ON ESTABLISHING AN EXPERIMENTAL FOREST AREA, 175 
on the timber and land combined, but it is probable that the rate 
of interest borne by the mortgage would be higher than the area 
could conveniently pay without over-taxing its resources. 
The security offered in the shape of a crop of growing timber 
would probably be assessed much below its real value, and it is 
hardly likely that we should obtain an advance through ordinary 
channels at a lower rate than five per cent., and this would be 
much higher than we could expect the growing stock to produce 
as interest on its capital value for a long-sustained period. By 
raising the sum required on such terms, we should be incurring 
an annual debt for probably many years at least, and possibly 
encumbering the area with a perpetual burden. But if we were 
able to obtain the necessary advance at a rate of interest not 
exceeding 3 per cent., we ought, with good management, to be 
able to meet our liabilities for the time being, and gradually pay 
back the amount borrowed. If, therefore, Government would 
lend us the purchase-money of the growing stock at 3 per cent. 
interest, with an additional | per cent. as a sinking fund bearing 
interest at 24 per cent., our greatest difficulty would be removed, 
and in fifty years’ time the loan would be paid off. While such a 
means of assistance would be both of great service to the area 
itself, and certainly no loss to the Treasury, it would not alto- 
gether bar the way towards further Government aid if we were 
fortunate enough to get it. A sum of about £6000 on capital 
expenditure would still have to be raised, and a good deal of time 
and energy would have to be expended before we could get such 
an amount together unaided by Government. No doubt we might 
expect valuable assistance from such public bodies as the High- 
land and Agricultural Society, but, in our opinion, too much 
reliance need not be placed upon assistance from these latter bodies 
in the initial stages of the undertaking, although we may possibly 
get something in the way of annual grants after a time. In any 
case, we ought to succeed in raising £3000 from Government and 
public bodies combined if the scheme is promoted in a national 
and unprejudiced spirit. 
The reception likely to be accorded the project by private sub- 
scribers will probably depend in a great measure upon their direct 
or indirect interest in it. The best and surest way of enlisting 
public sympathy would be by having all, or nearly all, preliminary 
matters arranged before we make any serious appeal to the public 
purse, so that those who are asked to subscribe may be assured 
