yield of his acres. 



That the yield has a direct re- 

 lation to income is shown by the 

 percentage return on investment 

 and by income above rent. Farms 

 making an average yield of 184 

 pounds make a return of 4.9 per 

 cent on the investment. The same 

 farms make incomes above rent 

 of $600. Each of these expres- 

 sions of income increases as the 

 yield per acre increases and al- 

 most directly in proportion to the 

 amount of increase of yield. 



The curve shown in figure 10 

 illustrates graphically the relation of yield to cost, It is seen that 

 where the yield is as low as 155 pounds per acre, the cost of production 

 is equal to the value of the cotton (11.2 cents per pound). As the 

 yield increases the curve drops rapidly, so that when a yield of 100 

 pounds per acre is made the cost is slightly over 6 cents per pound. 



Table XV— Relation of yield to cost of cotton (139 crops, 114 farms, Ellis 



County, Tex.). 



( 



».IZ 



.10 

 



z 



3 09 



O 



tL 



C 



Z 



P .06 





 



(- 



<n 







° .04 



.02 







POUNDS, OF LINT COTTON PER ACRE 

 100 200 300 









...T™11 



"" 









































. 















Pig. 10. — Relation of yield to cost of pro- 

 duction of lint cotton (115 farms, Ellis 

 County, Tex.). 



Yield of lint per acre. 



Number of crops 



Yield per acre (pounds linl ) . . 

 Number man days per acre . . . 

 Number horse days per acre. . . 



Rent per acre 



Man labor cost per acre 



Horse abor cost per acre 



Ginning cost per acre 



Cost of lint per acre 



Value 01 lint per acre 



Cost of lint per pound (cents) . 



200 

 pounds 

 or less. 



27 

 170.3 

 4.82 

 3.12 



$4.72 



$8.75 



$4.62 



$1.07 



$17.97 



$19. 07 



10.5 



201 to 250 

 pounds. 



52 



226.7 



5.44 



3.10 



$4.90 



$9.52 



$4.79 



1.41 



$19. 47 



$25. 36 



8.6 



251 to 300 

 pounds. 



42 



274.7 



6.00 



3.23 



$5. 38 



$11.74 



$4.90 



$1.72 



$22. 51 



$30. 76 



8.2 



301 

 pounds 

 and over. 



IS 

 344.6 

 6.79 

 3.34 



$5. SO 



$12. 80 



$4.79 



$2.13 



$23. 97 



S3S. 60 



6.7 



Average. 



245 



5.65 



3.17 



$5. 13 



S10. 46 



$4.79 



$1.49 



$20.68 



S27.44 



a&7 



a Unweighted average. 



