VALUATION. 145 



Larch and Scots Pine is worked for pit wood with the following 



results : 



First thinning at 15 years of age yields about 580 trees = 20 tons per acre. 



Second 20 500 = 25 ' 



Third 27 380 = 20 



Fourth 30 360 = 30 



Final clearance at 35 240 = 20 ,, 



Total .... 2060 =115 



The prices obtainable for the timber, sold standing and measured down 

 to 3 in. top diameter (over bark; 2^ in. free of bark), is 10s. to 12s. 

 per ton for Larch and 5s. to 5s. 6d. for Scots Pine. The cost of 

 replanting at 4 by 4 ft. averages from 4, 10s. to 4, 15s. per acre, 

 while wire-fencing against rabbits is fortunately not necessary. 



The apparent profit is here 



At 3 At 4 



per cent per cent 



n vmr interest. interest. 



DEBIT ' & a. d. s. d. 



Planting, at 4, 15s. per acre, amounting in 35 years to . . . 1373 18 14 10 



Rent of land, at 5s. per acre per annum, ,, ,, ... 15 2 3 18 8 3 



28 9 6 37 3 1 

 CREDIT. 

 Thinnings 



(1) At 15 years, 10 tons Larch at 10s. . 5 

 10 ,, Pine 5s. . 2 10 



7 10 accruing in 20 years to 13 10 10 16 8 8 



(2) At 20 years, 12J tons Larch at 10s. .650 

 12J Pine ,, 5s. . 3 2 6 



7 6 15 ,, 14 12 1 16 17 



(3) At 27 years, 10 tons Larch at 11s. . 5 10 

 10 ,, Pine 5s. . 2 10 



00 ,, 8 ,, 10 2 8 10 18 11 



(4) At 30 years, 15 tons Larch at 12s. .900 

 15 ,, Pine ,, 5s. 6d. 426 



13 2 6 5 15 4 3 15 19 4 



Final clearance 



At 35 years, 10 tons Larch at 12s. . 

 10 ,, Pine ,, 5s. 6d. 



8 15 8 15 8 15 



62 4 10 68 19 5 



Apparent profit . . . . 33 15 4 31 16 4 

 K 



