No. III.

Statement of Income and Expenditure on an Aberdeenshire farm of the
ordinary description, taking the value of produce at an average of a
series of years—say 19—previously to the late alteration of the law in
relation to the importation of corn and cattle.—Extent, 250 acres.

Annual Expenditure.

Rent of a farm of 250 acres imperial, at £1, 1s. per acre,£262100
Invested capital, £1000—interest at 10 per cent,10000
Floating capital, in stock, &c., £1800—interest at 5 per cent,9000
Servants' wages, per annum,12900
Day-labourers' wages, &c.,1500
Rye-grass and clover seeds,2000
Tradesmen's accounts,5000
Public burdens,1500
Casual losses of stock, and partial insurance,4000
Expenses in driving grain and extraneous manures, in the shape of tolls, &c., with necessary expenses at markets,2000
Total expenditure,£741100

Annual Income.

250 acres, on the five-course rotation:—

In oats—80 acres, at 6 qrs. per acre,480 qrs.
Deduct for seed, 60 qrs.
Do. for horses, meal, &c., 120 qrs.
——
180 qrs.
——
Oats to be disposed of,300 qrs.at 21s.= £315 00
——
In barley—20 acres, at 51⁄2 qrs. per acre,110 qrs.
Deduct for seed, malt,15 qrs.
——
Barley to be disposed of,95 qrs.at 29s.=137150
Realised from cattle fed on 100 acres of grass and 50 acres of turnips, 40000
Total income, 852150
Profit—or return for labour, skill, and risk of capital, £11150

Income under Free-trade Prices.

Oats, 300 quarters, at 14s. per quarter,£21000
Barley, 95 quarters, at 20s. per quarter,9500

And—on the supposition that no reduction of the price of fat cattle is to take place on account of the free importation of foreign animals—let us take the receipts from cattle fed on the grass and turnips as above, viz.,

40000
Total income under free-trade prices of grain,£70500
Brought forward,£70500
Expenditure as above, viz.,741100
Loss per annum,£36100
Or, adding former profit, viz. as above,11150
Total loss, on grain alone, by free trade,£147150

I consider the above a fair statement of the expenditure and income on a farm in the lower district of Aberdeenshire, under former and under present circumstances. It will be observed that no wheat is grown; but the soil is well adapted for the rearing and feeding of cattle, and from this source the Aberdeenshire farmer expects to derive a large proportion of his returns. In the comparison, reference is had solely to the fall in the price of the kinds of grain cultivated. Whatever decline in the price of fat cattle may arise from free trade, will fall heavily on the farmers of this district; and the reduction of income thus occasioned will, of course, add to the amount of loss shown above.