190 Financial Aspect of Growth of Scots Pine, [june, 



With this object in view I have selected a German yield 

 table, prepared by Schwappach,* for Scots Pine grown in a 

 locality (in Germany) where the soil and situation are of 

 average quality, and I think that most practical growers will 

 readily acknowledge that such a yield is a fair criterion of what 

 may be expected upon selected mountain land, not exceeding 

 950 ft. above sea-level. This table, however, gives the true 

 mathematical contents, bark included. I have therefore made 

 a deduction of 25 per cent, in order to arrive at the contents 

 by quarter girth measurement, and a further deduction of 

 one-eighth as an allowance for bark.f Then, again, I have 

 valued the timber according to the scale shown on p. 191, 

 which I think may be taken as a "top " price at the present 

 time. 



Now, from the particulars obtained as stated above, I have 

 constructed the table given on p. 192, wherein I have calcu- 

 lated the percentage rate of increase both in volume of timber 

 and in gross value which will take place successively during 

 the intervals which elapse between each thinning; and I have 

 also shown the rentals for the land which will be obtained 

 at the same periods, and the accumulated capital sum which 

 these land rentals represent. 



In arriving at these land rentals — which it may be stated 

 provide data which are directly comparable with annual 

 rents received from agricultural land — I have assumed 

 (1) that the original cost of planting, fencing, and cleaning 

 the young crop for the first three years and replacing 

 "deaths" is £$ per acre; (2) that the annual outgoings 

 through the whole rotation, including rates, repairs to fences, 

 roads, supervision, cutting out thinnings, &c, &c, are 3s. 6d. 

 per acre; (3) that all items of income and expenditure are 

 credited and debited with 3^ per cent, compound interest to 

 the end of the rotation, when the net monies then in hand 

 are discounted into a yearly payment on the 3J per cent, 

 tables. 



* Quoted in Schlich's Alanual of Forestry, vol. iii, p. 364. 



t These deductions allow for the fact that, when measuring timber in this 

 country, fractions of |-inch in quarter girth are omitted. 



