432 = 166 
Farm Capital. 
On a gi-azing 
farm. 
Tenant's capi- 
tal less on 
fertile land. 
Irrigation. 
Illustration D. — Grazing farm of 300 acres, not requiring drainage. Annu 
value 63s. per acre, exclusive of tithe = 945Z. per annum x 30 years = £28,3;; 
House 800 
Sheds, yards, granary, water-supply, &c 1000 
Two cottages 300 
Eoads, fencing 500 
2,6( 
Value of land £25,7. 
Tenant's Capital: — 
15?. per acre on 300 acres £,45i 
Landlord's Capital: — 
Land 25 , 750 = 78 ■ 38 per cei 
House, buildings, &c 2,600 = 7-9 „ 
28,350 
Tenant's Capital 4,500 = 13-71 „ 
£32,850 = 100-0 
The foregoing illustrations point to the general conclusic 
that the more naturally fertile lands, even if artificially improv 
by drainage, require, relatively to the total value, a less propt 
tionate contribution of capital by the tenant. Doubtless the 
are numberless deviations from this conclusion ; for instance, 
the costly and highly organised management of hop-lands a 
fruit-gardens, the proportion of the tenant's capital engag 
bears a much larger proportion to the fee-simple value of t 
land with its buildings upon it, than occurs under the m( 
ordinary type of agriculture. Again, it must be borne in mi 
that these illustrations have reference rather to the present c 
of construction, in a fair and reasonable form, of those buildir : 
which ordinarily are found on farms of average character ir 
scarcely satisfactory condition : hence in the analysis of I • 
value of the bare area of land, and of the buildings on aven • 
farms, the proportions may not be expected to conform ao- 
rately to the illustrations set out above. But, assifming the la 1 
to be without roads, farm buildings, residence, water supply, c • 
tages, roads, and fences, these obvious necessities for the letti r 
and management of a farm could scarcely be adequately si - 
plied at a cost less than the amounts estimated above. It n ' 
be remarked, that whilst in certain directions the cubical conte s 
of barns are greatly diminished as compared with those requi 1 
before the introduction of steam threshing-machinery, yet p 
very perfection and value of the implements now cmplo 1 
necessitate storage for these and for the manipulation of the la e 
bulks of corn dealt with under the altered conditions ; and <? 
economy in one direction is balanced in degree in another. 
Irrigation. — Irrigation is so exceptional an expenditure, c - 
