174 TRANSACTIONS OF ROYAL SCOTTISH ARBORICULTURAL SOCIETY. 
On the other hand, let it be supposed that a precisely similar 
locality has been afforested by plantation with 1500 larch and 
1500 Scots pine per acre, at an outlay of 46 per acre, including 
the necessary preparation of ground and fencing. The trees 
will have reached maturity in sixty years,! with a standing crop 
of say 225 trees per acre, composed of about equal numbers of 
the two species planted, having an average cubic content of 74 
cubic feet, for which fivepence for pine and eightpence for larch 
might be obtained per cubic foot. 
The annual expenditure per acre during the sixty years 
would be :— 
Sagas 
Interest at 3 per cent. on £6 capital outlay, . 39 
Management, ce 
Total annual expense per acre, . , 6.97 
The receipts per acre during the sixty years before clean 
cutting would be as follows :— 
Value of Thinnings sold, ; : : PS) 
Rent of grass pasture during the fiteal forty 
years, at 2s. per acre, ‘ : 3 E 4 
Total receipts, . ; «+ yoke 
This sum of £14 is equivalent to an average annual receipt 
per acre, spread over the whole sixty years, of 4s. 8d. Deduct- 
ing this sum from the annual expenditure leaves an annual 
deficit of 1s. 11d. per acre during the sixty years. 
To meet the sum of such deficits, after allowing interest at 
3 per cent. on each whilst unpaid, will require a lump sum of 
about £17, payable at the end of the sixty years, and, deducting 
this amount from the £46 then receivable as the price of the 
mature trees, we find the proprietor left with a sum of £29, which 
represents the £6 of his initial capital outlay, together with £423 
of accrued profit per acre. 
This accrued profit may be regarded as equivalent to a yearly 
sum of 2s. 9d. received during the sixty years, with interest allowed 
1 Under ordinary conditions such a crop would probably be felled at the age 
of about eighty years.—Hion. Eb. 
