400 TRANSACTIONS OF ROYAL SCOTTISH ARBORICULTUKAL SOCIETY. 



calculated the cubic contents, the valuer should then acquaint 

 himself with the prices per cubic foot for the different classes of 

 timber which obtain in the neighbourhood, if there be a local 

 demand ; or, failing this, at the nearest market where a fair price 

 can be realised. A sum to cover cost of cutting, removal, trans- 

 port, etc., will then be deducted from the gross value. 



The valuer will now have completed his valuation so far as the 

 timber is concerned, and has then to consider what value, if any, 

 should be put on the land on which the timber stands. Some 

 valuers are of opinion that if a full price be paid for the timber, the 

 land on which it stands should not be taken into account in the 

 valuation, the reason given being that the rents of the adjoining 

 agricultural and grazing lands are enhanced and maintained by 

 the shelter afforded by the woods. This, no doubt, applies in 

 cases where the plantations and woods, being old enough and of 

 sufficient extent, are so situated as to benefit the adjoining land 

 by their shelter ; and if these conditions are fulfilled, an amount 

 equivalent to that by which the rent of the adjoining fields is 

 increased through the presence of the trees should be deducted 

 from the value per acre which the ground on which the timber 

 stands would possess were it not covered with timber. But 

 against this course must be set the fact that where the woods 

 border on land cultivated for potatoes, turnips, or other green 

 crops, the shade of the trees detracts considerably from the letting 

 value of the fields ; and this must be taken into consideration. 

 In cases, however, where the forest crop is such that the adjoining 

 lands are neither benefited nor injured by the woods to any 

 appreciable extent, the value per acre should be that which the 

 land would have if not covered with timber and if let for agricul- 

 tural or grazing purposes, and this would be based on the value 

 of neighbouring land of like quality. 



Then, the capitalised value of the estimated yearly rental, at 

 say twenty-five years' purchase, added to the value of the growing 

 timber, will give a fair transferable value for the plantation. On 

 shooting estates many valuators do not take into account the 

 land upon which the timber is growing, their contention being 

 that the rent is covered by the yearly sum received for the 

 shootings. 



Although the above are the general principles on which woods 

 of this class are valued, yet in practice it will be found that they 

 frequently have to be modified, in order to adapt them to the 



