FINANCIAL RETURNS 



exposed uplands where the planting has been 

 carried out. As far as actual profits are 

 concerned, it will be prudent to assume that 

 for the first twenty years no return whatever 

 will be derived from hill-side plantations, the 

 thinnings up to that time doing little more 

 than covering the expense of cutting and 

 interest on first cost. From twenty-five to 

 forty years an annual return of fully 12s. per 

 acre has in many instances been forthcoming, 

 while the value of the standing crop at the 

 latter age has been found to vary from 50 

 to 70 per acre. I do not think that these 

 figures would be, generally speaking, too 

 high, as at Balfour, in Scotland, the larch at 

 forty-three years' growth on a hill-side were 

 valued at 20s. each, while a valuation of 21s. 

 per tree was made on larch on the slopes of 

 the Snowdon range of hills, in Wales, at the 

 age of forty years. But many similar in- 

 stances could be recorded, and are constantly 

 coming before those who have to do with the 

 valuing and felling of timber. 

 Mr. Lewis Miller, who has probably had a 

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