YIELD AND FINANCIAL RESULTS. 



45 



To fence small areas here and there, where a considerable 

 extent of land in large blocks is available, means to waste a 

 great deal of money. 



Basing the calculation on the data given above, it will be 

 found that a proprietor will get compound interest on his outlay 

 at the following rates : 



It has been said in public, " that no British landowner 

 will invest money in forestry unless he is assured 4 per cent, 

 on his money." But, I ask, is this reasonable? What 

 other investment of equal security gives 4 per cent, in these 

 days ? Does agriculture proper give 4 per cent. ? Why 

 should forestry be expected to give a higher per cent, than 

 agriculture? Take for a moment the case of British 

 consols; they give, nominally, 2J per cent., but look at 

 the ups and downs which they undergo ! A few years ago 

 they stood at 112, a few days ago they were quoted at 85 J, a 



F. P 



