FINANCE 93 



matically considered the transaction was a fair 

 success, commercially considered it was a very- 

 great success. The owner received a sum vastly 

 greater than it is probable that he would have 

 made if he had tried to accumulate in securities 

 for fifty-five years the expenses attributable to 

 the planting. 



Planting has also other financial advantages. 

 It is a ready way of employing usefully small 

 sums which a landowner would not trouble to 

 invest, and which if not used in planting might 

 very probably be wasted. Men engaged in 

 planting are often required on an estate in other 

 ways, and planting gives them occupation during 

 many months when it would be otherwise diffi- 

 cult to find them work. 



Accumulation, in the form of tree-planting, 

 can be profitable only if the length of the rota- 

 tion is not excessive taking into account the 

 price ultimately realised. In a long rotation 

 the expenses accumulate to a large amount, and 

 unless the prices realised by the mature timber 

 are high, it may possibly be that instead of a 

 profit the expenses overtop the receipts. In a 

 short rotation success is possible, even if the 

 prices are low, but in a long rotation high prices 

 are essential. 



