The value of the land, including farm houses and buildings, 
on which the agricultural and horticultural industry of England 
and Wales is carried on was estimated in 1925 at about £815 
millions. The working capital employed in production was put 
at about £365 millions, so that in the aggregate a gross total of no 
less than £1,180 millions is represented in the capital equipment 
necessary for production and involved in the cultivation of the 
soil. The value of the land and improvements with the necessary 
houses, buildings, etc. (i.e., what is usually called “landlord’s 
capital 7) is about £31 per acre over the whole area of crops 
and grass in England and Wales, while the * tenant’s capital » 
that is the value of the live and dead stock, tenant right valuation 
and current cash necessary to enable the occupier to pay wages 
and to carry on his operations, is equal to an average of £14 per 
acre. The annual gross rental value of agricultural holdings is 
about £42 millions, and the average rent per acre paid in respect 
of the area under crops and permanent grass is 32s. No com- 
parable figures are available for earlier years so that the 
appreciation in value since 1908 cannot be stated. 
The area of land in England and Wales used for agricultural 
or horticultural purposes was in 1925 approximately 31 million 
acres, of which’ 25,750,000 acres were returned as arable and 
permanent grass, and 5 million acres as mountain, heath, moor, 
down and other rough land used for grazing. 
Of this total, 10,682,000 acres were returned as arable land. 
Thus approximately two-thirds of the agricultural area of 
England and Wales is under permanent grass or rough grazings, 
while one-third is ploughed either annually or from time to 
time. The arable area, however, includes 2} million acres of 
clover and rotation grasses, so that the area which was devoted 
to crops other than grass in 1925 was only 8,100,000 acres, while 
the area under grass, whether clover and rotation grasses, per- 
manent pasture or rough grazings, was 22,670,000 acres or nearly 
74 per cent. of the total agricultural area of England and Wales. 
In the course of the discussions in regard to the proposal 
for a survey of agricultural conditions, a desire was expressed 
for information as to the utilisation of the land with a view to 
ascertaining whether there was any material area not used for 
agriculture. This question is discussed in Chapter II. The total 
land area of the country is somewhat over 37 million acres, and 
of this approximately 31 million acres can be accounted for in 
the Agricultural Statistics, while nearly 2 million acres are in 
forests and woodland, leaving only a balance of about 4 million 
acres. Account has to be taken of the land needed for the 
buildings, houses and gardens of our cities, towns and villages, for 
roads and railways and for the many other purposes to which land 
is put in an industrial country such as England and Wales, and, 
after allowance has been made for these needs, it seems that the 
area remaining unaccounted for must be relatively small. The 
enquiry which has been made shows that this is the case. for