114 FARM-VALUES AND FOREST-VALUES. 
From here there are all values of miserable and unsuccessful pasture. 
They need not be considered against forestry values. 
Passing over good land and fair land with one cow to 2 acres or 
3 acres, with 5 acres per cow we have 40 cows on 200 acres, or 40 x 
£12 = £480 gross earnings on a 200-acre allotment, or £2 8s. per acre. 
For the net profit, as it costs £8 or £9 to keep a cow, for labour and other 
expenses (so say the dairy experts), this leaves £3 or £4 (say, £3 10s. 
as an average) per cow net profit. So that, in the case of poor grazing, 
at 5 acres to the cow, with cows of average value the net profit is, say, 
£3 10s. + 5 = 14s. per acre. Any forest in fair order will yield some- 
thing like this now, and much more hereafter. | 
Men who do forest demarcation must have a practical knowledge of 
both farming and forestry capabilities. 
Two FoOREST-DEMARCATION VALUES. 
It may be noted here that in forest demarcating two values have to 
be considered, and how far possible loss on the first value will be com- 
pensated by perpetual gain in the final value. 
(1.) Timber value of forest worked by foresters (less costs of tiinber- 
working aiding natural regeneration and interplanting where required) 
for about a hundred years against farmers’ pastoral value for the same 
time. 
(2.) The eventual return of £10 16s. net per acre per year for Kauri 
forest (other forests proportionately less) against the farmer’s pastoral 
values as before. Thus, from twenty to about a hundred years the 
farmer can compete with the forester. After that, in the case of good 
forest, the farmer with even his best dairying is left behind. It is 
a position that many will not be ready to accept without a careful ex- 
amination of the figures. 
The exact amount of competition that the dairy-farmer can get in 
depends on the present state of the forest. Against a forest with mostly 
old timber, or with no young timber to come forward, he can compete for 
about a hundred years, with every advantage on his side. Against a 
ordinary forest with timber of all ages represented, as contemplated in 
the ‘* balance-sheet ’’? above, he can compete on fairly even terms for about 
a hundred years. Against a forest with the young age-classes well repre- 
sented his chance will not extend beyond twenty or thirty vears. Of 
course, [ am speaking now of demarcated forest where the soil is not 
the best, but has sufficient depth to carry a fair timber-growth. 
EMPLOYMENT. 
So much for money returns. As regards relative employment and 
land-settlement the case is similar. Where the forest is poor, dairy- 
farming will afford more employment for the next hundred vears; after 
that ordinary dairy-farming will rarely equal the forest rate of one 
man per 75 acres. Where the forest is young and of good quality the 
dairy-farmer may be left behind in close settlement even now. Against 
grazing other than dairying—viz., sheep or cattle—the forestry pro- 
spect must be very poor indeed—in fact, quite extraordinarily poor— 
for sheep or cattle runs to afford more employment than forestry. The 
case for forestry is stronger under the head of employment than under 
the head of direct money returns. 
