416 SECTIONAL TRANSACTIONS.— K*. 



with the supply guaranteed, and by organising details of lay-out and routine to give- 

 maximum use of water. (6) Fungus attack by Fomes lucidus is serious parasite on 

 shisham and doubtful parasite on mulberry (Moms alba). 



Sylvicultural work. Thinnings are carried out at 5, 11, and 16 years on a 

 20-year rotation, but the first crop should be cut earlier, owing to increased yield in 

 subsequent crops. 



Financial success. The working of Changa Manga for 1923-24 showed a profit 

 of over 46 shillings per acre per annum, and the younger plantations should show- 

 even better results. Apart from the financial success of these forests, and the large- 

 number of people for whom they provide employment, they fulfil a felt want, and should 

 prove a very valuable asset in the economic development of our great canal colonies. 



9. Mr. Leslie S. Wood. — The Business Aspect of Forestry. 



The importance of the study of the business side of forestry. 

 Unprofitable areas and their efiect on public opinion. 



The principles underlying business finance and their application to forestry. 

 The hindrance to progress due to an imperfect understanding of the financial 

 question. 



The error of the compound-interest theory. 



The true expectation of profit. 



The necessity of stocktaking and the method of calculation. 



The percentage growth of timber and its relation to the current rate of interest. 



10. Col. Gerard F. T. Leather. — Estate Saw Mills. 



11. Mr. E. V. Laing. — The Water Content of Tree Seedlings and, Trans- 



plants. 



The species selected were Norway spruce, Sitka spruce, and European larch. 

 Determinations were made for root and shoot separately and for total plant. The 

 objects of the investigation were to observe (1) how variations in the water content 

 occur throughout the year ; (2) the period of highest water content ; (.3) the factors 

 aSecting water content. Considerable difficulty was experienced in finding the water 

 content of the root on account of the adhering soil-particles, but a method was 

 devised whereby as accurate a result as possible could be obtained by introducing 

 the water content of the soil in the neighbourhood of the roots. 



It was found that there is a period of low water content and an extended period 

 of higher water content. The periods of high and low water contents both show 

 fluctuations which in roots conform to fluctuations in soil-water or rainfall and in 

 shoots to temperature. Root content is high in the early part of the year in the 

 spruces and falls as the season advances. The reverse holds with the shoot. In 

 the larch the curves for root and shoot tend to follow each other. As regards total 

 water content in the early part of the year, the roots hold the higher percentage, 

 but, as the season advances, the shoots hold the greater proportion. The increase in 

 the content of shoot and plant of the spruces is later than in larch — May for the 

 former, March for the latter. As between species total, larch has a higher water 

 content than Sitka spruce, and Sitka spruce higher than Norway spruce. Sitka 

 spruce further, particularly in the seedHng stage, shows less total fluctuations than 

 Norway spruce, although seedling Sitka spruce shows very great root variations. 



The water content of the root is influenced by soil moisture or rainfall. High 

 temperature and low soil-moisture cause a decrease in all parts of the plant. Shading 

 generally increases water content. Seedlings have a higher water content than trans- 

 plants, and the younger the plant the higher the percentage of moisture. The older 

 the plant the less are the variations. Frost causes a marked fall. Norway spruce 

 was found to recover its water content more rapidly than Sitka spruce. 



12. Dr. A. S. Watt. — The Ecological Approach to Silviculture. 



While it is important to have a ready means of computing the site value of existing 

 woodlands, an immediate need in British forestry is the assessment with some degree 

 of precision of land available for planting. Much of this land bears grassland and 



