4:36=170 
Farm Capital. 
farming, these wonderful adjuncts of labour are in use, in grea 
or less degree, and that it is only through their aid that t 
present farming-operations are possible with the decreased suppl 
of manual labour. The money absorbed in the adoption of t' 
least expensive of the implements enumerated above is v 
greatly in excess of that invested in their older types, and b 
a large but scarcely definable proportion to the increased capi 
referred to as the contribution by the tenant. 
Stock. Stock. — Live stock, which includes the animals kept 
motive power as well as for the production of meat, milk, 
wool, form the largest proportion of the tenant's capital und 
ordinary mixed agriculture. Horses for draught or pleasu 
purposes have attained apparently a permanent value, depende 
on their character, at least 40 to 70 per cent, above that of 
years since. Sheep have followed in the same ratio ; and n 
withstanding the enormous importations of wool and of m 
whether alive or dead, from the Continent, America, or Austra" 
the prices of mutton and wool are greatly in excess of their form 
amount. Cattle, as well as dairy produce, have risen in val 
in the same degree, whilst apparently equally modifying con 
tions, in the shape of importation, have existed. This gene 
advance in price obviously forms an important item in t: 
amount of tenant's capital, and may be taken to add at \ei 
30 per cent, to that which was formerly considered sufficient. 
Manures. Manures. — In this direction, also, a new element of expem 
ture, and certainly of very largely increased production, k 
arisen. Since the introduction of guano in 1840-41, of nitrs 
of soda about 1845, and Liebig's suggestion of the use of sup 
phosphate of lime, the application of these various elements 
fertility have gone on in an ever-increasing proportion. I 
statistics are available to give an expression of the total expen 
ture on artificial manures in England at the present time, but 
undoubtedly may be estimated at some millions .annually, a 
their use, depending on the result of local experience, may " 
be advantageously extended.* 
Cost of labour. Cost of Labour. — The cost of labour per acre in English ag 
culture extends from almost a minimum, on the purely pasto 
lands, to 251. to 30/. per acre on the best cultivated hop-Ian 
The cost per acre of manual labour in the cultivation of the t 
illustrative farms B and C may be taken as follows : — On Fa- 
13, assuming that the improved machinery for the economy 
labour is employed, including the occasional use of stea 
ploughs, the amount expended in manual labour may be tal 
* The increase in the importations of guano may be thus illustrated : — 
20 casks were imported; and in 1870, 280,311 Ions. 
