32 KERRY WOODS. 



III. UTILISATION OF THE DATA FOR A SURVEY. 

 A. Method of Arriving at a Basis for a Survey. 



General Considerations. 



Any survey of land for forestry purposes must rest fundamentally 

 on financial considerations. It is admitted that afforestation 

 might be justifiable on economic grounds other than direct re- 

 munerativeness, but even in such cases financial considerations 

 must indicate the land to be afforested. The first question to be 

 asked before planting a piece of land is, "Will it pay?" In 

 answer to this much loose talk on afforestation has been indulged 

 in from time to time, but the evidence adduced in support of 

 opinions has really been of very little value, since, as a rule, it 

 has not been supported by sufficient figures to form any accurate 

 generalisation on the subject. 



To give a satisfactory reply, the following data are necessary : 



(a) The minimum rate of interest which invested capital is 

 desired to yield. 



(b) The cost of forming the plantation. 



(c) The returns in cubic feet of timber per acre from period to 

 period. 



(d) The nett price of timber per cubic foot at each period. 



(e) The cost of upkeep, management, &c. , per acre per year 

 throughout the whole rotation. 



If these data are given, the soil rental, and hence the value of 

 the land for forestry purposes, can be obtained by a simple 

 calculation. 



Of these five sets of data, (a), (fr), (c), and (e) are either known, 

 or are capable of experimental determination within comparatively 

 accurate limits. 



(a) With regard to the rate of interest, the security offered by 

 forests is considered by most authorities to be very good. In 

 the present calculation 3 per cent, is taken. It is approximately 

 the rate at which the State could borrow money for afforestation 

 purposes. 



(b) The cost of planting spruce should not exceed $ per acre, 

 including fencing and drainage, if the work is done on a large 

 scale. The actual cost can best be ascertained by experimental 

 afforestation on a large scale. 



(c) The returns per acre from period to period can be obtained 

 only from yield tables. 



