FINANCE IN ESTATE FORESTRY. 3 1 



sufficient to make plantations remunerative, it is absolutely 

 essential to economic success that the utmost care should be 

 taken to keep down to the lowest possible figure all capital 

 expenditure as well as all recurring annual outlays in maintenance 

 and protection. 



In dealing with the finance of forestry in this paper, the 

 subject is treated upon a small scale, and the unit of an annual 

 planting scheme of lo acres has been chosen because it is 

 within the range of the large majority of proprietors. It can 

 be adapted to any larger area by a simple process of multiplica- 

 tion, but with this difference that when it is increased by loo 

 per cent, or more it may safely be reckoned that a saving of 

 from 10 to 20 per cent, per acre can be effected over the 

 whole. This saving follows on the development of the operation. 

 The figures are believed to be reliable and are based upon 

 present-day costs, which are high, and it is expected that they 

 will gradually diminish before many years pass. It will 

 frequently happen that land to be planted is already enclosed, 

 and if this is the case the outlays in respect of enclosures will 

 be wholly or partially removed. The existence of enclosure 

 fences is of the utmost importance, for the repair of them will 

 generally be less expensive than the construction of new fences. 



Nursery Cost. 



In considering the establishment of a nursery there should 

 seldom be difficulty in finding an area suitable for the purpose. 

 If the planting-plan is a small one it will be possible to form 

 the seed-beds in a garden. The area required for an annual 

 lo-acre planting scheme is only 320 square feet for broad-cast 

 sowing, or 470 square feet if the sowing is in drills, which latter 

 method can, from experience, be recommended. If cones 

 cannot be collected locally seed is always procurable by 

 purchase, and notwithstanding the sale prices of last year, it 

 should henceforward be bought at an average overhead cost 

 of 20s. per lb. Over a varying yield, according to species, of 

 from 4000 to 20,000 2-year seedlings, it will be found that 

 2^ lbs. of seed should produce more than sufficient transplants 

 for 10 acres. To prepare, tend and weed these beds for two 

 years will involve an outlay of ^2, los. If protection is 

 necessary, which is not always the case, the boarding and 

 covering, plus labour, may be ;^i, 15s. If the yield is 25,000 



