LAND EENTALS 



(gross) of timber are most important. The latter 

 column indicates within very narrow limits what is the 

 most profitable rotation upon which to grow any crop, 

 though this point is perhaps more easily decided by a 

 study of the next column of " land rentals." 



So, also, if a comparison is made between these two 

 columns showing the percentage increase in volume and 

 in value of timber, it becomes evident that large mature 

 timber can only be profitably grown if there is a large 

 increase in the price per foot for large timber over 

 that which obtains for small timber. The greater 

 the increase in price, the longer can a rotation 

 be extended. 



Again, if a comparison of these columns be made 

 with the percentage increase which takes place accord- 

 ing to German yield tables, the inadvisability of 

 attempting to grow a maximum yield of mature timber 

 is well illustrated. 



Land Rentals. These "land rentals" represent 

 the equivalent rental value obtained for the land from 

 the date of planting, after all annual outgoings are paid 

 for and after the capital spent on planting, and interest 

 thereon, has been paid back. They are directly com- 

 parable with existing agricultural rents, and hence by 



this method, and this method alone, is. the financial 

 result of growing any particular crop of timber repre- 

 sented in a manner which is clear, concise, and intel- 

 ligible to the lay mind. The method of arriving at 

 these land rentals is fully explained in The Practice of 

 Forestry? and there is no need whatever to adopt 

 complicated formulae (as some recommend) in order to 

 work them out. They are really quite simple. 



The annual outgoings have been estimated as being 

 4s., 3s. 8d., 3s. 4d., and 3s. per acre when the soil and 

 situation are respectively, Qualities I., II., III., and IV. 

 These outgoings represent, generally speaking, the 

 minimum net average outgoings necessitated on large 

 forest areas. 



If the areas are small, these outgoings will be 

 considerably greater. These outgoings include rates 

 and general supervision, repairs to forest roads, fences, 

 and gates, and also the extra cost of felling "thinnings" 

 and clearing them up, over and above any sum received 

 by the sale of faggots (and all wood below 3 inches 

 in diameter) therefrom. But these outgoings do not 

 include the cost of felling final crops or of replanting. 2 



1 Vide Chapter XII. 



2 As to the total cost of labour on forest areas, vide pp. 6 and 7 

 of The Practice of Forestry. 



