146 OX THE DIFFERENT MODES OF 



XV. — On the Different Modes of Profit ally Disposing o/Home- 

 Grown Timber. By We Gilchrist, Forester, Cluny Castle. 



The best mode of profitably disposing of home-grown timber 

 depends much on local circumstances, but there are general rules 

 which ought to regulate all timber sales. "Wherever timber is culti- 

 vated for profit, the chief consideration is how to produce the greatest 

 amount of timber at the least expense ; and, after having produced 

 it, how to dispose of it to the best advantage. The first of these 

 propositions scarcely comes within the scope of this paper ; still it 

 is impossible to disregard it altogether, as the age at which a crop of 

 timber is disposed of has a great influence on its profitable disposal. 

 Suppose a plantation where a third or perhaps a half of the trees 

 have arrived at maturity, the question arises, Is it most profitable to 

 dispose of the whole, or only such as seem to be at maturity 1 

 Leaving out of view amenity and shelter, and looking at this case 

 on strict commercial principles, it would be consistent with good 

 estate management to cut down and dispose of the whole whenever 

 a good price is to be had. By doing this two important objects are 

 gained, viz., the money is realised and the ground can be replanted, 

 so that the second crop will be a number of years further on than 

 i f the whole were not cut until all were at maturity. And where 

 there is only one-half or two-thirds of a crop of trees left on the 

 ground, the increased value of the wood will not equal the value of 

 the money received for them if sold at the proper time and the 

 amount realised judiciously invested. Again, suppose a fir plantation 

 from 40 to 50 years old, worth say L.30 or L.40 per acre, will such a 

 plantation continue to increase at a ratio equal to the cumulative 

 interest of L.30 or L.40, and the value of a succeeding crop? In 

 other words, is it most profitable during a period of 80 or 100 years 

 to grow two crops of wood or one ? Or take the medium, — two crops 

 at 45 years old and one crop at 90 years ; suppose the first to be 

 worth L.50 per acre, the cumulative interest of that during 45 years 

 would be about L.400 ; deduct L.40 as the cumulative interest of cost 

 of replanting, leaves L.360 as against the price of the wood at 90 years 

 old. Supposing it to have increased at 5 per cent, which is a high 

 rate, the value at 90 years would be L.162, 10s., being a balance of 

 L.197, 10s., and the value of the second crop in favour of cutting at 

 45 years. At 45 versus 75 the balance in favour of the former would 

 be L.55, besides the value of the second crop. At 45 versus 60 



