32 BULLETIN 650, U. S. DEPARTMENT OF AGRICULTURE. 
or 4 per cent. If, for example, $1,200 is the maximum rent which a 
landowner can expect to obtain for the use of his farm by a tenant, 
it is apparent that the owner may consider this $1,200 as 2 per cent 
interest on $60,000 or 4 per cent on $30,000. Some landowners have 
felt that the rate of income derived from rented land ought to keep 
pace with the increase in land values. In the attempt to obtain such 
an increase of income they have tried to avoid the appearance of 
claiming more than one-half of the net proceeds. This has been ac- 
complished by requiring the tenant to furnish more than half of the 
working capital, by charging cash rent for the farmstead, pasture, 
or certain other “ privileges,” or by exacting an arbitrary “ improve- 
ment rent.” The tenant is thereby forced to pay as rent not only 
half of the farm income but also an additional sum in cash. 
There is an obvious advantage to both parties in the strictly half 
and half system of leasing. It offers no opportunity for either party 
to get the better of the bargain by indirect methods. Landlord and 
tenant contribute equally to the partnership, share all expenses 
equally, and therefore receive equal shares of the farm income. The 
manner in which this system operates may be seen in the following 
average example constructed from survey records on farms in the 
‘corn belt. In this example the business of a 160-acre farm worth 
$25,000 is analyzed on a basis of good average yields and normal 
prices under a strict partnership system of leasing. 
Analysis of the business of a $25,000 farm leased under the half-and-half 
system. 
Receipts: 
Crops— 
65 acres corn— Tenant. Owner. Farm. 
1500" bushels7sold2i2225- 22s 2202. 2s=a" $375 $375 
800 bushels fed. 
85 acres wheat, 1,000 bushels sold_________ 500 500 
15 acres oats— é 
300: bushels: sold2a. ss. 2. Ser eee 60 60 
300 bushels fed. 
20 acres hay— 
5 FONSVSOLG: ALTA Wee ee hey See 25 25 
20 tons fed. 
135 acres crops. 
20 acres rotation pasture. 
5 acres waste. 
Stock— 
12) cows; cattle; milky ete) -22 84a) 223 350 350 
G horses: or smiulese fos 28 a fe eS ee =35 3 
SW ee as a Re ee ee 250 250 
Poultty and eggs: 2 = ee a ee 75 75 
Potal  b is eh ey whe ie AE) SE A eR CE 1, 600 1,600. $3,200 
