Of the last named item, about $25,000 is estimated for machinery. However, this amount does not fully represent its real value. In many instances, it only gives the actual cost of the raw material used in construction. This capitalization does not seem so large, when we consider the small individual holdings. Having a par value of $250 a share, we have only $500, in the two shares, for each one of the five hundred co-operators. I think it has been wisely determined by a majority vote, that as the resources of the farm continue to develop and mature, the increase of profits shall come to the individual stockholder in the shape of larger wages, instead of by dividends on stock. Although this is not a money-making institution, and was not so intended from the beginning; a fact properly emphasized by the foregoing. Yet, by the way of arriving at some estimate of its future value, I feel safe in predicting, that, if the stock should be offered in the markets of the world, and dividends declared in the usual way, twenty years hence, these certificates of stock would be worth $1,500 per share. In other words, would have doubled in value six times during that period." "Judging by what I already know of the farm and its resources," said Fern, "I quite agree with you in this view of the matter. "In considering the future needs of such a large number of co-operators, which in ten years may be increased by pensioners and children, to one thousand people; do you think this farm is large enough to meet the demand?" "For the purpose in view it is ample," said Fillmore. "Operated in connection with so many allied industries, I think a farm of 5,000 acres would be sufficient. That would be ten acres for each one. Here in Solaris, we have 12-8/10 acres of land for every adult member of the company. By carrying the process of intensive farming to a very high state of perfection; Prof. Grandeau, at Capelle, France, has actually demonstrated, that it is possible to grow 8-1/2 bushels of wheat--one man's bread food for the year--on one-twentieth part of an acre of land. Armed with so many advantages, with better conditions, superior methods, and more intelligent workers; I feel sure we can easily accomplish here, all that Grandeau has done in France, and more. Besides, you must remember, that we shall have the additional support of quite a large number of profitable industries, to help us in meeting the demands of an increased number of consumers."