2C8 



FORESTRY IN THE UNITED KINGDOM. 



found, that a proprietor will get compound interest on his outlay 

 at the rates as shown in the subjoined table :— 



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, it may be asked, 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 ? 

 Let us take for a moment the case of British consols ; they 

 give, nominally, 2| per cent., but look at the ups and downs 

 which they undergo! A few years ago they stood at 112, a 

 short time ago they were quoted at 85 1, a fall of £'2(j 10s. 

 on every hundred, representing more than ten years' interest. 

 Imagine what they would fall to, if we were to be involved 

 in another big war ! Such fluctuations do not occur in 



