106 forestry in great britain and ireland. 



Relation between the Cost Price of Land and the corre- 

 sponding Interest Per Cent, realised on the invested 

 Capital — 70 per Cent. Efficiency. 



In the above table the average per cent, has been calculated on 

 the assumption that one-fifth of the area is planted with each 

 of the 5 species. If more than one-fifth is planted with the better 

 paying species, Douglas and larch, the average can be considerably 

 increased. The author is also of opinion that a 70 per cei^. of 

 efficiency is somewhat low, and that it might well have been 

 raised to 75 or 80 per cent. He is of opinion that on soil worth not 

 more than £5 an acre the average result should reach 4 per cent, 

 under systematic and economic treatment. 



The above calculations have been made with pre-war prices, 

 namely, the value per cubic foot of a mature crop of larch at 12 

 pence, Douglas and Scots pine at 8 pence, Sitka and common 

 spruce at 6 pence. It has also previously been stated that the 

 price of timber has steadily risen between 1892 and 1913 by about 

 30 per cent. During the war prices rose enormously, but they 

 are sure to fall again, though not likely to the pre-war rates. 

 Wages are at present so high that they might well frighten the 

 landed proprietors, but they also will come down again to more 

 normal rates, a process which has already commenced. At any 

 rate, it may safely be said that wages and prices of produce will 



II 



