HIGH WOODS, COPSES, ETC. 271 



timber for profit differs essentially from almost 

 any other kind of investment. For instance, 

 the cheapest method of forming woods, suc- 

 cessful natural regeneration, under favourable 

 circumstances costing less than sowing and much 

 less than planting, often builds up the largest 

 possible capital in timber, and gives the best 

 returns, both in the way of intermediate thin- 

 nings and of the ultimate mature crop. The 

 main point to be aimed at is the formation of 

 normal density in a young wood, with the 

 proper number of stems per acre, and the 

 cheaper this can be obtained the better. But 

 when once this object has been effected, the 

 whole of the subsequent value of the crops 

 as regards capital in timber, improvement in 

 the value of the land, and ultimate yield in 

 annual income depends mainly on the manner 

 in which the woods are protected and tended 

 under a well-considered and rational method of 

 treatment. Mismanagement, neglect, and over- 

 thinning may easily, as has so often been the 

 case hitherto, reduce the annual income, diminish 

 the capital value of the woods, and dissipate no 

 inconsiderable portion of the productive power 



