784 
Profit-Sharing in Agncultun 
was only fair, as there was no question of a doubt about the 
fact that the satisfactory condition of the farm was due to the 
admirable management of the bailiff, Mr. Fox. I accordingly 
gave two-thirds of the sum allotted to the management, or 
311. Ids., to Mr. Fox, the manager, and divided the remaining 
one-third, viz., 15L 19s. Gd., in equal proportions between the 
steward and the herd. 
I then proceeded, having placed 25 per cent, to reserve and 
25 per cent, to management, to divide the remainder in equal 
halves between labour and capital. 471. IB.s. Qd. went in this 
way to capital as increase of rent, and 47/. 18s. 6d. to the 
labourers as increase of wages, thus enabling the labourers 
to receive for the year ending May 12, 1891, a sum of Ls. dd. 
on every pound earned, or an addition to wages of 6^ per cent. 
The net results of my five years' occupation of East Learmouth, 
from May, 1886, to May, 1891 — a period which has experienced 
one very bad harvest (that, namely, of 1888) and during which 
the range of the average price of wheat, barley, and oats has 
been lower than in any similar period since 1790 — are as 
follows : ■ — 
The rent of 1,431/. and interest on capital at the rate of 4 
per cent, have been paid with unfailing regularity ; 16-3/. 5s. lid. 
has been given in bonuses to the employes on the farm, 
148/. 2s. 7d. has been paid as additional interest on capital, 
and a reserve fund has been formed which at the present 
time amounts to 182/. 8s. 4^(^. 
This Reserve Fund exists for the benefit of the form : 
1. It will serve as a fund from which can be drawTi in 
bad years the sum required to make up the annual 
charges of rent and interest. 
2. It will serve as a fund from which can be drawn 
superannuation allowances for aged and disaljled 
servants wlio have grown old and feeble in the 
service of the farm. 
3. It will also serve as a fund, if the continued success 
of the farm allows its resources to incrdase, from 
which u)oney can be drawn when it is required for 
any object which seeks to promote the general well- 
being of the employes on the farm. 
The legal position of the labourers towards mo is the same 
as that of every other agricultural labourer towards his employer. 
They have no voice in the management of the farm, and no 
power to interfere. But while I do not allow them to interfere 
in any way with the management, tlie fact that I employ Mr. 
Cleghorn — a most excellent accountant and the son-in-law of 
