COST OF PRODUCTION 237 
of the yields per acre to approximate closely to the ratio 
of the fertility of the land as measured by their prices 
per acre, after allowing for differences due to situation. 
The discrepancy between these ratios suggests that the 
efficiency of methods of farming is unequal in the two 
cases. The amount spent in cultivation, that is, the items 
wages and capital, differs by some 6s. 8d. per acre. This 
shows that degrees of the intensity of cultivation are not 
wholly in agreement, but the difference is not sufficient 
to explain the difference in yield. The real explanation 
is that in the one case there was much better adminis- 
tration of the cultivation, and, moreover, the observer 
is struck by the general superior efficiency of farmer B. 
Farmer C happens to be young and comparatively in- 
experienced, and his land has not yet had time to show 
the effects of good farming such as is the case with B. 
In particular, land C was not ploughed until late autumn, 
and cultivation was proceeded with until seeding time 
without a break. Land B, however, was fallowed in the 
summer, and in this condition it remained for some three 
months until autumn, when cultivation for the crop was 
commenced. Obviously, other things being equal, we 
should expect a higher yield from the latter land. 
The high cost of production in the case of C must 
be looked upon with the reservation, then, that better 
administration would yield a higher return. Be it noted 
that the same land has yielded 30 bushels per acre quite 
recently, and, generally speaking, crops here have been 
considerably above 20 bushels per acre. 
8. Cost of Production and Market Price. 
If any error has been made in making these estimates, 
it has undoubtedly fallen on the side of exaggerating the 
importance of expenditure. There is no necessity to con- 
sider this matter in detail, for a glance at the estimates 
themselves will show at once that such is the case. For 
