RENTALS FROM UNDERPLANTING 257 



So that, the rental, for land only, equals minus 173. per 

 acre for the last 50 years of the rotation. 



Thus, in the above case, it would not be correct to leave 

 the Beech as close-canopied high forest for another 50 years ; 

 for such a course would result in a direct loss of 173. per acre 

 per annum (on the ^ per cent, tables). Either the Beech 

 must be felled along with the Oak, or else, perhaps, a partial 

 clearance will be indicated. 



It will be noticed that, up to the time that the Oaks were 

 to be removed, the Beech will have paid very well indeed, 

 leaving an additional land rental of 33. 7d. per acre per 

 annum for the 70 years, since planted ; and this equals an 

 additional capital sum after paying 3^ per cent, interest on 

 the cost of planting, of nearly $2. 



A perusal of the foregoing data with reference to under- 

 planting will serve to show that a substantial profit can, 

 often, be secured by introducing, as an undercrop, even such 

 crops as Beech and Silver Fir, crops which, when planted by 

 themselves, will seldom more than pay for the accumulated 

 expenses of planting, unless, indeed, a very low rate of interest 

 be looked for. 



The reason why a better result is usually thus shown for 

 an undercrop is that it is growing rent free, as it were, and 

 free, also, of all rates and, practically, of all annual outgoings 

 for so long as the overcrop remains ; and, then again, the 

 crop can be planted and established at a minimum cost, as 

 the land is (or should be) perfectly clean. 



In addition to the actual profits secured, the indirect 

 benefits to be derived from underplanting, under suitable 

 conditions, are very numerous and must not be forgotten. 



COPPICE WITH STANDARDS. 



The financial aspect of crops grown under this system 

 may, also, be shown by calculating the annual rentals 

 obtainable. 



Thus, with reference to the crop of mixed standards of 

 Oak, Larch, and Ash, grown over coppice, cut on a 2O-year 



R 



