108 Mr. Wm. F. Stanley on 
capital of £50,000 to provide outlay upon the following con- 
ditions :— 
A First Call of £22,000. 
To be invested in 1000 acres of suitable clay-land, £ 
to cost within £10 an acre, say 10,000 
Provide poplars for planting at four feet apart, 2500 
per acre, at 35s. per 1000. (The market price 
according to printed catalogue) ; 4,500 
Labour, ploughing the land once, and planting, ‘at 
30s. per acre... 1,500 
Cost of administration, six years, allowing | one year 
of this time to get the plantation in ai 
order in 1,000 
Interest, ten per cent. on capital, “five years (less 
bank interest on deposit account) ves hate 5,000 
£22,000 
The administration is put at a low price, in that there would 
be very small cost after the planting was complete, for which 
£4,500 would be sufficient. Practically the land might be then 
left to itself, unless it could be let as a game preserve or other- 
wise, to pay for the superintendence. 
After the fifth year a paper-mill would have to be built, which 
would cost £25,000 with machinery fitted; but it would be well 
to make a second call of capital, £28,000, making the total 
£50,000. 
In the sixth year, or the fifth year after the 2,500,000 poplars 
were planted on the 1000 acres of land, these trees would have 
attained the average growth of 8 ft. in height by 3 in. diameter, 
and weigh about 9 lb. each = 10,000 tons. Ii we subtract 
about one-third of this for one-third of the trees being felled for 
paper-making, say 3,000 tons,—this would provide material to 
produce about 1006 tons of finished paper, placing the value of 
this at three-halfpence per pound, £14,000. 
If we now set down £7.000, or half the above, for cost of 
manufacture with the material supplied, we have a clear profit 
of £7,000, or over twelve per cent. interest on the investment 
for the first year of manufacture. 
When the trees are thinned out they grow much more rapidly, 
so that after the fifth year they increase nearly an inch per year 
in diameter. If we continue to take one-third of the trees 
standing every year, I find this would establish about a uniform 
amount of timber per year to be used in the manufacture of the 
paper. In twenty-two years there would be left only 3333 trees 
standing, or about supply for four years, of the trees originally 
planted. 
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