FINANCIAL CONSIDERATIONS 13 



equivalent of a small increased rental, the accumulated value 

 of which can only be realised after the lapse of a considerable 

 number of years ; since, until such time, a considerable 

 capital must be locked up, without any yearly income being 

 received. Furthermore, the profitable production of timber 

 is penalised by the present incidence of local taxation ; the 

 ever growing tendency to a rise in rates ; and the levying of 

 charges for "extraordinary traffic," occasioned by the 

 removal of timber. 



A consideration of the foregoing leaves little doubt that, 

 generally speaking, there is little inducement from a financial 

 point of view to afforest land on any large scale, except 

 when such crops as Douglas Fir or Poplars, or (in many 

 cases) Larch or Ash can be grown, unless, indeed, sub- 

 stantial rises in the prices of timber should occur and be 

 maintained. 



As to the Possibility of Permanent Advances in the 

 Price of Timber. Inasmuch as any great schemes, relative 

 to the general afforestation of waste lands, must end in 

 failure unless greater prices for timber be realised in the 

 future than at present prevail, almost all advocates of such 

 schemes have persuaded themselves, and endeavour to 

 persuade others, that a timber famine is imminent, or at any 

 rate a famine in coniferous timber ; and that, in the near 

 future, the prices realised for home-grown timber will be 

 infinitely greater than those which have prevailed for the last 

 few years. Now, that there is some possibility of a general 

 rise in prices, it is impossible to deny. But the whole 

 question is such a very complicated one, and depends upon 

 so many widely different circumstances, that it is at present 

 impossible to arrive at any definite conclusion upon the 

 subject. 



Nevertheless, this matter concerning the probable trend 

 of prices and the available timber supply in the future, 

 should receive the earnest attention of all who may be 

 interested in the welfare of British Forestry. 



Stated briefly, the following are some of the chief con- 

 siderations which may be urged on behalf of, and against, 



