YIELD AND FINANCIAL RESULTS. 209 



systematic forestry. Once that industry has been estabhshed 

 in an orderly manner, it yields a steady income year after 

 year, and the capital is safe from anything like the fluctuations 

 to which consols are subject. In the author's opinion, 

 forestry conducted on proper lines offers an investment at 

 least as safe as consols, and it seems unreasonable to 

 expect more than 2^ per cent, from it. There are millions 

 of acres in these islands fit for planting which are valued 

 at such a low rate that they can be made, if put under 

 forest, to yield steadily a good deal more than 2| per cent. 

 At the same time, stress must be laid on the fact that all 

 forest operations must be conducted in a truly economic 

 manner. Extravagance has no place in forestry, nor in 

 agriculture. 



The above table shows that, under the given conditions, it 

 pays, as compared with consols, to grow : — 



For ordinary mountain and heath land, valued at £4 an 

 acre, the money invested in forestry would yield compound 

 interest in the case of: — 



Larch =4*8 per cent. 



Ash = 4-2 „ „ 



Scotch pine = 8*5 ,, ,, 



Spruce = 3*4 ,, ,, 



Beech and oak . . . . = 3*0 ,, ,, 



It will be observed that it pays to grow on such land 

 larch, ash (if the soil is suitable), Scotch pine, and even 



M.F. P 



