58 MAKING A SUCCESSFUL START 
up on a farm has the training which gives him a general idea of the 
subject in a practical way. If he desires to pursue poultry keeping 
on an extensive scale, he should spend at least one season at some 
large commercial plant, so that he may become familiar with the 
planning and execution of the work under the right conditions. 
If he intends to devote some time to a scientific study of the sub- 
ject, it is advisable to acquire the practical experience first, as 
he will thus get more out of the advanced training. 
To any poultry keeper, whether old or young, experienced or 
inexperienced, the poultry press offers a fine field for the study 
and expression of ideas and teachings. The reasons for this are 
brought about by the constantly changing conditions. No matter 
in which of the various ways he acquires his experience and train- 
ing, if he is able to apply the factor of personal observation and 
to deduce therefrom correct principles, the learner is well on the 
road to success. 
Land, Labor, and Capital——Success in any branch of agricul- 
ture is dependent largely on the proper adjustment of three eco- 
nomic factors,—land, labor, and capital. The poultryman’s 
capital may be considered as either fixed or circulating. 
Fized capital is the term applied to investment in permanent 
equipment, as land, buildings, teams, appliances, tools, and 
machinery—things which are constantly used in production. 
Circulating capital is. limited to that which is consumed in the 
process of production, and which is being used up and replaced 
by material of the same kind, or which having been returned is 
being reinvested. It is this form of capital which is constantly 
changing, each time coming back with increase, provided the 
business is conducted at a profit. 
The Poultryman’s Capital——The following classification may 
serve to illustrate: 
1. Fixed capital or permanent investment: 
(a) Land: Natural value plus all permanent improvements, such as 
roads, fences, wells, drains, and orchards. 
(b) Buildings: Dwelling; farm buildings, as barn; poultry buildings, as 
henhouses, feed houses, and incubator cellar; building equipment which is a 
permanent part of the building, or fixtures. 
(c) Equipment: Team; implements for working the land; incubators and 
brooders; fowls which are used in production—excluding young birds and 
birds grown for meat only. 
2. Circulating capital: 
Feed, seeds, and miscellaneous supplies; market eggs or live poultry grow- 
ing or unsold; money on hand which is required to pay labor and carry on the 
business. 
