Farm Capital. 
A37= 171 
about 35s. per acre. On Farm C, under the same conditions, 
manual labour should cost from 25s. to 28s. per acre. The 
t of piecework for various operations has scarcely followed 
c advance which has taken place in daily wages in the last ten 
ars. 
Circumstances lohich attract Capital to or repel Capital from Circumstances 
inning. — Combinations of circumstances occasionally operate, which ^attract 
J may be expected to continue to operate, in stimulating at one or repel capital 
.iriod and reducing at others the amount of capital employed by from farming, 
nants in their occupations : — continuous depression of prices, 
.ther generally or of special classes of produce ; disorganisation 
the supply and cost of manual labour, and in degree the profit 
otherwise to be obtained in other businesses, all contribute to 
feet this question ; but, as a rule, it may be accepted that 
nant's capital has not flowed liberally into farming investments 
England, and is more or less deficient in the amount which 
ight be profitably employed. Farms are too often taken with 
, capital which is insufficient to meet those contingencies of Capital often 
ice and season to which farming is especially subject, — hence 
sequence of unproductive seasons or exceptionally low prices, 
sease or accidents to stock, may imperil the success of a farmer, 
)wever industrious and able, who has embarked in a business 
r which his capital is inadequate. The amount of tenants' 
ipital required is and has been constantly increasing. Imple- 
.ents, though more effective, are more expensive, more compli- Increased ex- 
ited, and more numerous. Live-stock of all descriptions seems Ptoses, 
so to have reached a permanent platform of value at least from 
I to 40 per cent, in excess of that which existed fifteen to 
venty years ago : but probably the most material influence on 
16 farmer of late years has been the disturbed relations between 
imself and his servants. The actual increment of wages may 
)5 estimated according to locality at from 15 to 25 per cent., 
jid it is unsatisfactory to find it reported that with this increase 
,f wages there has been a concurrent depreciation in the value 
ad quality of the labour given, and that consequently the prac- 
cal cost of operations generally in farming has been enhanced 
eyond the rate thus stated. This latter state of things may be 
lerely temporary, and may be succeeded by a conviction on the 
art of the workmen that higher wages can only be paid so long 
5 improved results are arrived at. 
The "Agricultural Holdings Act, 1875," to which reference Agricultural 
^as been made, was the first legislative attempt to define the Holdings Act. 
ights which, in the absence of a written contract, ought to 
elong to the tenant for improvements more or less permanent ; 
,nd also for those conditions of feeding, stocking, and manage- 
lent at the end of the tenancy, which, if neglected, as they too 
i 
