258 OUR FORESTS AND WOODLANDS 



In each system of management there is there- 

 fore a certain amount of capital which can be 

 invested with profit in the growing stock, and 

 which must in fact be invested in order to 

 obtain the best returns from the land. And it 

 is one of the main objects of Forestry to indicate 

 theoretically, as well as to arrange practically, 

 how the necessary capital in wood can best be 

 adjusted and distributed over the woodland area, 

 in order to produce the most advantageous re- 

 turns in the shape of a regular yield sustained 

 annually. While the market available for 

 woodland produce must of course be one of 

 the chief factors in determining the kinds of 

 crops to be grown and the system of manage- 

 ment to be accorded to them, yet the soil, the 

 situation, and the local climate generally are 

 all matters of importance for financial success; 

 and these have frequently in the past received 

 less attention than they require. Hence the result 

 has often been that the growth of the crops 

 has been unsuccessful. Anticipations not having 

 been realised, many landowners have thought 

 that Forestry does not pay in Britain. But this 

 is due to the bad effects of these investments, 



