to the Second Volume: 1238

foolith, but fometimes admiffible: they muft depend on local circumftances, to be well weighed by the farmer who hires.”“ The principal point here neceflary to touch on, is the combination of rent, tithes and rates, in one fum. Knowing the capital intended to be invefted, eftimate the intereft of it at not lefs than 1o per cent. and then calculate the expenfes and produce; the former deducted from the latter leaves that fum which the farmer can afford to pay in thefe three{pecies of rent. Deduét further the tithes and rates, and the remainder is what he can afford to pay to the landlord. If rent be valued in any other way, it muft, he fays, be erroneoufly and deccitfully done, and no dependence can be placed on it.”

The mode of paying the rent may likewife in fome inftances demand the notice of the farmer in engaging a farm.

In the ftocking of farms there will be confiderable difference according to their nature, fituation, and manner in which they are conduéted; but an adequate capital fhould always be employed, or there will be great lofs fuftained. It has been obferved by Mr. Young, that“ thirty years ago, the fam that was ufually appro- priated to ftocking a farm varied from 31. to 51. an acre; and it was a general idea, that the latter fum was fafficient for any farm, part arable and part grafs, of no uncommon fertility. Rich marfhes were, of courfe, excluded in the calcu- lation; and light ftock farms were often ftocked for 3]. per acre. But thefe matters are now greatly changed; rents are much increafed; tithes are com- pounded at a higher payment; poor rates are enormoufly rifen; all forts of implements, comprehended in the article wear and tear, are thirty or forty per cent. dearer; labour is in many diftriéts doubled; the prices of cattle and fheep are greatly advanced; fo that at prefent the fame farm which at that period would have been very well ftocked, and the firft year’s expenfe provided for at the rate of 5]. per acre, now demands from vl. to 81. per acre. In all fuch eftimates it is, he fays, neceflary to fuppofe that every implement bought in is new, that the live ftock be good of the fort, and that the firft year’s expenfes be provided for, though a portion of the crop may come in before the whole payment is made. Aman cannot be at his eafe if he does not thus provide; nor will he be able to make that profit by his bufinefs with a{mall capital, which will attend the employment of a larger. By profit he would be underftood to mean a per centage on his capital, which is the only fatisfactory way of eftimating it. If by ftocking a farm with 5]. per acre, he makes 7 or 8 per cent. profit; and by ftocking

in proportion of 8]. per acre, he makes ten per cent.(and this difference will, he believes, often be found), it mutt be fufficiently apparent that the lofs by the fmaller

7s