PREFACE vii 



aspect of Afforestation, and on pp. 246, 247, 248 I have 

 shown the maximum present-day rental equivalents that 

 may be expected to accrue from planting land of a 

 given quality with trees, provided a particular price can be 

 obtained for the timber ; whilst in Chapter I. I have dealt, 

 in a general way, concerning the advisability or otherwise of 

 the afforestation of land. Also, I direct especial attention to 

 the data (on pp. 235 to 237) showing the enormous debt per 

 acre that exists upon any normally stocked area of forest 

 land. The whole question of the financial results of affores- 

 tation has hitherto received but little consideration ; and 

 the majority of those who are responsible for woodland 

 management are entirely ignorant of the subject. And yet, 

 reduced to its lowest terms, is not economic forestry merely 

 a question of S. D. ? 



That the yields of crops of timber and the prices that will 

 be obtained therefor are factors of great uncertainty, no 

 one will deny. Yet such is no defence for the failure to 

 adopt correct actuarial principles when considering questions 

 of Forestry finance. Rather is it a reason why a high rate of 

 interest should be looked for instead of a low rate, which 

 latter so many seem to think is justifiable. 



I have no hesitation in saying that a study of the 

 finances of Forestry is of far more importance to those 

 responsible for woodland management, than is the study of 

 any of the Natural History sciences allied to Forestry, such 

 as Entomology, or Botany, or the study of Fungi, interesting 

 and important though these be. 



In another volume I hope to deal shortly with some of 

 these subjects, and also with certain extraneous matter, such 

 as the conversion and the technical qualities of timber ; and, 

 so also, concerning the utilisation of coppice produce, and 

 woodland industries connected therewith. 



But such subjects are beyond the scope of the present 

 volume. 



