PROFITABLE CO-OPERATIVE TIMBER-GROWING. 295 
because the more accessible forests in the exporting countries 
have been heavily worked, if not exhausted, so that the timber 
for exporting has, year by year, to be carried over longer dis- 
tances before it reaches the sea. Prices in the future are likely 
to be higher than in the past.” 
Cost OF PLANTING AND MANAGEMENT. 
The cost of planting will, of course, depend upon the subject 
to be dealt with. Dr Somerville estimated £3 per acre in con- 
nection with his scheme, and 4s. per acre for management during 
the first twenty-five years. Dr Schlich gives the following 
figures:—Spruce, £3, 10s.; Scots pine, £4; larch, £4, 10s.; 
beech and silver fir, £45; oak and ash, £6. Mr Macdonald, 
forester, Raith, quotes £5, 13s. 9d. for planting, enclosing, drain- 
ing, and forming roads in the case of Scots pine, larch, and 
spruce, and £6, 15s. in the case of hardwoods. Management, 
etc., he estimates at 3s. per acre per annum. Dr Nisbet 
estimates £6 to £7 per acre, including beating up for two 
years. Mr A. C. Forbes states the figure as high as £8 
per acre. 
REVENUE EXPECTED. 
As forest book-keeping has not been practised in this country, 
it is scarcely possible to obtain reliable data as to the profits of 
woodlands in the past. ‘The revenue that may be expected will, 
of course, depend very largely upon the cost of the land, the 
initial outlay, and the cost of management. All the authorities 
are agreed that a return of at least 2} per cent. can be assured 
on the expenditure involved; and in favourable circumstances it 
is confidently expected that a hightr percentage may be looked 
for, although, of course, unless there should be an area of mature 
timber upon the ground, which could be gradually realised, the 
return would be deferred for a considerable number of years. 
The investment would therefore partake, as Dr Somerville points 
out, of the nature of a life insurance. All the authorities appear 
to agree that land which does not yield more than a rental of 
7s. 6d. per acre can be profitably afforested. 
The following statistics, prepared by Dr Schlich, as to the 
