HIGHWOODS, COPSES, ETC. 267 
pearances; for the determining of the rotation 
of the largest probable profit is a matter purely 
of actuarial calculation, which is to a consider- 
able extent the basis of economic Forestry. In 
fact, Forestry, conducted on purely business 
principles, consists of two main branches. 
These are, firstly, she growing of woodland 
crops, an art based chiefly on knowledge of 
Vegetable Physiology, and, secondly, the harvest- 
ing of the crops at the most profitable age, an eco- 
nomic arrangement determinable absolutely and 
entirely by local and actuarial considerations. 
It may perhaps be as well to remark that 
in the above supposititious case the annual yield 
is really (in customary British square-of-quarter- 
girth measurement) below the actual yield usually 
obtained from well-managed conifer woods in 
Germany; and with good management this 
should certainly not be less in our climate. 
Assuming the whole of the capital in timber 
to be worth only 3d. per cubic foot, and the 
mature fall to fetch merely 6d. per cubic foot 
at 80 years and, say, 8d. at 100 years, then 
with the eighty years’ rotation the entire grow- 
ing stock of timber would have a capital value 
