20* 



THE ROTATION. 



Britain at present be placed at 2| per cent. As the rate 

 of interest has, for a series of years, steadily declined, it is 

 desirable to make calculations for the future rather with a 

 lower, than a higher rate of interest. 



Of the receipts, the final yield is by far the most important 

 item. Its present value can be easily ascertained, but fore- 

 casts for the future are of a risky nature. If, in the future, 

 the proportion between the prices of the different classes of 

 produce remains about the same, then a change in the financial 

 rotation does not necessarily follow ; but great changes can be 



t : 



5 





2o 30 



YE^*-R . 



Fig. 44. 



produced in the reverse case; that is to say, if for instance 

 timber of small dimensions rises in price while that of large 

 dimensions falls, or vice versa. Such changes are difficult to 

 foresee ; the experience of the last decades shows, no doubt, 

 that timber of large dimensions is not unlikely to rise in 

 price ; hence the selected rotation should be rather above than 

 below the financial rotation. 



The intermediate returns exercise a considerable influence 

 upon the actual amount of the rental, but a comparatively 

 small effect upon its culminating point ; in other words, early 

 thinnings reduce the financial rotation only to a limited 



