THE FINANCIAL ROTATION. 



199 



small effect upon its culminating point ; in other words, early 

 thinnings reduce the financial rotation only to a limited 

 extent, and if they are made so heavy, that they reduce the 

 value of the final return, they may have even the opposite effect. 

 Of the costs, th6 annual expenses do not affect the financial 

 rotation, unless they alter in amount with the rotation. The 

 cost of formation affects the rental to a considerable extent, 

 but its effect upon the financial rotation is small. 



AGE, IN YEARS. 

 Fig. 4.5. 



Taking all effects together, it may be said, that the financial 

 rotation is low — 



(1.) in the case of localities, where only firewood is saleable, 

 that is to say, where an increase in quality per unit of 

 volume ceases at a comparatively early age ; in other 

 words, the financial rotation would approximately 

 coincide with that of the greatest volume production ; 



(2.) if trees of small dimensions can be sold as timber, 

 for instance in mining districts, in hop-growing 

 countries, etc. 



The financial rotation is JnijJi — 



(] .) in localities with an unfavourable soil or climate, such 

 as high exposed situations, where the trees take a longer 

 time to reach marketable dimensions ; 



