CHAPTER XII. 



THE FINANCIAL ASPECT OF AFFORESTATION. 



AN estimation of the exact financial position which attends 

 the execution of any planting operations is one of the most 

 important subjects relating to Sylviculture. 



It is unlikely that any extensive works of afforestation 

 will ever be carried out, unless there be sufficient evidence to 

 prove that a reasonable return may be anticipated on the 

 outlay expended. Occasionally those who contemplate works 

 of this nature seek expert advice as to the probable financial 

 returns ; but, only too often, the advice tendered is absolutely 

 worthless, and the estimated returns are never likely to be 

 realised. 



In many cases, those tendering advice would appear to be 

 happily ignorant of the elementary principles relating to 

 actuarial calculations ; they often make the most random 

 statements, which are usually accepted without a challenge ; 

 whereas a moment's consideration should convince any 

 thoughtful person that such hypertrophied estimates are 

 merely the illusory product of the fond imagination of some 

 over-zealous, self-styled expert. 



There can be no doubt that much of the advice given 

 with reference to schemes of afforestation can only lead, if 

 followed, to grave financial losses ; unless, indeed, the prices 

 realised for home-grown timber should advance very con- 

 siderably above those that obtain at present. 



Now, even if the estimate of the rate of growth of the 

 timber, and the amount that can be removed as thinnings, 

 and the value of the final crop, be quite correct, there are 



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