RENTALS FROM UNDERPL ANTING 255 



often be misleading without the former, especially where a 

 " minus " land rental is shown for the first period. 



The following shows the financial position of an tinder- 

 crop of Beech where the soil and situation are Quality II. : 



Thus, suppose that a crop of Oak, grown on a i2O-year 

 rotation, be underplanted with Beech at the 5<Dth year, and 

 that the Beech be allowed to stand for 50 years after the 

 Oak are removed, thereby being also grown on a i2O-year 

 rotation ; and that the Oak be partially cleared from 

 the 5oth year onwards, and that the cost of underplanting 

 will be 3 an acre, the following yields 1 may be ex- 



pected : 



At the 5oth year . i\ (Net, after cost of 



65th . 3) felling is paid for). 



Soth .12 



95th . 23 



io5th . 16 



1 20th final crop worth ,220. 



At the /oth year, when the Oak are removed, it is 

 estimated that the standing crop of Beech will be worth 80. 

 By the i2Oth year the net credit sum will, on the 

 3j per cent, tables, be as follows : 



i received at the 5oth year amounts in 70 



years to ....... 11 2 o 



^3 received at the 65th year amounts in 55 



years to ....... 19180 



12 received at the 8oth year amounts in 40 



years to ....... 47 8 o 



,23 received at the 95th year amounts in 25 



years to ....... 54 5 o 



16 received at the io5th year amounts in 15 



years to ....... 26 14 o 



Final crop . . . 220 o o 



^379 7 o 

 Less, outgoings, 2s. per annum for 50 years . 1320 



^366 5 o 

 Less, cost of planting ..... 300 



Therefore, net credit sum = ^363 5 o 



1 These yields are comparable with the data given in Chapter XL, 

 but owing to the overwood of the Oak they are not so great. 



