THE PLANTING OF WASTE LAND FOR PROFIT. 271 
In Scots law, under the Valuation of Lands Act, 1854, sect. 6, in estimating 
the yearly value of lands and heritages, the same shall be taken to be the rent at 
which, one year with another, they might in their actual state be reasonably 
expected to let from year to year. Where they consist of woods, copse, or 
underwood, the yearly value shall be taken to be the rent at which they might 
in their natural state be reasonably expected to let from year to year as pasture 
or grazing lands (Bell’s Dzctéonary and Digest of the Law of Scotland, 1890, 
p. 1106). 
Rating Act, 1874, sect. 4.—‘‘ The gross and rateable value of any land used 
as a plantation, or a wood, or for the growth of saleable underwood, shall be 
estimated as follows :— 
‘*(a) If the land is used only for a plantation or a wood, the value shall be 
estimated as if the land instead of being a plantation or a wood were let and 
occupied in its natural and unimproved state. , 
“*(6) If the land is used for the growth of saleable underwood, the value 
shall be estimated as if the land be let for that purpose. 
**(c) If the land is used both for a plantation or a wood and for the growth 
of saleable underwood, the value shall be estimated either as if the land were 
used for a plantation or a wood, or as if the land were used only for the growth 
of the saleable underwood growing thereon, as the Assessment Committee may 
determine.” 
Now, considering the desirability there is of encouraging the 
planting of poor land and the prudent management (for the 
national welfare) of timber-crops, which take long to mature, 
which are exposed to many dangers from storms, insects, fungous 
diseases, fires, etc., and which offer many a temptation to heavy 
thinning and premature clearance in the interests of life-tenants 
of estates, it seems very desirable that a short Act should be 
passed providing that in all cases in which plantations, woods, 
or coppices are managed in accordance with the provisions of 
a working-plan approved by the Board of Agriculture, etc., their 
assessment to rates shall be simply the rental value of the land 
in its natural and unimproved condition, and their valuation for 
succession duty and estate duty shall simply be ‘such same 
rental value capitalised at twenty-five years’ purchase (4 per 
cent.). Of course this merely assesses and values the land, 
and not the timber growing on it; but this is a very slight con- 
cession for the Treasury to make in view of the national duty 
of encouraging the home-growth of timber to the largest possible 
extent. And further, with regard’ to payment of rates, the 
option might be given of either paying them annually or else 
permitting them to accumulate at compound interest at 3 per 
