FINANCIAL RETURNS 



7 10s. per acre. The actual returns were as 

 follows: From thinnings, 4,500; from final 

 fellings at the age of fifty years, 14,500. 



As the time when the thinnings were made 

 is not given, I have thrown them together with 

 the final yield, thereby making the calculation 

 less favourable than it otherwise would be, so 

 that the total receipts were 19,000, or 91 

 per acre, at the age of fifty years. I ought 

 to mention there is some uncertainty about 

 the cost of planting. I had been told that 

 the total cost of planting and looking after 

 the wood was 2,000, but Sir Herbert Lewis 

 has made a further communication that the 

 cost was not nearly so much. Under these 

 circumstances I put down the cost of plant- 

 ing at 5 per acre, which, according to Sir 

 Herbert, is more than it did cost. Now, the 

 result of this is that the capital invested in 

 this plantation has given all-round compound 

 interest at 5J per cent. 



All the plantations above referred to are 

 excellent object-lessons of the possibilities of 

 the British Isles for the production of high- 



101 



