FINANCIAL RETURNS 



sea-level. After allowing for the cost of 

 planting and interest on money expended, 

 the annual return per acre comes to about 20s. 

 The adjoining heath-covered land lets for 

 about 2s. 6d. per acre. Again, on the Coun- 

 tess of Seafield's estates, Scotland, on grazing 

 land which formerly brought in 8d. per acre, 

 Mr. Thomson, the wood manager, tells me 

 that, at forty-seven years old, Scotch fir 

 realised 40 per acre, while in another wood 

 the individual trees brought 24s. 6d. each. 



A larch plantation of 208 acres, on a steep 

 hill-side, was felled at the age of fifty years. 

 The actual returns during that period were 

 From thinnings, 4,500; from final felling, 

 14,500; or fully 90 per acre. The original 

 cost of planting was under 5 per acre, and 

 the value of the land at thirty years' purchase 

 7 10s. per acre, thus leaving a balance of 

 fully 78 per acre at the age of fifty years. 



Quite recently on the Earl of Moray's estate 

 at Darnaway , Forres, a section of spruce timber 

 that had been planted thirty-eight years ago 

 was sold at 112 per acre. On the Penrhyn 



95 



