256 FINANCIAL ASPECT OF AFFORESTATION 



This equals a yearly payment on the 3^ per cent, 

 tables of: 



- T- = 45. 2d. per acre 

 1736 



full rental throughout the whole rotation. 



This equals an average rental, for the land only, of: 



45. 2d. - 2s. id. 



= 2s. id. per acre 



land rental throughout the whole rotation. 



But at the /oth year, when the Oak are removed, the 

 result will be as follows : 



Accumulated value of timber . . . . ^85 10 o 

 LesS) cost of planting . . . . . 300 



Therefore, net credit sum = 82 10 o 



This equals a full rental on the 3^ per cent, tables of 

 53. 8d. per acre. 



But the planting cost 3 an acre, and 3^ per cent, on 

 this outlay equals 2s. id., so that the land rental shown 

 will be : 



53. 8d. - 2s. id. 



= 3s. 7d. per annum for the first 70 years. 



And during the last 50 years, after the Oak will have 

 been removed, the financial position of the Beech will be as 

 follows : 



Credit from sale of timber (as already stated) . ^379 7 o 

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



^366 5 o 

 Less, debit capital in accumulated value of 



timber at the 7oth year, as previously stated 85 10 o 



Therefore, net credit sum = ^280 15 o 



This equals a yearly payment, on the 3J per cent, tables, 

 of 2, 2s. lod. 



Now, 3^ per cent, on the debit capital of 85, los. equals 

 2, 193. rod. 



