170 ENGLISH WOODLANDS 



or underwood are valued at the price for which 

 they would sell, if offered for sale, and that 

 value is deducted from the value of the estate, 

 and the result is the value of the estate without 

 taking into account the value of the timber, 

 trees, wood, or underwood. In the second way 

 of valuing, the estate is valued as if it were 

 stripped of the timber, trees, wood, or under- 

 wood. In most cases trees add very greatly 

 to the value of an estate, by shelter, ornament, 

 and facilities for sport, and their removal would 

 depreciate the estate to an amount much greater 

 than their sale value. In other cases the removal 

 of the trees would add to the estate useful 

 pasture or grazing ground. 



It seems clear that a valuation of the trees 

 should be made at the date of the succession, 

 and therefore it may be presumed that on the 

 occasion of sales. Duty will be payable on 

 that valuation and not on that valuation in- 

 creased by the subsequent growth. There is 

 no definition of " necessary outgoings." 



