in Northumberland and Durham in 1887. 
value of the live-stock at the two periods. It is therefore 
impossible to deduce from the accounts what is the value of the 
meat produced. In the long run and for a series of years this 
amount will be the gross proceeds less the cost of the stock 
bought, but a period of one or two years does not afford the 
basis for a reliable statement on this point. Seeing, however, 
the verv regular system pursued on this farm, it mav be worth 
while to apply this test. 
In the year ending IStli May, 1886, the sales of live-stock £ s. d. 
and wool were 4595 7 6 
In the following year they were 4(j22 1 5 
8617 8 11 
In the same years the cost of stock purchased was .. ,. 4335 5 2 
And the two years' balance, after deducting purchased stock 
from stock sold, was 4282 3 9 
In this case, however, some keeping has been purchased at 
a cost of 165 19 2 
And the balance is reduced by that amount to £4116 4 7 
Assuming that the stocTc in May 1887 was equal in value 
to that in May 1885, there was in the two years a gross production 
of meat of the value of 2058Z. a year, or 4/. 55. an acre over the 
whole farm. 
But this amount is not all the produce of the farm itself, 
though made upon it, as manure and food have been purchased. 
When the cost of these items of expenditure has been deducted 
from the gross receipts, the actual value of the entire produce of 
the farm without extraneous aid is 3Z. 65. an acre, out of which 
the landlord, the tax collector, the labourer, and the tradesman 
have to be paid before the farmer gets anything. The practical 
result of the whole thing is that Mr. Angus gets a profit ; but it 
is by no means an adequate one, considering the capital, the 
skill and energy which he employs in his business. 
Mr. Angus spoke in the highest terms of his landlord, 
Mr. Clayton, who had shown his appreciation of a good tenant 
by carrying out various improvements which had been 
suggested. The relations between landlord and tenant were 
evidently most cordial, and since our award was made, Mr. 
Clayton has recognized in a kindly and graceful manner the 
well-deserved success of Mr. Angus. 
The Judges had the pleasure of receiving from Mr. Angus a 
grateful testimony of the services of his shepherd, Christopher 
Pollard, who had served under him and his father for 27 vears. 
He was now 67 years old and had 5 children out in the world. 
The old man showed us his pig with great pride, and we were 
2 S 2 
