Ss a at a tn SS SRSA AA Ath eink St te eS 
and skill; and it has also been observed, that it 
is seldom more money is got by farming than an 
adequate interest for the capital invested. This 
is owing to competition, the articles produced 
being in numberless hands, who must bring 
them to market,—and necessity, the goods of the 
farmer, being in general of a perishable nature, 
on the sale of which he depends, for the pay- 
ments he has to make and the subsistence of his 
| family. To prove how moderate the profits of 
farming in general are, it appears from the most 
careful inquiries, that on arable farms they rarely 
exceed from 10 to 15 per cent. on the capital in- 
vested, which is little enough, considering that 
few employments are more subject to casualties 
than farming, or require more uniform attention. 
Some arable farmers, possessed of superior skill 
_ and energy, and who have got leases on reason- 
| able terms, may clear from 15 to 20 per cent.; 
while others, who are deficient in these qualities, 
er pay too high rents, frequently become insol- 
| vent. In grazing farms the case is different, as they 
| are attended with less expense of labour, and pro- 
duce articles of a more luxurious description, for 
which a higher price will be given. Hence, in 
such farms, 15 per cent. and upwards is not un- 
usual. Besides, the grazier is more of a merchant 
than the mere arable farmer,—is frequently buy- 
ing as well as selling stock, and sometimes makes 
money by judicious speculations, though occa- 
sionally, from a sudden fall of stock, his losses 
are considerable. The grazier who breeds supe- 
rior stock, and thence incurs great expense, is 
certainly well entitled to more than common 
profit for his skill and attention. It has been 
observed, however, that a farmer seldom makes 
much money, unless he is most advantageously 
situated in the neighbourhood of a great town, 
er unites with farming some other profitable 
employment. But those who have capital and 
ability adequate to the management of more 
than one concern, merit to be amply rewarded 
for their superior skill and industry.” 
Bayldon’s mode of ascertaining the equitable 
rent of any ordinary piece of turnip land is to 
select one acre of the best in cultivation,—to 
value the labour, expenses, and produce through 
a four years’ course of husbandry, of turnips, bar- 
ley, clover, and wheat,—and, after taking an 
average of the profit, to deduct 10 per cent. for 
interest on the capital afloat, and set down the 
remainder as rent. ‘‘The same plan,” says he, 
“ may be adopted in the case of clays; and when 
a value is thus formed of the best and worst land 
on the farm, the intermediate qualities of the 
other fields may be readily valued by any person 
who understands the valuing of land. The sum 
of 10 per cent. on the capital expended on perish- 
able stock, is much too low a rate of interest for 
such risks; and 15 and even 20 per cent. have 
been mentioned as not more than equal to the 
attention the business requires, and to the tear 
and wear and casualties of the concern. Some 
37 
writers allow 10 per cent. for interest on capital 
only, and leave the farmer to find a remuneration 
for his time and attention from his exertions in 
business. The expenses and maintenance of the 
family are also allowed to arise from his and their 
industry, which would amount to 10 per cent. 
more. From strict inquiry and due examination, 
it would appear that the farmer is justly entitled 
to 20 per cent.s—to 5 per cent., which interest 
he could obtain from his money, and leave his 
personal attention unoccupied, to 5 per cent. for 
casualties, and deterioration of property in the 
shape of perishable stock, and to 10 per cent. 
for his time and exertions in the occupation. 
Thus, if a farmer expend £1,500 on a farm of 
250 acres, he will require £75 for common in- 
terest, and £75 for casualties, and £150 for him- 
self and family, a sum he and others may expect 
from devoting their undivided time and atten- 
tion to any other business. On small farms, the 
tenants do a great part of the work themselves, 
and on extensive farms, their fullest attention 
will be required in directing and superintending. 
On the subject of the per-centage due from 
capital employed, very different opinions have 
been entertained; but it seems a fair and just 
conclusion to allow the farmer such profits as 
are derived from other professions, and 10 per 
cent. is sufficiently moderate. Five per cent. for 
casualties is also low enough, and the other 5 
per cent. may be disputed, as it may be urged 
that the farmer could not engage in any other 
business without his capital. But if he be pos- 
sessed of such a sum of money as would at 5 per 
cent. afford him a livelihood, he is fairly entitled to 
that interest from the business to which he ap- 
plies it, along with an additional per-centage for 
his time and attention. The lowest calculation 
cannot be under 15 per cent., though my own 
opinion would allow him 20,—viz. 15 for profits 
on capital and time, and 5 for casualties.” 
Another question of great importance and of 
much intricacy is, whether the rent of land 
should be fixed or fluctuating,—or, in other 
words, whether it should be uniform in annual 
amount through a series of years, or should vary 
from year to year according to circumstances. 
It is commonly but improperly termed a question 
of money-rent or of corn-rent,—the fixed rent 
being called a money one because independent 
of anything but the mere terms of agreement, 
and the fluctuating rent being called a corn one 
because usually dependent for its variations on 
the fluctuating produce or prices of corn. It is 
a question of no concern to parties who take 
land from year to year upon a new annual valu- 
ation,—and of not very great moment to parties 
who take land for periods of only two or three 
or at most four years upon a valuation of the 
four preceding years’ proceeds; but it possesses 
great consequence to tenants at will who con- 
tinue to occupy, for an indefinite period, upon 
the same terms as in the first year of their 
