The Wilmington morning star., 1940-12-30
NYENT0RY-TAKINC
ON FARMS URGED
D. Thomas, Management
Specialist, Says Farmer Is
A Business Man

After the rush of Christmas buv.
ing and before the new year is far
under way, the business mar takes
stock of his merchandise, reviews
the years trade, and outlines his
plans for the next II months.
C. D. Thomas, assistant farm MAN.
agement specialist of the State Col.
lege Extension Service, thinks farm.
ers should take a cue from the mer.
chant and the manufacturer, and
also make an inventory at this sea-
son. THE farmer is a business man,
the same as a storekeeper or a man.
ufacturer," Thomas declared. He
manufactures goods when he plants,
tills and harveSts his crops and
raises his livestock. He becomes a
merchant when he sells his tobac.
CO., cotton, hogs, beef cattle, dairy
and poultry products"
Continuing the comparison, the
State college man said: "The farm.
Ell is in between seasons right now
his summer crops are harvested and
his winter crops are planted. The
spring planting season is some time
off. He's in the same position as
the merchant who has disposed Of
his holiday goods and is looking
next to the spring buying period.
This is the ideal time for both
types of business men to take stock"
Keep Records, Too
In suggesting that farm people in.
ventory their assets and liabilities,
Thomas also cited the advantages of
keeping a farm record. He quoted
Dean I. o. Schaub, director of the
Extension Service, as follows: I'm
telligent action must be based upon
facts. Too few facts are known by
the average farmer about his farm
on which he is devoting, not only
his finances but also his very life's
efforts in the hope that success will
be his reward. A complete farm rec
ord will assist the farmer in deter
mining, not only his financial status,
but also the speed and direction Of
his progress. Such a record may
change his hope for success to
planned success"
The farm management specialist
listed the following six reasons for
farm inventories: (1) In order to
accurate farm income; (2)
shows total investment in farm bust.
ness; (3) serves as basis for all other
accounts; (4) gives valuable in
in case of fire or other
disaster; (5) useful in case of farm
sale; and co. very important in max
ing financial statements for the pur-
pose of obtaining credit.
"The State college extension farm
management department is prepared
to help farmers keep records Thorn.
as said, land contrary to the opinion
Of many farmers, record-keeping is
comparatively simple. Farm record
books have been prepared that can
be, and are being, kept by All club
boys and girls. Keeping of farm
and home records is an excellent pro-
ject for any All club member"
"The record books are available
through any county agents. These
representatives of the extension
will assist farm people in
and analysing records, and
If a farmer will cooperate in a DEM
onstration, his records will be analyz.
ed along with hundreds of others in
state by the college farm man
agement department. OF course his
records will be kept secret. At the
through his county agent a COM
posite analysis of all farm record
books in the state and he will be
able to compare his operations with
hose of the average farmer, seeing
where he is falling behind and where
he is attaining success not enjoyed
oy Others"
What Book Provides
The State College Farm Record
Books provide for the essential parts
Of a farm financial record, namely
ID a complete beginning inventory
IF land, buildings, and improvements.
machinery, livestock, feeds, and sup
plies; (2) a record of all farm re-
,eipts for the year; go a record of
Ill farm expenses for the year; G)
crop production record indicating
acreages, yields, and practices; and
81 a complete ending inventory.
"The farmer, facing keen competi-
ion, needs to utilize all his resour.
les to his best advantage" the spe.
.ialist declared. "By keeping a com.
olete record, he will have a basis
or determining the profitableness
# his system of farming. The farm
'ecord, if accurately kept and care
'ully studied will show, first Of all,
there has been a profit or
oss on the farm as a unit. This con
lition is indicated by farm income"
Then, too, the financial summary
It the end of the year will show
he amount of money earned on the
Investment in land, labor and equip
nent. Further investigation will in.
Iicate the contribution of each enter.
rise to the farm business, and also
he expenses for various items. Rec.
'rd book results should serve as q
asis for planning farming operations
n the future"
TORACCO REFS