FINANCIAL CONSIDERATIONS 19 



Schemes have been suggested whereby it is proposed 

 that the Government should lend money to landowners for 

 planting, at a lower rate of interest, payable yearly, than 

 they can borrow in the open market, and that a mortgage 

 should be created upon any land so planted. But why, it 

 may be asked, should the credit of the community be 

 mortgaged in order to foster a private industry of a very 

 risky nature? 



Others, again, suggest that the Government should 

 advance money, the interest on which should be deferred 

 and payable only after (say) fifty years, but that, as 

 additional security, a sufficient mortgage be granted on 

 land used for farming purposes only. If such a scheme 

 were set on foot and largely made use of, it would, in all 

 likelihood, result in the cry of the socialists, for the State 

 ownership of Land, being at last realised, in respect of a 

 considerable area. 



Similar schemes have been propounded, whereby county 

 councils, municipal councils, and other corporate bodies 

 could provide money to undertake works of afforestation 

 on more favourable terms than is at present possible. 



Now, if in the future schemes are instituted for thus 

 financing public bodies, it is earnestly to be hoped that no 

 schemes, involving the deferred payment of all interest, be 

 ever sanctioned. It will doubtless be urged that such are 

 justifiable, inasmuch as the " profits " will be realised in the 

 future. But supposing that, as is highly probable in so 

 many cases, a direct loss were sustained, then a future 

 generation must, nolens volens, inherit an undertaking in 

 respect of which a heavy debt has accrued, and for which 

 they are in no way responsible. What a legacy for one 

 generation to leave another ! 



In conclusion, it may be pointed out that, if it be the 

 duty of the Government to take steps to anticipate a possible 

 timber famine, it would be far preferable for the Government 

 to acquire extensive timber "limits" in Canada, in close 

 proximity to the coast, instead of fostering and favouring 

 schemes of afforestation in Great Britain. 



