364 
77^6 Making of the Land in England. 
possessions, and which must not be overlooked in discussion 
with those who trace so much of the rise of income to the 
natural increment of value. 
There will now be no difficulty in accounting for an addi- 
tional expenditure of 1600/, to 2000Z. on the operations neces- 
sary in the selected parish to provide the equipment for the 
development of modern husbandry ; this will raise the cost of the 
secondary operations to about 20,000/., a sum equal to 12/. per 
acre. If we add 5/. an acre more for the cost of such work as 
Mr. Belcher describes in Wy chwood Forest, we get a sum of 17/. 
per acre, and still we have not a house or homestead erected, a 
tree planted, a hovel raised. These particulars will be dealt 
with, and their importance as factors in the value of land per- 
ceived, when we come to the consideration of the actual expen- 
diture about them on estates selected for example ; but a very 
careful and useful estimate of their cost has been furnished by 
Mr. E. P. Squarey in his article on ' Farm Capital,' to be found 
in Vol. XIV. of the 2nd series of this 'Journal.' 
Mr. Squarey says the landlord's capital is — (1.) The land. 
(2.) The buildings, roads, cottages, fences, &c. (3.) The ex- 
penditure in arterial or thorough draining, warping, chalking, 
marling, and other more or less permanent methods of increasing 
the productive capacity of the soil. It is with the second item 
we have now to do, and Mr. Squarey's estimates are based on 
the following illustrations :— 
A. A dairy farm of 200 acres, 15 per cent, arable ; annual 
value, exclusive of tithe, 50s. per acre ; cost of buildings, includ- 
ing house and two cottages, 2550/., or 12/. 15s. per acre. 
B. Mixed arable and pasture farm, 500 acres tithe free at 
30s. per acre rent ; house, farm, and six cottages, 4000/., or' 8/. 
an acre. 
C. Mixed upland, arable and pasture farm of 1000 acres, at 
20s. per acre ; farmhouse, buildings, and thirteen cottages, 6350/., 
or 6/. 7s. per acre. 
The average in these three illustrations of the cost of Ibuild- 
ings turns out therefore to be 9/. per acre, which, added to the 
previous calculation of 17/., brings up the amount of the owner's 
expenditure to the sum of 26/. per acre. 
F"or some such outlay as this, or its equivalent, at the time 
when the several operations were carried out, the open wild 
waste, denuded of saleable timber, mere rough naked land in 
fact, has been converted into cleared and levelled enclosures, 
ready for the occupancy of the cultivating farmer and his 
staff. 
Having thus taken a view of the processes involved in the 
making of the land, the consequence of these operations and 
