FARM MANAGEMENT IN LENAWEE COUNTY, MICH. 39 
rented land. The average farm income of the 300 owners was $1,068; 
that of the 90 owners with additional rented land, $954; and that of 
the 16 owners with a part of their land rented out was $726. The 
average farm income of the 33 cash tenants was $739, and that of 
their landlords, $249; the average farm income of the 120 one-half 
- share tenants was $640, and that of their respective landlords was 
$730; whereas the average farm income of the five one-third share 
tenants was $376, and that of their landlords, $1,070. It should be 
observed in this connection that the landlords’ farm income on the 
one-third share farms ($1,070) includes pay for whatever work the 
landlord himself has done on the farm, and taking into account the 
difference in capital, the landlord’s mcome naturally should be 
somewhat higher by this plan of operation than that of the tenant. 
After subtracting the average estimated values of the labor of 
owners and of tenants from the farm income, the owners have left as 
interest on their investment 5.8 per cent; the owners with additional 
rented land, 5.9 per cent; the owners with part of their land rented 
out, 4.9 per cent. The average per cent on the small investments 
of the tenants run much higher. The cash tenants made an average 
of 20.3 per cent, and the one-half share tenants made an average of 
16.1 per cent. It must be remembered, however, that these men 
were limited in the investment that could be handled economically 
in the form of working capital. "The percentage returns must, 
~ therefore, be much higher than that for the entire capital of the farm 
if these men are to receive a fair return for their labor. The 33 land- 
~lords renting their farms for cash received an average of 2.7 per cent, 
and the 5 landlords renting on the one-third share plan received an 
average of 6.5 per cent on their respective investments. It would 
seem that the per cent received by the cash-renting landlords (2.7) 
is rather low, but some consideration should be given to the certainty 
of income under this plan. 
Tt will be seen that the average labor income on the owner-farms 
was $481; of the owners with additional rented land, $469; and of the 
owners with part of the land rented out was $272; while that of the 
cash tenants was $651; of the 120 half-share tenants, $564; and of the 
one-third tenants, $347. 
Tenants naturally look forward to the time when they shall be 
owners and gain that coveted feeling of independence which comes 
with the ownership of land. Conditions vary greatly in different 
sections with respect to tenancy, and it is not always an easy matter 
to say when and under what circumstances the tenant should become 
an owner. Generally there is a decided inclination, however, to 
ignore the possibilities of renting and to hasten unduly into owner- 
ship. It is highly advisable to make sure that sufficient capital is 
