252 FINANCIAL ASPECT OF AFFORESTATION 



UNDBRPLANTING. 



The financial result of underplanting may also be shown 

 by stating the yearly rentals that may be expected. The 

 method, however, of presenting these rentals is somewhat 

 complicated, since unless both crops be felled at the same 

 time, they are apt to be deceptive. 



If both crops be felled at the same time, there is no 

 difficulty; the rental of the undercrop merely increases (or 

 decreases) the rental of the overcrop, for such period as the 

 undercrop has been planted. 



If, however, both crops be not felled at the same time, 

 great care is necessary, if the exact financial position of the 

 undercrop is to be accurately conveyed. 



Thus, supposing that a crop of Larch 35 years old be 

 underplanted -with Silver Fir, and that the Larch be all 

 removed in 45 years time, and that the Silver Fir be 

 allowed to remain on for another 45 years that is, until 

 they be 90 years old and that the cost of planting and 

 fencing will be (say) 4. an acre. The same yield may be 

 expected as is given in Chapter XL for Silver Fir grown 

 pure, except that at the 45th year 1400 cubic feet may be 

 expected instead of 1600 cubic feet. These 1400 cubic feet 

 at the 45th year should be worth about 22. Hence, on 

 the 4 per cent, tables, 



By the goth year there will be a credit sum as follows : 



^3, ios. received at the 55th year amounts in 



35 years to ^13 12 o 



4 received at the 65th year amounts in 25 



years to 940 



6 received at the 77th year amounts in 13 



years to 9120 



Final crop, 6050 cub. ft., at 6W. . . . 164 o o 



^196 8 o 

 Less, outgoings, 2s. per annum for 45 years* . 12 2 o 



184 6 o 

 Less, debit to cost of planting . . * v 400 



Therefore, the net credit sum = ^180 6 o 

 * The cost of felling early thinnings will be defrayed by the sale of faggots. 



