ABO =164 
Farm Capital. 
Proportions of 
landlord's and 
tenant's 
capital. 
On a dairy 
:arm. 
II. The corn growing or in stock, the food stored for anima 
in the shape of hay, straw, fodder, and roots, or growing in t 
shape of natural or artificial grass, clover, sainfoin-roots, or oth 
fodder-crops. 
III. The implements adapted for special cultivation, prepari 
for market, and marketing the produce. 
IV. Capital in the form of money to meet the current e 
penditure incident to the preparation of the land for the seed, t 
manuring, seeding, cleansing, harvesting, and marketing t 
corn-crops, to the consumption or sale of the root and fodde 
crops, to the purchase of artificial foods, to pay the Governme 
and parochial rates and taxes, tithe-rent charges, and, where t 
land is let, the rent. 
Under the existing conditions of English agriculture, it 
almost invariably the fact that the landowner does not cultiva 
his land. He relieves himself of the responsibility of supervisio 
the risks of business, and the provision of the movable capital, 
letting his land for a period, on terms, and subject to reservatio 
agreed on, to a tenant, who provides such movable capital mo 
or less completely, and undertakes its cultivation. So fixe 
and invariable is this arrangement, that, even in cases where th 
landowner, cither bv choice or necessity, undertakes the occu 
pation of his land, it is usual and desirable to place himself 
the position of tenant, by separating the accounts, and chargin 
himself witli the amount of rent which might be obtainable 
the land were let. 
The capital provided by the landlord and tenant respectively 
of ever-varying proportions, dependent upon the quality of tl 
land and the nature of its application. In the following illustr 
tions an endeavour has been made to give an approximate e 
pression of these proportions. It is obvious, however, that thf 
must be accepted as merely approximate, inasmuch as, und 
the practice of one district, improvements which are ordinaril 
effected by the landlord are in another district carried out by tl 
tenant, on the terms that he recoups his outlay under the " custo 
of the country," or by a " tenant-right," of which the nature 
defined, or through the granting of a lease for a period durn 
which, having regard to the rent reserved, he may rcasonab 
expect to repay himself such outlay. 
These illustrations are based on the assumption that the who 
working-capital of a farm includes the cost or value of the lan^ 
the buildings, Sic. (see sees. 2, 3), and the stock, crops, &c. (s« 
sees. I. II. III. IV.), so that the analysed proportions may 1 
given in percentages. 
niustrutlon A. — A dairy farm of 200 acres, comprising not more th 
15 pur cent, of arable land, and of the assumed annual value, cxcludi 
