192 TRANSACTIONS OF ROYAL SCOTTISH ARBORICULTURAL SOCIETY. 



of 4 per cent, on his money." But, I say, is this reasonable 1 What 

 other investment of equal security gives 4 per cent, in these days 1 

 Does agriculture proper give 4 per cent.? Why should forestry 

 be expected to give a higher per cent, than agriculture 1 Let us 

 consider the case of consols for a moment : they give nominally 2^ 

 per cent., but look at the uj^s and downs which they undergo. A 

 few years ago they stood at 112, now they are quoted at 88, a fall 

 which re{)resents 10 years' interest. Such fluctuations do not occur 

 in forestry. Once that industry has been established on a safe basis 

 it yields a steady income, and the capital is safe from anything like 

 the fluctuations to which consols are subject. In my opinion, 

 forestry, conducted on proper lines, ofi'ers an investment at least as 

 safe as consols, and it seems to me unreasonable to expect more 

 than 2h per cent, from it. There are millions of acres in these 

 islands fit for planting, which are valued at such a low rate that 

 they can be made, if put under forest, to yield steadily 2| per cent, 

 and more. At the same time, I must lay stress on the fact that all 

 forest operations must be conducted in a truly economic manner. 

 Extravagance has no place in forestry, or in agriculture either. 



Soil. 



In coming to the question of soil, I desire to impress upon you 

 this fundamental rule : " Never attempt to plant a species which is 

 not thoroughly suited to the locality, that is to say, soil and climate." 

 Every disregard of this rule is likely to lead to financial loss. It is 

 quite astonishing how often this rule is sinned against. Sometimes 

 the planter has not a sufficient understanding of what is the species 

 most likely to thrive best in a given case. This shortcoming must 

 be met by proper instruction, such as you will, henceforth, no doubt 

 receive at this College. In other cases the planter has developed a 

 fancy for a certain species, and he proceeds to plant it under all 

 circumstances. This is a most disastrous failing, which the forester 

 must combat with all his might. The subject must be approached 

 with an open mind, and all personal fancies must be absolutely put 

 on one side. No doubt the selection of the right species is a very 

 difficult task, and the subject must be studied in detail. As a 

 general proposition, it may be said that "heavy soils are better 

 adapted for broad-leaved species, and lighter soils for conifers." 

 This rule is, however, not without exce[)tion. Spruce, for instance, 

 does very well on heavy soil. There is a medium class of soil, which 



