Lecoy.—The Forest Question in New Zealand. 11 
The capability in high timber forests is determined by estimating the cubic 
volume of the ligneous material of the whole area, then assigning it in 
calculated quantities to sections of the forest, which are worked in rotation. 
The amount of the annual fellings in those forests does not, as a rule, 
exceed one per cent. of the timber contained in the whole forest. Such a 
percentage, however, represents a money value considerably above that 
derivable from any other land cultivation for the same acreage; and should 
the amount be considered as the revenue of the whole forest, it would then 
show a revenue about equal to that generally expected from arable lands, 
after deducting from the latter the cost or value of labour and other 
agricultural expenses. 
By subjecting our indigenous forests to such a systematic treatment as 
may be actually practicable, the State revenue derivable from them should, 
in due course of time, become superior to that afforded by State forests in 
Europe, especially on account of the high value of the timber we could export. 
