17

Stock on Rough Grazings—Reference was made under the
heading of rent to the numbers of stock on rough grazing land
and these figures may be used to calculate the average tenants’
capital required on rough grazing land. These rough grazings
are usually occupied by farmers who cultivate other holdings in
addition, and the live stock consequently represents practically
the whole of the tenants’ capital employed. The estimated total
number of cattle and sheep grazed according to the returns of
rough grazings is 240,000 and 2,700,000 respectively, and at
current prices the total value of the live stock may be estimated
at about £7,500,000, or £1 10s. per acre.

The total amount of tenants’ capital required is therefore, in
round figures, about £365 millions in the whole of England and
Wales.