CHOICE OF ROTATION. 205 



hop-poles are wanted, a very low rotation would be advisable; in 

 cases where land is scarce, and yet a certain quantity of wood 

 is wanted for existing industries, the rotation of the highest 

 production of produce is indicated ; if a proprietor wishes 

 to invest capital, so as to obtain the highest annual income, 

 irrespective of the rate of interest, he would choose the rotation 

 under which that income culminates, etc. 



There may be good reasons in all these cases for adopting 

 the one or other rotation. At the same time, the proprietor 

 should know, what financial sacrifice he brings for the realisa- 

 tion of his special object. Hence, the general procedure in 

 fixing the rotation may be described as follows : — 



In the first place the financial rotation should be determined, 

 as it alone gives a true expression of the economic value of 

 the management ; then it should be ascertained, in how far the 

 objects of management demand a departure from the financial 

 rotation ; lastly, the financial loss involved in such a departure 

 should be determined, so that the proprietor may have a clear 

 conception of the payment, which he is called upon to make in 

 order to realise his special object. 



It need hardly be pointed out, that the above procedure 

 suits all possible cases, which may come under consideration. 

 It should, however, never be overlooked, that very short rota- 

 tions may injuriously affect the future returns of the locality, 

 owing to the frequent exposure of the soil to deteriorating 

 atmospheric influences. Hence, purely financial considera- 

 tions, in the case of all but really fertile localities, should be 

 adopted only after a full inquiry into the effects likely to be 

 produced on the future yield capacity of the locality. 



