228 THE DEVELOPMENT OF BRITISH FORESTRY 



British prices, a fact which has long been recognised by 

 those who have looked carefully into the question. At a 

 rough estimate, from 6d. to Is. per cubic foot is the cost 

 price of coniferous timber grown under artificial condi- 

 tions in the British Isles, and probably well-grown timber 

 will easily command that price in the future, when 

 natural supplies are worked out, and all forest land 

 requires jDrotection and skilled management. 



When forests are once thoroughly established, natural 

 regeneration may reduce the costs of production to a low 

 figure, and the nett profits quoted above may be increased 

 by this probability. But after all favourable factors are 

 taken into account, it is evident that economic forestry 

 at present prices is not a particularly attractive specula- 

 tion. Regarded from a national point of view, however, 

 mere monetary gains sink largely into the background, 

 and as pointed out in Chapter iii., the gain in increased 

 employment must be looked upon as a national asset 

 of the greatest importance. 



Compound interest, however essential a feature as it 

 may be in a financier's creed, cannot be regarded as a 

 vital factor in every national scheme undertaken for the 

 public good. If applied, for instance, to British agricul- 

 ture during the last 300 years, it is doubtful if it could 

 show a return of 3 per cent, on all investments on 

 buildings and improvements during that period, and 

 it is a well-known fact that much forestry work is 

 undertaken abroad which will never show a penny of 

 profit. 



In conclusion two specific cases may be given of returns 

 from woodlands in England which are probably authenti- 

 cated sufficiently to render them of value for quotation 

 purposes. One case is that of the income and expenditure 

 connected with the woods on the Bedford estates in Bed- 

 fordshire and Buckinghamshire, which were published 



