212 



FORESTRY IN THE UNITED KINGDOM. 



that we get altogether 3,000 cubic feet of timber at the 

 end of forty years, vahied at 6^/. a cubic foot, and that the 

 thinnings are left out of account, we obtain the following 

 results : — 



Cost price of land 



Even in that case the operation pays well, as such land is 

 not likely to cost more than £10 an acre and probably not 

 more than M to £6. 



Many other examples could be given, but those already 

 recorded will show that, on financial grounds, the afforestation 

 of mountain and heath land rests on a safe basis, provided a 

 proper selection of the land to be afforested is made. 



As the author received several enquiries regarding the 

 manner of making calculations like those given above, the 

 details for larch under a rotation of seventy years shall be 

 added as an example. 



All calculations must be made with compound interest. 

 Taking the returns for larch given above, as well as the cost 

 of planting, £4 10s. and annual expenses, 4s., a number of 

 trial calculations are made with, say, 2J, 8, 3^, 4, 4^, and 5 

 per cent., so as to ascertain the value of the land for larch 

 planting. The formula for doing these calculations will be 

 found in Volume III, of this Manual, third edition, page 124, 

 third line from bottom. One example will show how this 

 formula works, say by calculating with 3 per cent., which 



