130 



that in the case of high-forest, the area under coniferous trees yielded a much 

 higher revenue than those under broad leaved species, chiefly on account of the 

 form of their stems, which enables a very large proportion of sawn timber to be 

 obtained from them, but partly also from the greater value of the thinnings 

 taken from them during the early stages of their growth in the form, for 

 example of telegraph and hop-poles, etc. The revenue from forests composed of 

 coniferous and broad-leaved trees mixed together lay between these two. But, 

 of course, this is not an universal rule ; for a high forest of beech might yield a 

 better return than a coppice with oak standards, and a similar comparsion 

 might be made between forests stocked with other trees of different relative 

 values, and managed under various systems. The following figures, showing the 

 results of sales in the Nancy conservatorship, will serve to illustrate what has 

 been said : 



Per acre. 



Simple coppice Yielded 4s. 4d. 



Coppice under standards 11s. 8d. 



High forest of broad-leaved species 13s. Id. 



High forest of coniferous and broad-leaved species.. .. 23s. lOd. 



High forest of coniferous species 51s. 6d. 



Looking, then, at the large proportion of the communal forests, which is 

 under coppice and at the relatively greater proportion of firewood and timber of 

 small size that they consequently produce, the smaller gross revenue per acre 

 that they were able to yield is no longer surprising. Taking the State and the 

 communal forests together, it was found that their gross revenue was 22 per 

 cent., per acre, higher than that of the private forests, notwithstanding that 

 these latter are as a rule, on better soil and are frequently grown under other 

 more favourable natural conditions. 



The average all-round rate actually realized in the State forests per load 

 of wood of all sorts, including tanning bark, was 14s. od. ; while that obtained 

 in the communal forests was only 9s. 8d. The corresponding rate for the whole 

 of the French forests, including those belonging to private proprietors, was 

 10s. 7d., so that the rate of the State forests exceeded the general average by 

 37 per cent., while that in the communal forests fell to 9 per cent below it. 

 The revenue obtained by the sale of minor produce was derived principally 

 from shooting leases and permits. 



It is not an easy matter to determine the capital value of a forest, but in 

 1873 an estimate was made, which put that of the State forests at nearly fifty 

 and one-half million pounds sterling, which is equivalent to a little over fifty 

 pounds per acre. The gross revenue derived from them in that year represented 

 a return of 3.15 per cent., but the net profit did not much exceed two per cent., 

 on the estimated value. The capital value of the communal forests is certainly 

 less per acre than that of the State forests, on account of the younger age at 

 which the trees are, generally speaking, cut ; and notwithstanding that their 

 revenue is smaller, it is probable that they pay a higher rate of interest than 

 the State forests. 



It has been estimated that the relative rates of interest on their capital 

 value, paid by forests in which the main crop is removed at various ages, is 

 something like the following, viz. : 



Per cent. Per cent. 



25 years 4 60 years 2 



30 3i 100 ' " 1 



40 3" 200 " 



