. 
18 TRANSACTIONS OF ROYAL SCOTTISH ARBORICULTURAL SOCIETY. 
€ 
capital, a percentage which for Britain errs on the side of being 
rather too high than too low, we have the following items of ex- 
penditure and revenue, so far as they refer to the first rotation :— 
EXPENDITURE PER ACRE, 
1. Value of land worth ls. 6d. per annum, at twenty- 
five years’ purchase, 5 & slolviegs 
2. Planting and beating up, : : 1 10cad 
3. Annual outlay for supervision, protec- 
tion, rates and taxes, and road- 
making, . : : ‘ 025.2 
By the methods of computation employed in forest valuations, 
the deferred value of these items of expenditure, with compound 
interest, at the end of eighty years amounts to about £49. 
REVENUE. 
According to my investigations,! the final felling and the 
deferred value of the intermediate returns (thinnings)—allowing, 
however, only 2 per cent. interest on the latter—will amount at 
the end of eighty years on soil of the third class to £87. Dis- 
tributed over eighty years, the balance of £38 gives an annual 
revenue of just over 3s. per acre, which compares with a former 
rental of ls, 6d. 
Although nothing has been allowed on account of game in 
the above calculations, it is not to be supposed that no revenue 
will be derived from this source during the whole period of the 
rotation. On the contrary, the game rent, during the second 
half of the rotation of a German forest, amounts to a very 
considerable sum. 
Apart from the increase of revenue, the afforestation of land 
is of great national importance as a labour-employing industry. 
Land under wood can maintain a larger population than land 
under rough pasture. From the national point of view it is 
manifestly also an advantage to produce timber at home, and so 
dispense with its importation from abroad. This matter is of 
1 <“¢ Wachsthum und Ertrag normaler Kiefernbestiinde,”’ Berlin, 1889, p. 66, 
