46 THE AFFORESTATION OF SURPLUS LAND. 



fall of 26 10s. on every hundred, representing more than 

 ten years' interest. Imagine what they would fall to, if 

 we were to be involved in another big war, say in con- 

 nection with the trouble in the Far East ! Such fluctuations 

 do not occur in systematic forestry. Once that industry 

 has been established in an orderly manner, it yields a steady 

 income year after year, and the capital is safe from any- 

 thing like the fluctuations to which consols are subject. 

 In my opinion, forestry conducted on proper lines offers 

 an investment at least as safe as consols, and it seems to 

 me unreasonable to expect more than 2J per cent, from it. 

 There are millions of acres in these islands fit for planting, 

 which are valued at such a low rate that they can be made, 

 if put under forest, to yield steadily a good deal more than 

 2J per cent. At the same time I must lay stress on the 

 fact that all forest operations must be conducted in a truly 

 economic manner. Extravagance has no place in forestry, or 

 in agriculture either. 



The above table shows that under the given conditions it 

 pays, as compared with consols, to grow : 



Larch, if soil of average yield capacity 



does not cost more than . I . . 45 



Ash, ditto, . . . 32 



Scotch pine, ditto, ... 22 



Spruce, ditto, . ... 20 



Beech, ditto, ... 12 



Oak, ditto, ... 12 



For ordinary mountain and heath land, valued at 4 an 

 acre, the money invested in forestry would yield compound 

 interest in the case of : 



Larch = 4*8 per cent. 



Ash . . . .-. . = 4-2 



Scotch pine = 3*5 ,, ,, 



Spruce = 3*4 ,, 



Beech and oak , = 3'0 , 



