CHAPTER XIX. 

 COST OF PLANTING. 



WE propose first of all treating this important subject 

 from the primary point of view, t'.e. t the initial cost, 

 leaving for future consideration the yearly payments 

 for rates, taxes, tithe-rent charge, interest on capital, 

 fencing, maintenance, and so forth. To show con- 

 clusively that planting will pay, we must very closely 

 examine all matters relating to expenditure, bearing 

 in mind that interest and compound interest on capital 

 expended forms a most important factor in the profit 

 and loss account. Nevertheless, especially in times 

 of agricultural depression, the initial outlay is the 

 item most likely to weigh with the intending planter. 

 By initial cost we mean the actual sum required for 

 the creation of the plantation. This represents actual 

 and immediate expenditure of capital, that which 

 follows more immediately affects revenue. The in- 

 vestment must be viewed in the light of the purchase 

 of a reversionary interest, and this, as we all know, is 

 by no means a favourite method of investing capital. 

 The return, however, is by no means visionary, and, 

 looked at as a reversion pure and simple, is not remote. 

 Planting, however, is such a visible estate improve- 

 ment, so tangible, so absorbing to the true lover of 



