An article by Sir A. D. Hall presenting the 1919-20 financial accounts of the pedigree Hampshire Down sheep flock kept by the Lord Wandsworth Orphanage on its Long Sutton Estate in Hampshire, compared with the previous year. It explains the cost-basis bookkeeping and the sharp rise in feed, labour and ram costs, and the improved sales of ram lambs, shearlings and wool. It concludes that the flock made a loss of about £190, and that pedigree ram breeding is unprofitable compared with growing corn unless a flock reaches the top rank in shows.