,,,,,. N ,.,,| i,, iiinrt v-nine years old, and this is called the normal growing stock. 

 Without the presence in the forest of this series of age gradations it would be 

 e fco ..l-i.-iin ;i regular annual yield of trees one hundred years old. 



Tin- siil, in'med table gives the capital invested in a forest worked upon the 

 - ..I' a Mi-taim d annual yield. The data for the growing stock are taken 

 from tin- Yield TaMe- fnr the Scotch Pine, by M. Weise, converted into English 

 measures In Calculating the value of the growing stock it has been assumed 

 (I,:,- ts would not yield any money return, and that timber, including all 



pieces of three indies diameter and upwards at the thin end, would yield two 

 p.Miee p.'i- cul.ic loot under a rotation of thirty years, gradually rising to five 

 p, IK', per ciiliic foot under a rotation of one hundred and twenty years. Soil 

 adapted for the growth of Scotch pines is generally light, and the value of such 

 land of the I. or best quality cannot, on an average, be estimated at more than 

 -~> pel acre, while land of the III. or middling quality may be estimated at 12 

 per acre, and land of the V, or lowest quality at 4, though land of the latter 

 quality is not worth more than a few shillings per acre. 



CAPITAL INVESTED IN FORESTRY POUNDS STERLING PER ACRE. 



(1). This table shows that the capital increases with the length of the rota- 

 tion. 



(2). That the value of the growing stock is at first smaller than the value of 

 the land, equal to it under a rotation of from forty to fifty years, and greater 

 after that period. 



(3). That the capital invested in timber forests is considerably greater than 

 that of the laud only. 



