SHEEP-FARMING IN THE WEST. 113 



First Year, 



Bought 650 ewes, at a cost of $3 each . . . . $1950 



" 1 ranch, with sheds 1200 



40 tons of hay, at $6 per ton 240 



Team, wagon, etc 200 



Two horses for herding 100 



Total $3690 



Expenses : Labor for one year $600 



Board foreman one year 100 



Horse-feed 100 



Shearing sheep 50 



Incidentals 9 ■• . 100 



Total $950 



Keturns : Sold 3600 pounds wool, at 29 cents per 



pound $1044 



On hand, 420 lambs, for which had an offer of $4.50, but 



say $3 each . . 1260 



Total $2304 



Deduct expenses 950 



Net profit, equal to about 35 per cent $1354 



Mr. Kumsey, in his estimate for next year, stated : 



1500 sheep, extra sheds, horses, wagons, fencing, hay, 

 improvements, labor on ranches, etc., total 



about $8000 



Keturns of wool from 1500 sheep, five pounds to the 



fleece, 7500 pounds, at 25 cents per pound . . 1875 



Increase, 70 per cent., 1050 lambs, at $3 each . . . 3150 



Total $5025 



Expenses : Labor for one year . . . $800 



Contingent fund . . . . 500 



1300 



Xet profit (exclusive of improved value of sheep, 46J per 



cent, on investment) $3725 



H 10* 



