A CENTURY OF FORESTRY ON THE ESTATE OF LEARNEY. 175 
on each payment at 3 per cent., and has the effect of raising the 
yearly interest, already credited on the £ 6 of initial capital outlay 
per acre, from 3 per cent, to fully 5 per cent. 
The proprietor of the arable farm will be indeed fortunate if, 
after the lapse of sixty years, he finds the capital value of his 
buildings well maintained ; but meanwhile he has received only 24 
per cent. yearly interest on his outlay, which makes but a poor 
comparison with the smaller, but intact capital, and the 5 per 
cent. rate of interest connected with afforestation. 
Regarding the nature of the locality selected for the foregoing 
comparison, it may of course be noted that an area could easily 
be found producing timber results almost equal to those 
indicated, but which, from shallow soil and rocky formation, 
it would be quite impossible to use as an arable farm. This only 
strengthens the case for afforestation. 
The north-east of Scotland is one of its most important of our 
forest districts ; and in looking round the country it is easy to see 
that, whilst many acres now devoted to game and sheep might 
profitably have been planted, many other acres have been 
planted which will practically never produce timber of any value. 
On the other hand, many poor acres have been turned into 
arable ground, and furnished with costly buildings, which 
might have been much more profitably employed for growing 
timber, and may probably ere long go out of arable cultiva- 
tion, leaving ruinous buildings as a memorial of the prevailing 
ignorance of the possibilities of forestry. 
The prospects of favourable results from judicious forestry 
in this country seem now good, and it is to be hoped that such 
an important industry, by which not only employment of labour 
but beauty and shelter are maintained on the land, will not be 
allowed to fail, through ignorance, indifference, or false economy, 
although it may perhaps demand at the outset more of faith 
and hope than almost any other branch of agriculture. 
