HIGHWOODS, COPSES, ETC. 271 
timber for profit differs essentially from almost 
any other kind of investment. For instance, 
the cheapest method of forming woods, suc- 
cessful natural regeneration, under favourable 
circumstances costing less than sowing and much 
less than planting, often builds up the largest 
possible capital in timber, and gives the best 
returns, both in the way of intermediate thin- 
nings and of the ultimate mature crop. The 
main point to be aimed at is the formation of 
normal density in a young wood, with the 
proper number of stems per acre, and the 
cheaper this can be obtained the better. But 
when once this object has been effected, the 
whole of the subsequent value of the crops— 
as regards capital in timber, improvement in 
the value of the land, and ultimate yield in 
annual income—depends mainly on the manner 
in which the woods are protected and tended 
under a well-considered and rational method of 
treatment. Mismanagement, neglect, and over- 
thinning may easily, as has so often been the 
case hitherto, reduce the annual income, diminish 
the capital value of the woods, and dissipate no 
inconsiderable portion of the productive power 
