358 
Tlie Frincij-des of Forestri/. 
expenditure of money not arising from direct revenue. In 
practice, however, the initial cost is, as it were, written off 
when expended, and the annual payments for local taxation, 
tithes, and interest on capital become merged with the general 
expenditure. Nevertheless, to arrive at actual cash results 
there is no alternative. I have therefore endeavoured to show 
in the following calculation that, even with a maximum ex- 
penditure and a minimum return, a fair profit will result. 
It has been necessary in making such calculation to bear in 
rnind that there are diversities of soils and situations, and the 
figures I have chosen may seem high to some and low to others. 
It is impossible in one example to meet all cases, and even if 
the examples were multiplied the same differences would 
exist. 
For my purpose, I have taken hi. 10s. as the cost of planting 
one acre of land with oaks or other hard-wood trees, nursed with 
Scotch and larch firs, which sum should include fencing. Fencing, 
of course, will be necessary in almost every instance, and the 
cost will vary with the size of the plantation — that is, the larger 
the area the less will be the cost per acre. The rent, rates, taxes, 
tithes, &c., I have taken at a low figure, because no one would 
plant land for commercial purposes capable of commanding a 
reasonable rent. Under these circumstances 9s. an acre seems 
a reasonable sum to take. The distance apart I have taken as 
4 feet, because this is a useful distance, avoiding as it does the 
two extremes. The period taken is 40 years, a short period no 
doubt for the realisation of a crop of timber, but one suflicient to 
mature the firs planted as nurses. At the end of this period the 
land will be fully furnished with hard woods at the rate of nearly 
200 to the acre. These I have not attempted to value, but they 
become, nevertheless, an important factor in the calculation. A 
further allowance of 200 trees, too, I have allowed for deaths 
and casualties. True, thinning out would probably take jolace 
at more frequent intervals, but for the purpose before us it does 
not seem necessary to go into minute detail. The object is to 
show that a fair return may be reasonably expected from wise 
and judicious planting. 
Cost of planting one acre of land with mixed trees for conunercial jyurposes, 
and the probable return in 40 years. 
£ s. d. £ t. d. 
Cost of trees (2,700), planting, fencing, and care during 
two years . . . . . . . . 5 10 0 
This sum will accumulate in 40 years at 5% to . . 38 10 0 
Rent, rates, taxes, tithes, Sec, say 9,?. per annum 
This annuity will accumulate in 40 years at 5% to . 5 4 0 0 
£!12 10 0 
