3 8 ENGLISH ESTATE FORESTRY 



standing, which have been thinned up to vanishing point, 

 rather than clear and replant the ground. 



Unfortunately for large landed estates, the Finance Act 

 of 1894 placed them in a worse position, so far as forestry 

 improvement goes, than they were in before. At the death 

 of each life tenant of an estate, death duties are charged 

 on the capital value of the property, which amount in many 

 cases to 6 or 7 per cent. This means, in plain language, 

 that the average proprietor loses about three or four years' 

 income at the commencement of his tenancy, and which 

 must come out of the estate by fair means or foul. The 

 first and foremost step towards meeting these death duties 

 is invariably that of cutting down as much timber as possible, 

 or, in other words, to cut into immature woods long before 

 they are financially ripe. The result of this step is in- 

 variably that of reducing the capital value of estate wood- 

 lands in more ways than one. Not only is the stock of 

 timber reduced far below its normal quantity, but all working 

 expenses, planting operations, drainage, and general main- 

 tenance of woods and fences, are reduced and suspended for 

 a number of years, according to the necessities of the new 

 life tenant or his inclinations, as the case may be. Indirectly 

 this Act has done more to hinder the improvement of 

 English woodlands than any event which has occurred during 

 the present century. It may not have prevented planting 

 up to the present, because, as we have already seen or 

 shall see, this work does not altogether depend upon financial 

 considerations. It has undoubtedly resulted, or will result, 

 in the returns which ought to follow that operation being 

 reduced to a vanishing point on a large number of estates. 

 No landowner can be expected to take that lively interest 

 in the improvement of his estate, when the fact that its 

 capital value is put at so many thousands is made the excuse 

 for a tax which cripples and hampers his financial position 

 for probably the greater part of his life. Whether the 

 Act be good or bad in principle we do not pretend to say, 

 but so far as estate woodlands are concerned it undoubtedly 

 produces the effect upon them described above, on many, 

 if not all, estates which feel the effects of it. 



