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accounts wiiicii are to be debited with tlie depreciation on tlieir 

 group, or the total depieciation may be divided in proportion to 

 the respective labour bills. 



Horses may be treated in the same way ; a value is attached to 

 each with an annual depreciation of Jl6 or £7 a head to be 

 charged to the horse working account. In the case of young 

 horses the depreciation may be exchanged for an appreciation up 

 to the age of seven but little is to be gained by so doing, since 

 the horses are not intended to be sold. 



For the in'dking herd a standard value should be adopted for 

 all the cows in milk ; this value is to be retained in all subsequent 

 valuations and multiplied merely by the number in order to 

 obtain the valuation. If the farmer rears his own heifers, heifers 

 and calves of all ages up to the time they begin to milk are valued 

 at half the standard value of the cows. 



For store stock other than heifers an initial valuation of 10 

 per cent, or so below the estimated market price may be made. 



For the breeding flock a similar method is to be adopted. A 

 standard value is taken for a ewe, another for any rams, and their 

 values are kept unchanged from year to year, so that the total 

 valuation only varies with the numbers. A similar standard 

 value is placed on all lambs and tegs ; this may be half the ewe 

 value in a Michaelmas valuation for a flock lambing about Easter, 

 and three-quarters of the ewe value for such lambs as remain 

 unsold at Michaelmas from an early lambing flock. In the case 

 of a Lady Day valuation only the ewes are reckoned. 



In the case of a flijing f.ock, the cost price, if a recent purchase, 

 or a market valuation less 10 per cent., may be adopted for the 

 initial valuation. 



For the j^^gs the same principle may be adopted. The breeding 

 sows and the boar have standard valuations attached to them, 

 not varying from year to year, and a market valuation less 10 

 per cent, is put on the store pigs. 



The tillages are valued at their estimated cost. It is simplest 

 to ignore unexhausted residues of foods or manures, as they only 

 become a realisable asset when the occupier leaves the farm 

 and the variation from year to year will not be great. For tl r 

 purposes of the balance sheet a fixed value mav be adopted a' n 

 carried forward from year to year. 



Similarly the jarmijard manure may be valued at a fixed price. 



The crops must be valued, not only the corn, but the roots 

 and the green crops. For the feeding crops it is necessary to 

 adopt a series of nvbitrary standard values, which properly 



