10 FORESTRY. 
once valuable sheep pasture, now rented at from sixpence to not 
more than two shillings an acre. From some of it a good 
additional return—say, a shilling an acre—is obtained for the 
grouse on it, but a great deal of it is unsuitable for grouse, but 
very suitable for growing timber. | Such land is constantly being 
offered for sale. | Twenty-five years’ purchase would secure 
1000 such acres for £2500. If the ground is level, planting 
three feet by three will take 4,840,000 trees; the cost at £6 an 
acre-—£6000 for the 1000 acre. On sloping or steep ground 
fewer trees will be required, and the cost proportionately less. 
I make no provision for houses or fences, assuming that the farm 
is bought all standing, but £500 must be allowed for repairs and 
preliminary draining, making a total initial outlay of £9000 on 
the 1000 acres. The interest on the balance of £1000 ought 
to pay the annual tool bill. 
WILL. IT Pay? 
Now, the great question is—Will this investment pay? 
Well, I am bound to say that it is not one that I could advise any 
private individual to make and expect good interest upon his 
capital; the lock-up would be more than the circumstances of 
most landowners would permit. I shall return to that point 
presently. But I do consider it an investment which the State, 
which pays no death duties, not only might make with prudence, 
but is bound to make as a matter of public policy. 
It is a difficult thing to find any woodland in Great Britain, 
either Crown property or in private hands, which have been 
systematically managed on a working plan over a sufficiently 
long period to estimate the results commercially. Nevertheless, 
I have had the advantage of examining the balance sheets for 
five years of 3700 acres of wood on the estate of Novar, in 
Ross-shire. Extensive planting was done there from the 
beginning of last century continuously, except during thirty-two 
years from 1850 to 1881. This was an unfortunate break, for 
it vitiated the regular rotation of the working plan ; nevertheless 
the results are not unsatisfactory. The average nett profit upon 
these woodlands for the five years 1892-6 was slightly over 1ls 
an acre. 
Next I took the official returns of the German State forests 
covering five years, and found that the average nett return was 
