Step 1: State Terzaghi's bearing capacity equation.
For cohesionless soil ($c = 0$): \[q_{ult} = \gamma D_f N_q + 0.5 \gamma B N_\gamma s_\gamma,\] $s_\gamma$ represents the shape factor.
Step 2: Define shape factors.
- Square footing: $s_\gamma = 1.3$.
- Circular footing: $s_\gamma = 1.3 \times 1.3 \approx 1.65$.
Step 3: Calculate the ratio of bearing capacities.
Given that $B$ and $\gamma$ are constant, the ratio is solely determined by the shape factor: \[\frac{q_{ult}(\text{circular})}{q_{ult}(\text{square})} = \frac{1.65}{1.3} \approx 1.27 \approx 1.3.\]
Step 4: Final result.
The ratio is approximately 1.3.