Expenses and Rent—
| Annual charges for wages and tradesmen's bills, &c., | £400 | 0 | 0 | |||
| Public and parish burdens, | 45 | 0 | 0 | |||
| Annual outlay for extra manures, | 150 | 0 | 0 | |||
| £595 | 0 | 0 | ||||
| Capital sunk upon improvements, £2500, at 10 per cent, | 250 | 0 | 0 | |||
| Value of stock and crop, forming a floating capital of £2000, at 5 per cent per annum, | 100 | 0 | 0 | |||
| Insurance of stock against deaths and other casualties, | 50 | 0 | 0 | |||
| 995 | 0 | 0 | ||||
| £1063 | 0 | 0 | ||||
| Rent, | 800 | 0 | 0 | |||
| Tenant's profit, | £263 | 0 | 0 |
Estimated Value of the same amount of produce at the present rate of
prices:—
| 2400 bushels of oats, at 2s., | £240 | 0 | 0 | |||
| 1800 " of wheat, at 5s., | 450 | 0 | 0 | |||
| 1340 " of barley, at 2s. 9d., | 214 | 5 | 0 | |||
| £904 | 5 | 0 | ||||
| Value of grass and turnips, | 700 | 0 | 0 | |||
| Total amount of produce, | £1604 | 5 | 0 | |||
| Amount of expenses, as above, | 995 | 0 | 0 | |||
| £609 | 5 | 0 | ||||
| Rent, | 300 | 0 | 0 | |||
| Tenant's loss | £191 | 15 | 0 | |||
| Value of produce by 1st estimate, | £2118 | 0 | 0 | |||
| Do. by 2d do, | 1615 | 10 | 0 | |||
| Difference, | £502 | 10 | 0 |
The total amount of capital invested is £4500, of which £2500 is sunk upon improvements. According to the first estimate, the annual return, exclusive of 5 per cent per annum for repayment of the sum sunk, would be £548, or at the rate of about 121⁄5 per cent. According to the second estimate, the annual return would be £45, 10s., or at the rate of about 1 per cent per annum upon the same sum.
I shall be glad to allow my name to be affixed to Mr Dudgeon's statement, as attesting, in so far as my experience goes, the accuracy of it.
My estimates and his very nearly correspond; but as every one has his own method of making up such statements, I take the liberty of handing along with it this detail of my own.
In all, excepting in regard to the value of live stock, or produce of grass and turnips, we nearly agree; and this difference may be accounted for, because no part of farm produce varies so much in its return as that of the live stock. Upon such a farm as that which is taken as an example, sheep and cattle are not wholly reared upon the farm, but part are bought in to fatten; hence the returns depend upon three circumstances,—1st, upon the crops of turnips and grass being less or more abundant; 2d, upon the price of lean stock; and, 3d, upon the price of fat. While, therefore, the butcher market may be very high, the feeder may not necessarily be well paid,—and hence, in making up returns under this head, a correct average is not easily ascertained; and as there must always be a difference of opinion among practical men upon this part of the subject, I think, for publication, Mr Dudgeon's method of stating the returns in one sum is preferable to giving them in detail.
JAS. ROBERTON,
Ladyrig, 13th Dec. 1849.