RENTALS FROM UNDERPLANTING 255 



often be misleading without the former, especially where a 

 " minus " land rental is shown for the first period. 



The following shows the financial position of an under- 

 crop of Beech where the soil and situation are Quality II. : 



Thus, suppose that a crop of Oak, grown on a i2O-year 

 rotation, be underplanted with Beech at the 5<Dth year, and 

 that the Beech be allowed to stand for 50 years after the 

 Oak are removed, thereby being also grown on a i2O-year 

 rotation ; and that the Oak be partially cleared from 

 the 5Oth year onwards, and that the cost of underplanting 

 will be $ an acre, the following yields 1 may be ex- 



pected : 



At the 5oth year . i\ (Net, after cost of 



65th . 3/ felling is paid for). 



8oth . 12 



95th . 23 



io5th . 16 



1 20th final crop worth ,220. 



At the /oth year, when the Oak are removed, it is 

 estimated that the standing crop of Beech will be worth ^"80. 

 By the I2oth year the net credit sum will, on the 

 3j per cent, tables, be as follows : 



i received at the 5oth year amounts in 70 



years to ....... ,1120 



^3 received at the 65th year amounts in 55 



years to . . .... . . 19 18 o 



12 received at the 8oth year amounts in 40 



years to ....... 47 8 o 



received at the 95th year amounts in 25 

 years to ... . . . 54 5 o 



received at the io5th year amounts in 15 

 years to . . . . . 26 14 o 



Final crop . . . 220 o o 



^379 7 o 

 ) outgoings, 2s. per annum for 50 years . 1320 



366 5 

 Less, cost of planting . . . . , 30 



Therefore, net credit sum = ^363 5 o 



1 These yields are comparable with the data given in Chapter XL, 

 but owing to the overwood of the Oak they are not so great. 



