HIGHWOODS, COPSES, ETC. 267 



pearances ; for the determining of the rotation 

 of the largest probable profit is a matter purely 

 of actuarial calculation, which is to- a consider- 

 able extent the basis of economic Forestry. In 

 fact, Forestry, conducted on purely business 

 principles, consists of two main branches. 

 These are, firstly, the growing of woodland 

 crops, an art based chiefly on knowledge of 

 Vegetable Physiology, and, secondly, the harvest- 

 ing of the crops at the most profitable age, an eco- 

 nomic arrangement determinable absolutely and 

 entirely by local and actuarial considerations. 



It may perhaps be as well to remark that 

 in the above supposititious case the annual yield 

 is really (in customary British square-of-quarter- 

 girth measurement) below the actual yield usually 

 obtained from well-managed conifer woods in 

 Germany ; and with good management this 

 should certainly not be less in our climate. 

 Assuming the whole of the capital in timber 

 to be worth only 3d. per cubic foot, and the 

 mature fall to fetch merely 6d. per cubic foot 

 at 80 years and, say, 8d. at roo years, then 

 with the eighty years' rotation the entire grow- 

 ing stock of timber would have a capital value 



