THE VALUATION OF WOODS OR PLANTATIONS. 405 



the demand for it which may exist in the neighbourhood or at a 

 more distant market, and the prices likely to be realised ;- (2) the 

 age at which the coppice should be cut for the purposes intended. 

 This depends greatly on the nature of the climate, soil, situation, 

 and shelter. For instance, in the Midlands of England, oak 

 coppice is as bulky at twelve or fourteen years as it is in Argyll- 

 shire at twenty-five years. Then agaiD, much will depend upon 

 the extent of the demand for the produce. In some parts of 

 England, where coppice is used for hampers, crates, and coopers' 

 stuff, it is cut over at two or three years of age. In the hop 

 districts it is cut over at from five to six years old ; and in other 

 districts, where it is used for fencing and general estate purposes, 

 it is cut at from ten to fifteen years of age. In Scotland, again, 

 where oak coppice is chiefly grown for bark and spoke- wood, it is left 

 till the shoots are from 5 inches to 7 inches in diameter at the base. 

 Having ascertained the purposes for which the coppice is 

 saleable, the demand, and the prices likely to be realised, and 

 having fixed the age at which it should be cut, the valuer will be 

 able to estimate the prospective value of the crop. In some 

 instances, by ascertaining the amount realised at previous cuttings, 

 he may form a fair idea of what it will again be worth when 

 ready for the axe. This estimate is, however, often very mis- 

 leading, and at most it can only be looked upon as the prospective 

 value subject to modifications. This will be evident when it is 

 stated that coppice, which used to sell at from £10 to .£15 per 

 acre, is now realising only from £4 to £5 per acre. Great 

 caution is therefore needed when using the prices realised by 

 cuttings in the past as the basis of the value of future cuttings. 

 Having estimated the prospective value, that sum, subject to the 

 general allowance of 5 per cent, to cover outlay, taxes, and super- 

 vision, will be the present transferable value of the coppice-wood. 

 To this must be added the capitalised rental of the land; and the 

 prospective value of the wood forms the basis for determining 

 this. But as future cuttings, in addition to the present crop, 

 have to be considered, the valuer will have other matters than 

 those already mentioned to take into account. In this connection 

 it will be necessary to consider the condition of the stools, the 

 prospect of their deteriorating, and the annual cost of filling- 

 vacancies. Account will also have to be taken of the nature and 

 condition of the soil in regard to future cuttings, the state of the 

 fences and drainage, and the parochial and other burdens on the 



