PROSPECTS AND POSSIBILITIES OF FORESTRY 49 



The above species may be said, under ordinary con- 

 ditions, to be profitable in this country, and that they will 

 cover the cost of production where reasonable economy is 

 observed. These costs of production vary, of course, in 

 individual plantations with different species, and in differ- 

 ent parts of the country ; but, without going into minute 

 details, it may be said that they average from 10s. to 

 20s. per acre per annum, according to species, soil, 

 locality, etc. etc. It will be seen that the lowest annual 

 production given in our list is that of Scots pine, which at 

 30 cubic feet at 4d. per foot only equals an annual yield 

 of 10s. per acre. Allowing that the costs of production 

 are the same, it follows, therefore, that this species may 

 pay its way and no more; but as 30 cubic feet is the 

 minimum yield, and the price given the lowest that ought to 

 be expected, average yields even from this tree ought to be 

 higher. With all the other species a profit certainly ought 

 to be expected, though what that may be will depend upon 

 the length of the rotation to a certain extent. With long 

 rotations the return per cent, is usually lower than with short 

 ones, and the yields per acre and per annum are also lower. 

 On the other hand, it must be considered that long rotations 

 favour lower costs of production, and probably, within 

 reasonable limits, there is not much to choose between 

 them. 



Dr. Schlich, in his valuable little book entitled Forestry 

 in the United Kingdom, gives a table showing the rate of 

 interest which may be expected on capital outlay from 

 the planting of different qualities of land with larch, ash, 

 Scots pine, spruce, beech, and oak. According to this table 

 less than 2 per cent, is only obtained when land worth more 

 than 25 per acre is planted with beech and oak. With 

 larch 5 per cent, may be returned when the land can be 

 bought as low as 2 per acre, while ash also yields 4|- per 

 cent, on land of the same value. He compares this rate of 

 interest very favourably with that obtained from British 

 Consols, which give nominally 2J- per cent., but fluctuate in 

 value considerably. 



If the above conclusions are correct, therefore, it is evident 

 that it is not difficult to obtain 2 per cent, from money 

 4 



