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.