14 



on the other hand, reasonable security for the money which they 

 invest. It may be of interest if I simply sketch, as briefly as 

 possible, three proposals now before us to indicate how elastic 

 is the scheme and the method by which it may be carried 

 out. One scheme which we have in hand in the North of 

 Scotland implies that the landowner will provide the land free 

 of rent for seventy-five or eighty years, and the Board will 

 provide the capital for planting, for fencing, for draining, and 

 for the maintenance and management of the forest until the 

 end of the rotation. At the end of the rotation the proceeds 

 will be divided according to the expenditure, to the landlord 

 on the one hand, that is, according to the annual rental of 

 the land plus compound interest on that rental from year to 

 year to the end of the rotation, and on the part of the State 

 at compound interest on the capital expenditure and the 

 annual maintenance with compound interest thereon. At the 

 moment it looks as if the proprietor might obtain well over 

 one third of the proceeds, while the Board will receive some- 

 thing like one-third also, and the remaining third would be 

 divided between them according to their outputs as provided. 

 In that scheme the landlord is practically doing nothing but 

 provide the land. He has no interest in the management, no 

 interest but in seeing the land planted. He does not want to 

 take part in it himself. In this case, the Board is willing to 

 step in and do the planting and management for him. In 

 another case, in the West of Scotland, the proprietor is a very 

 keen forester, largely interested in the planting of trees and 

 who knows how to manage them, and he prefers to keep the 

 management in his own hands. Therefore the proposal is that 

 while the Board supplies the capital for planting the trees, the 

 fencing and the draining, it steps out then, and the proprietor 

 does all the rest, provides the labour, the land, the manage- 

 ment, and takes a complete interest in the scheme, and it is 

 carried out according to the w^orking-plan agreed upon. At 

 the end of the period the share of the proprietor would be 

 very much larger. He will obtain by far the larger proportion. 

 In a third proposal, the proprietor suggests that he should 

 supply not only the land and the capital for planting, and for 

 fencing and for draining and for all other purposes, but that 

 the only contribution made should be the management by the 

 Board's officers. You may say, 'Why does he not do all?' 



