Farm Capital. 
I 
Tenanfs Capital. — The capital employed by a tenant in Circumstances 
p cultivation and management of a farm has been already which aflect 
("erred to under the head of " Movable Capital," It is of very capitaU 
lying value, and depends for its amount very much upon the 
aracter and quality of the soil, the period of entry upon the farm, 
(1 the covenants or custom under which the tenant is bound 
enter. These may provide for his own preparations for the 
suing crops, or for his liability to take off, by valuation or other- 
se, the crops, hay, straw, fodder, root-crops, sainfoin- roots, and 
lant's fixtures, or for his simply taking possession of the land 
the termination of his predecessor's tenancy, without payment 
any kind. Again, the amount of capital is regulated by the 
lue of tenant-right, or compensation for unexhausted manures 
feeding-stuffs, or for improvements, more or less permanent, 
ected by the outgoing tenant, of which he has failed to derive Compensation 
e full benefit, and for which he is entitled in some cases to be 
id by the incoming tenant. In the past, and up to a compara- 
ely recent time, tenant-right has been of limited application in 
igland ; but an appreciation of their respective positions by the 
idlords and tenants, incident to the passing and subsequent 
leration of the "Agricultural Holdings Act, 1875," and, still 
•rther, a sense of the justice and necessity to the tenant, and of 
e advantage to the community generally of the application of 
e principles of tenant-right, has led to the extension of the 
eviously existing system, modified by a great variety of circum- 
mces. This re-arrangement of their mutual relations cannot 
il to be of profit to the State, and satisfactory to the landlord 
d tenant. Under the co-operation of a well-considered and 
rly adjusted tenant-right, the fertility and capacity to produce 
' maximum of crops are maintained in the soil, and the con- 
luous process of degradation of productive power in a tenancy 
ar its termination is likely to be avoided. 
Implements. — The implements of the agriculture of 1877 are Implements, 
remarkable contrast to those in use at the commencement of 
century. The plough, of rude though serviceable construction, 
^ wooden roller, and the harrows for cultivation ; the scythe 
(1 the reap-hook for cutting the harvests of grass and corn ; the 
)oden flail, and the primitive winnowing-machine of those 
'ys are now replaced, in greater or less degree, by the steam- 
)ugh and cultivator of enormous power and adaptation, and by 
2 draught-reducing turnfurrows of the horse-ploughs of Messrs. 
>oward, Ransome, and others ; the reaping, mowing, and 
iy-making machines, with the elevators for stacking the pro- 
"ce ; and, lastly, the steam threshing and Winnowing machines 
J the present day. It may be confidently asserted that, even 
the most distant and least advanced districts of English 
