W. D. POWDRELL.]

53

1.—13.

£ s. d. ,£ s. d. Total milk ... ... ... ... 794 0 0 Calves (net, estimated) ... ... ... 80 0 0 Pigs (net, estimated) ... ... ... 50 0 0 Less— 924 0 0 Interest, land ... ... ... 395 2 6 Interest, cows ... ... ... 80 0 0 Living (five at 7s. 6d.), clothes (at 55.) ... 162 10 0 Rates ... ... ... ... 25 0 0 Crops, hay, &c. ... ... ... 20 0 0 682 12 6 Assumed profit ... _... .. ... £241 7 6 This amount (£241 7s. (id.) works out at stl. per hour for five milkers, working eight hours, at Is. per hour for 300 days, or 133 hours per cow (vide Singleton's estimate of 150 hours per cow). B did not allow for depreciation of herd, land, manure, machinery, fences, or harness, or for repairs to house ami sheds, or for management. Out of this assumed profit he paid Powdrell £126 lis. 6d. off land. Note. —This bad year was duo to mammitis in cows, and B sold nearly whole herd at half cost of cows. 1911-12. £ s. d. Rebate interest ... ... ... ... ... ... 10 5 9 Powdrell received off land ... ... ... '... ... 337 18 8 £ a. d. £ s. d. Total milk received ... ... ... 1,218 10 8 Calves (say) ... ... ... ... 80 0 0 Pigs (say) ... ... ... ... 50 0 0 Less— " 1,348 10 8 Interest, land ... ... ... 395 2 6 Interest, cows ... ... ... 80 0 0 Living (five at 7s. 6d.), clothes (at 55.) ... 162 10 0 Rates ... ... ... ... 25 0 0 Crops—hay, mangels, &o. ... ... 20 0 0 682 12 6 Assumed profit ... ... .. ... £655 18 2 This assumed profit works out at Is. o|d. for labour employed or family labour, but not allowing for deaths or replacement of cows, or depreciation in land, fences, yards, houses, sheds, or for manure; also, no extra allowance is made for management. Out of the family wages £337 15s. Bd. went to reduce land; and if Is. per hour were allowed a profit on the farm would be shown equal to £6 ss. for the year. A profit of Jd. on 12,000 hours would bo shown equal to £6 ss. over wages. 1912-13. £ 8 . d. Paid off land ... ... ... ... ... ... 326 0 7 £ b. d. £ s. d. Total milk ... ... ... ... 1,109 15 6 Calves (say) ... ... ... ... 80 0 0 Pigs (say) ... ... ... ... 50 0 0 1,239 15 6 Costs (as for 1911-12) ... ... ... ... ... 682 12 6 Assumed profit ... ... ... ... 557 3 0 Paid out family earnings to reduce land ... ... ... 326 0 7 £231 2 5 The amount of profit (£557 35.) is equal to per hour for five milkers for 300 days, eight hours per day. If the family received Is. per hour no profit could be shown, but a loss of fd. on 12,000 hours (besides no depreciation being allowed—see previous years). Actual loss if Is. per hour paid, £42 17s. Example No. 4. 1915. Price land purchased at £77 10s. per acre = £9,342 13s. 6d. at 5 per cent. £ s. d. C paid to Powdrell off land ... ... ... ... 312 17 1 £ s. d. £ s. d. Total milk (as per returns produced) ... 821 1.9 0 Calves (estimated) ... ... ... 80 0 0 Pigs (estimated) ... ... ... ... 50 0 0 Less— 951 19 0 C 's interest on land ... ... 462 19 9 Interest on cows (£1,200 at 8 per cent.) ... 72 0 0 Living (five at 10s.), clothes (five at 105.)... 260 0 0 Rates ... ... ... ... 28 0 0 Tla,y, mangels, lucerne ... ... ... 20 0 0 842 19 9 £108 19 3