FINANCE 97 



of growth are uncertain. The figures for them 

 stated in the accounts are at the best only 

 probable guesses. The mathematical accuracy 

 of the process gives a false air of real accuracy, 

 for it tends to conceal the fact that the whole 

 reasoning is based on guesses and not on results. 



Accounts of profit and loss in timber-planting 

 have probably very little influence on most 

 owners when they consider a plan of timber- 

 planting. They recognise that as regards them- 

 selves personally these accounts are of no value. 

 There is so little probability that their life will 

 extend to the maturity of the trees, that for 

 them there can be no items on the receipt side 

 of the account. 



In most cases the planter is willing to consider 

 the initial cost of planting as a loan by himself, 

 free of interest, to the wood. When the land 

 planted is the site of a recently felled wood, it 

 would in most cases be unfair to charge in the 

 accounts of the new wood an agricultural rental 

 for the site, because the cost of making such 

 land capable of producing any agricultural rent 

 is almost prohibitive. 



The future history of an intended plantation 

 can only be told by the past history of other 

 plantations grown under similar circumstances. 

 7 



