54 JOURNAL OF THE ROYAL HORTICULTURAL SOCIETY. 



stand till a fairly advanced age. Oak, again, is sought after with 

 as much heartwood as possible, and maturity of timber should 

 regulate its cutting. In mixed plantations the technical maturity 

 of the most valuable species should determine the period of cut- 

 ting, but if the immature species can be left without loss so much 

 the better. In ordinary practice the British forester is never 

 called upon to calculate the exact financial condition of a crop of 

 timber, but he may sometimes have to decide whether it may be 

 more profitable to cut a crop at the present time, or five or ten 

 years hence. All that is necessary for accomplishing this task is to 

 ascertain, first, the present value of the crop ; second, its annual 

 increase in volume and value ; and, third, the rate of interest 

 chargeable upon it. If the money value of the annual increase in 

 timber exceeds the interest on the gross money value of the 

 present crop, he may assume that the plantation is still paying its 

 way. When, on the other hand, the increase falls short of, or 

 only equals the interest, then it will probably pay him to cut at 

 once. For instance, the present gross value of a plantation, 

 valued at Is. per cubic foot, is £300, and its increase in volume 

 during the last season reckoned to be 250 cubic feet, or £12. 10s. 

 per acre respectively. The interest on £300 at 3 per cent, would 

 be £9, thus showing a balance of £3. 10s. in favour of the grow- 

 ing crop. In making such calculations, however, it is necessary 

 to take into account the health of the trees, the present density 

 of the crop, and the state of the soil, for, as we have already seen, 

 these conditions affect the probable increase in volume to a great 

 extent, while market fluctuations may upset the most careful 

 calculation. 



The actual money value of a plantation to the proprietor 

 would, of course, be its net value, or the sum remaining after 

 all costs of production, harvesting, ground-rent, rates, taxes, &c, 

 during the whole rotation had been deducted from the gross 

 amount realisable ; but as the necessary records and data are 

 scarcely ever forthcoming, the owner is spared the pain or 

 pleasure of knowing exactly how much he has lost or gained on a 

 crop of timber. The question as to whether wood-growing does 

 pay or not in this country is therefore usually unanswerable, 

 although statements have been published which were intended 

 to prove that particular plantations have returned 200 or 300 

 per cent, on the outlay. Some may probably pay well, but I 



