Lecoy. — The Forest Question in Neiv 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 fr-om the latter the cost or value of labom' and other 

 agricultm-al expenses. 



By subjecting om' mdigenous forests to such a systematic treatment as 

 may be actually practicable, the State revenue derivable fr-om them should, 

 in due com'se of time, become superior to that afforded by State forests in 

 Em'ope, especially on accomit of the high value of the timber we could export. 



