Farm Capital. 
431 = 165 
hes, of oOs. per acre = 5007. The value of such a farm in the market may 
taken at 30 years' purchase on the annual value (500?.) = £15,000 
The cost of buildings on such a farm, including fann-| 
house, with dairy -accommodation, water-supply, and> £2550 
two cottages for labourers, may be taken at ) 
Drainage assumed at 1000 
Iloads and fencing assumed at 500 
4,050 
Leaving as cost of land in its natural condition .. ., £10,950 
The tenant's capital may be taken at 127. per acre = 24007., and the total 
pital applied to the farm stands as follows : — 
Landlord's Capital: — 
Land in its natural condition £10,950 = 63 percent. 
Buildings, improvements, &c., as set out) ^ q-q 93-9 
above J ' ' — - » 
Tenant's Capital 2,400 = 13-8 „ 
Total capital employed £17,400 = 100-0 „ 
TUustration B. — 'Mixed arable and pasture farm of 500 acres of assumed On an arable 
inual value of 30s. per acre, excluding tithes = 7507. per annum. farm. 
Assumed capital value x 30 years = 22,5007. 
Landlord's Capital: — 
Land in its natural condition £17,500 = 61'4 percent. 
House, farm-buildings, 6 cottages .. .. 4,000) _ -17.;- 
Roads, fencing 1,000| ~ ^ 
Tmanfs Capital : — 
127. per acre 6,000 = 21-1 „ 
£28,500 = 100-0 
JUustration C. — Mixed upland, arable, and pasture farm of 1000 acres. On a mixed 
assumed annual value of 20s. per acre, excluding tithes = 10007. per annum farm. 
oO years' purchase = capital value of £30,000 
Farmhouse £1400 
Buildings, homestead, two field-bams, yards, sheds, ( 3000 
water-supply ) ^ 
13 cottages 1950 
Roads and fencing 1000 
7,350 
Cost of land in its natural condition 22,650 
Tenant's Capital : — 
107. per acre on 1000 acres 10,000 
Landlord's Capital: — 
Land 22,650 = 56-6 per cent. 
Buildings, &c., as above 7 , 350 = 18-4 „ 
Tenanes Capital 10,000 = 25-0 „ 
40,000 = 100-0 „ 
VOL. XIV. — S. S. 2 H 
