LEADING FEATURES OF THE WHEAT INDUSTRY 205 
5. Capital. 
According to economie analysis, the third factor in 
production is capital. The industries least commonly 
associated with capitalistic production are the agricul- 
tural and pastoral ones. Closely connected with the 
conception ‘‘capitalistic production’’ is the factory 
system, or modern means of transportation, or the 
enormously increased use of machinery in the extractive 
industries. To the minds of many, the pursuit of agri- 
culture still signifies the direct application of human 
labour to the soil, with little intervention of machinery. 
If this machinery is considered, it is subordinated to the 
other two factors. 
Such a view obviously betrays incomplete observation. 
Many believe that all one needs to begin farming is a 
sum sufficient only for a deposit on the purchase of the 
land, which need only be a small fraction of the total 
capital value. Having obtained the land by this means, 
the fortunate individual can at once proceed on his way 
to riches with little thought of the necessary outlay. 
That the absolute amount of capital required for 
manufacturing industries is greater than that required 
for agricultural industries, as such, the least observant 
would not deny. But what of the relative proportions 
of capital and labour in the two groups? The farmer 
employs but one or two labourers, while the ‘‘captain’’ 
of industry gathers together in one business, scores, 
hundreds, and even thousands. On this account the 
ratio of the amount paid in wages to the amount of 
capital required, it is not unreasonable to conclude, is 
greater in manufacturing industries than in the purely 
agricultural ones. In other words, the provision of 
capital to the farmer is a relatively greater problem 
than it is to the manufacturer. Such, then, being the 
case, it is a matter of paramount importance that in his 
quest for capital adequate for the most efficient pro- 
