I 16 
estimate includes not merely the value of the land itself but also 
the permanent equipment—e.g., farmhouses, cottages and build- 
ings—Ilet with the farms. 
3. Tenants’ capital. —In addition to rent and value of land 
the Ministry has also obtained from the Crop Reporters estimates 
of the average amount of tenants’ capital per acre on holdings 
of different types and sizes in England and Wales, tenants’ 
capital being defined as including the value of live and dead stock 
at the rates current about the end of 1925, tenant right valuation 
at Michaelmas or other date at which farms usually change 
hands and the amount of cash in hand required to meet necessary 
outgoings. 
ESTIMATED AMOUNT OF TENANTS CAPITAL REQUIRED PER ACRE 
(BxCLUSIVE OF RoucH GRAZINGS) oN HOLDINGS OF DIE- 
FERENT TYPES AND SizeS IN ENGLAND AND WALES. 
Size Group. 
1- 5 acres - 
5-20 
20— 50 
50-100 
100-150 
150-300 
300-500 
Over 500 
Mainly 
arable 
holdings. 
Per acre. 
¥ 
L7 
L6 
43 
3 
124 
2 
2 
Mainly 
pasture 
holdings. 
Per acre. 
v 
191 
17 
154 
4 
3} 
123 
121 
0) 
Mixed 
holdings. 
All 
kinds. 
Per acre. Per acre. 
£ £ 
183 19 
164 17 
15 15% 
4 14 
13% 13} 
3 123 
12} 12} 
12 113 
Slightly more capital is estimated to be required on a holding 
that is mainly pasture than on one which is mainly arable, and 
the amount of capital per acre in all cases is naturally greater on 
the small-sized holdings than on the large. There is a great deal 
of variation in the case of fruit and vegetable holdings and 
although the average only works out at £37 per acre, the capital 
Is estimated in the different divisions at figures ranging from 
£20 to £80 per acre. Poultry holdings show a similar diversity 
the average over the whole country is estimated at £66 per acre. 
On the basis of the above estimates the farm capital repre 
sented by the value of the live and dead stock, the tenant-right 
valuation and other working capital, exclusive of that required 
in respect of rough grazings, amounted to rather less than £360 
millions in the whole of England and Wales.