1920.] Accounts of a Hampshire T'lock in 191CS-19. 127 



of the rams that had been used lor sei vice during that period. 

 The cost of any rams bought during the year is spread over 

 two years, after which the rams are written down to a hxed 

 figure of £7 as long as they remain in tho flock. The accounts 

 are set out below. The valuation of the flock shows little change 

 during the year, but at the end of the time there were 46 fewer 

 ewes and 51 fewer ewe tegs. The reduction in numbers of the 

 flock was due to the sale of 26 draft ewes which had not been 

 sold by iith October, 1918, and to a further weeding out m 

 1 91 9 in order to make room for 40 newly purchased ewes which 

 have not been brought into the account. The fact that the total 

 valuation of the flock had been little reduced as compared with 

 this considerable reduction in its numbers implies that the 

 ewes were carried forward at the end of the year at a higlier 

 figure per head. The costs of keeping the sheep during the 

 six summer months had been much greater in 191 9 than m 

 1 918, and the valuation is made up of the fixed figure of £4 

 for the ewes together with their costs from ]\Iay to October. 



The crops consumed are charged on the basis of two-thirds 

 of the cost of cultivation and the full cost of the seed, though 

 the manures are carried forward to the succeeding corn crops. 

 The grazing land, which is mainly indifferent upland pasture, 

 is charged at its actual cost, since it was put to no other purpose. 

 The hay, oats, and beans consumed, which were produced on 

 the farm, were charged at market prices. It may be urged that 

 there is a profit to the farm concealed in these charges, but 

 inasmuch as there was a market for these materials, and in their 

 place other foods would have had to be purchased, it is necessary 

 to take them into the account at market prices in order to 

 ascertain the profit or loss on the flock considered alone. We 

 are in fact using the accounts to determine whether it is more 

 profitable to keep the flock or put the land to other uses, .^.^., 

 corn growing, as many flock owners have done. One other 

 item in expenditure may seem very large ; the general expenses, 

 including management, which amount to £256. This item, 

 however, is arrived at by dividing the general expenditure 

 upon the faim, which cannot be allocated, in proportion 

 to the outlay upon the labour for each department. It does, 

 however, appear to fall somewhat heavily upon the corn 

 land. 



On the receipt side the ram lambs, upon the sale of which 

 the success of the pedigree flock largely depends, did not do as 

 well as they ought, because, as ha . been noted above, the flock 

 is young and in this year the larr>bs were late. One ram \ras 



