PREFACE 



IX 



ancient seer, I would have my readers to remember 

 that, within certain limits, the less timber per acre that 

 is grown the greater are the profits. 



In another branch of agriculture there is an apt 

 illustration of the inadvisability of attempting to obtain 

 a maximum volume of timber on any given area. 



For, just as every farmer who is feeding " beasts " 

 for a fat stock show realises that, beyond a certain 

 point, every pound of flesh is produced at a monetary 

 loss, so it is in the case of the forester, who, prompted 

 by ambition and in his eagerness to obtain a maximum 

 yield of timber, allows too close a canopy to exist in the 

 woodlands under his charge. 



As regards the elucidation of the financial results of 

 forestry, it is of course necessary to value the timber, 

 although such timber may not be sold for 50 or 100 

 years or more. 



Now there are many enthusiastic advocates of 

 afforestation who assert with confidence that afforesta- 

 tion must pay, and yet these same persons also assert 

 that it is ridiculous to make calculations based upon the 

 value of timber at a far distant date. 



For my part, I must confess that I regard the 

 arguments of such persons as being most illogical ; for 

 no man, however great a genius he may be, can possibly 



form an opinion as to whether afforestation is likely to 

 pay or not, unless he is willing to take into considera- 

 tion the probable profits which are likely to be derived 

 from the undertaking. 



That such profits are governed by factors of the 

 greatest uncertainty I am only too ready to admit, and 

 for these reasons afforestation must generally be looked 

 upon in the light of a gamble, a legitimate one perhaps, 

 but one in respect of which it is only reasonable to look 

 for a high rate of interest if vast sums of money are to 

 be expended thereon. 



With reference to the financial results shown in the 

 following pages, I wish it to be clearly understood that 

 there is no desire on my part that they should be 

 accepted as representing, of necessity, the results in 

 years to come of afforestation if undertaken at the 

 present time. For the prices of timber, one or two 

 generations hence, may be very different from those 

 prevailing at the present time. They may be greater, 

 they may be less ; but who shall say ? 



Nevertheless, if the prices of timber in years to 

 come should prove to be the same as those herein 

 indicated, then, according to my investigations, the 

 results of afforestation will be as stated. 



In conclusion, I would point out that it is most 



