At the expiration of the tenth year we shall have 251 — 12 = 239 four-year old beasts to dispose of, which at £2. each will realize £478.
We will now see what has been the total sum realized by the sale or boiling down of the surplus cattle during these ten years.
| 1st Year | £364 | |
| 2nd | 352 | |
| 3rd | 392 | |
| 4th | 448 | |
| 5th | 444 | |
| 6th | 454 | |
| 7th | 472 | |
| 8th | 470 | |
| 9th | 472 | |
| 10th | 478 | |
| 10) | 4346 | Total sum. |
| 434 | Yearly average. |
Should the station where these homed cattle are supposed to run, be in the vicinity of a navigable river, the whole expenses of the establishment would be more than covered by making cheese, even at the present low price of dairy produce in Sydney. In that case the yearly profit on the sum of £1900. which had been invested, would, according to my calculation, be nearly twenty-three per cent. Supposing, however, that the stock-owner is willing to make a smaller profit on his money, rather than be troubled with the superintendence of a dairy, we will examine what would be the annual expense
