( m=i63 ) 
FAEM CAPITAL. 
II =— 
Introductory. — The capital applied in agriculture in its widest Introductory. 
snse may be regarded as " fixed " capital and " movable " capital. 
The conclusion of political economists, that land, in its 
atural unimproved condition, is not capital, and that the 
alue of the expenditure in labour and other forms of supposed 
mprovements, more or less permanent, and of certain or un- 
ertain benefit, is theoretically the only true expression of capital 
n land, is fully recognised. Having regard, however, to the 
last and present continual exchange of land for capital in the 
orm of money, by means of sales, mortgages, and charges, 
t may be convenient for the purposes of this Memoir, in esti- 
nating the respective contributions of capital by the landlord 
nd tenant, to treat land in its natural form as part of the land- 
ord's capital, inasmuch as landed property represents in the 
aarket an amount of capital dependent upon its degree of natural 
ertility, its situation and climate, and the sum prudently ex- 
)ended in the shape of buildings, drainage, irrigation, or other 
pecialities incident to its particular application. 
In this view, therefore, it may be convenient to divide the 
ubject as follows : — 
A. Landlord's Capital. — The " fixed " or landlord's capital is : Landlord's 
1. The land upon which agricultural operations are carried capital. 
)Ut. 
2. The buildings, more or less extensive and complicated, 
itted for various farming-applications, roads, cottages for 
abourers, fencing, water-supply, &c. 
3. The expenditure in arterial and thorough drainage, warp- 
ng, irrigation, marling, chalking, and other more or less perma- 
lent methods of increasing the productive capacity of the soil. 
B. Tenanf s Capital. — The " movable" or tenant's capital is : Tenant's 
I. The live-stock, whether kept for the production of meat, <=*P'*^f'l- 
nilk, wool, &c., or as power for cultivating and marketing 
iroduce. 
