PROFITABLE CO-OPERATIVE TIMBER-GROWING, 301 
arable land could be broken up into small holdings. In this 
way a constant supply of labour would be found for forest 
operations, and the occupants of the holdings would at the 
same time be able to earn considerable sums over and above 
what they could make out of their holdings. The great 
difficulty in connection with the creation of small holdings is, 
of course, provision of the necessary buildings; but in the 
eyent of the Government granting any facilities or assistance 
to proprietors to provide such buildings for small holdings, 
a company would share in such benefits. 
‘ 
CONCLUSION. 
In view of what has been written above, the question to be 
determined is whether it is possible to form a limited company, 
for the purpose of purchasing and afforesting land, as a profit- 
able undertaking. The answer depends upon the meaning of the 
word “ profitable” in this connection. Zf24 per cent. certain, with 
the possibility of a larger return, combined with safety of capital, 
is considered satisfactory, then the undertaking can confidently 
be recommended to members of the public who happen to 
be specially interested in the subject of afforestation or of rural 
depopulation. A higher rate of interest than 24 per cent. may be 
obtained, but cannot be relied upon. There is no doubt that 
for those who are already owners of waste land, or land of a 
low agricultural or grazing value, afforestation is the means 
of eventually increasing not only the annual return, but also 
the capital value of their land. Many estates comprise poor 
land which yields little more than a small rate of interest on 
the cost of the buildings, fences, etc., and such land should be 
afforested, not only because of the subsequent enhancement 
of the annual and capital values of that and of adjoining land, 
but also because of the increased employment which would be 
afforded. The question of death duties, however, is a serious 
drawback to private afforestation. In the case of companies 
or corporations there is no such difficulty. They are not 
affected by the death duties. Rating, however, affects all 
owners. 
Is there a sufficient number of the landless public interested 
in afforestation and rural depopulation willing to become share- 
holders in an undertaking promoted with the object of acquiring 
and afforesting land on a small scale, knowing that the return, 
