LORD SPENCER'S CO-OPERATIVE FARM.

Waikato Times, Volume xxx, Issue 2430, 7 February 1888, Page 3

LORD SPENCER'S CO-OPERATIVE FARM.

The first year's working of Earl Spencer's scheme of co-operative farming dors not, wc are sorry to learn, allurd much financial encouragement. His Lorclship rented the Glebe farm at Harleston as tenant from April IHSIi The farm contains about 296 acres of land, rather more than one half arable. It is worked by eight labourers who are nominally hired by the week, but in reality enjoy many proprietary priveleges on condition of industry and good conduct. A manager is appointed by Lord Spencer, who confers with a committee of two of the labourers and shares in their priveleges, having, in addition to a deliberative, a casting vote. A secretary also is appointed by his Lordship to keep the accounts, but has no vote, and can only advise. A valuation of the crop, stocking, buildings and maohinary is made annually in order to strike a balance. The capital invested is £3000, furnished by Lord Spencer, upon which 4 per cent is charged and the expenditure includes wages for the labourers and manager, besides rent, rates, and taxes. The profit, if any, is dividable in two'parts three quarters whereof is to form a reserve fund and one quarter to be divided among the labourers and manager. The reserve is to be applied to liquidate the capital in the first instance, after which it is to be kept in hand for necessary purposes. Every five years an examination is to be made when the co-operators' interest is to be valued and paid to them, but if any year's working has resulted in a loss, the divisable fund is to be paid into the reserve, and the loss wiped off. The first balance-sheet which has been made up unfortunatly shows a loss of J--07 -£127 of which, however, have been sustained by the death of a horse, and a decrease in the value of others. This however, looking to the bad state of the the fact, which Lord Spencer and the /lev. \V. E*rry, the secretary, points out, that last year was ' one of the worst that farmers hiive ever known, is no worse a result than might have been expected. The rent,£4lo, and taxes, £66, have been paid, and the labourers had constant employment, and wages at the of 14s per week, whicli is higher than can be got in tlie district. The bad state of the land caused an entire failure of 7 acres of Wheat, while from the suuie cause othui