Rate of Interest 259 



consequence, since the principal portion of the capital, 75 to 90 

 per cent, consists of the growing stock itself ; 



8) The rate which the yearly growth in value makes on the 

 sale value of the growing stock of a regulated forest is the un- 

 attainable goal in forestry, and since this, on site I for spruce, 

 stays below 4 per cent, with a rotation of 100 years, it is evident 

 that any business rate or measure of 4 or more per cent does not 

 correctly represent the forest business. 



It may be argued, as has been done and will be done, that if 

 men can not make 6 per cent in forestry, they will certainly not go 

 into this business. 



To this, we may say : Probably not one per cent of our citizens 

 make 5 per cent or over on their money ; even the organized 

 money lenders lose sufficiently to reduce this current per cent very 

 materially. 



The pawnshop man expects at least 100 per cent per year on 

 his investment. He would sneer at 3 per cent in farming. But 

 that is of no consequence to the people or to farming. A nation 

 must either farm or import food; only Great Britain has enough 

 of commerce and manufacture to import food on a large scale, 

 and England farms her lands more efficiently and more success- 

 fully than probably any other nation in the world. The same 

 reasoning applies to forestry. 



