And even these latter data, which are far more sound and reliable than the mere rate of growth in height, are no criterion to adopt for practical purposes. Even after the average annual total increment may have culminated, the timber crops may be still advancing steadily and profitably with regard to qualitative increment, in respect to the dimensions of the wood at the top-end of the bole; and as this qualitative increment determines the adaptability of the timber for technical purposes, it of course affects the marketable value to a very considerable extent.

So far as the nett returns derivable from any given soil, situation, and crop are concerned, they may be most correctly calculated by means of the following formula :—

Fe + Ta + Tb +

Tq (c+fv)

f

Here

=

=

Fe the value of the yield of timber obtained at the final clearance. T(a, b, . . . q) the value of thinnings carried out in the years a, b, 4, calculated at compound interest up to the date of the final clearance. c = the outlay for cultural costs, calculated at compound interest.

v = the various annual outlays, e.g., protection, rates, &c., calculated at compound interest.

ƒ = the number of years included in the fall or period of rotation of the crop.

Whatever calculations, made by means of the above formula, exhibit the largest nett result, they will at the same time distinctly indicate the year in which the best financial effect is attainable by utilisation of the timber crop.

In each concrete case, the requisite data for making calculations of the above nature must be obtained from the Estate Register (see pp. 408 and 428) so far as past actuals with regard to thinnings are concerned,—and either from actual measurements of sample plots, or from the average outturn shown by Yield Tables (as explained in chapter xiii.), with regard to the final yield of timber that may be expected from the crop judging from its present appearance and rate of growth. But when the most profitable time for the fall is being thus calculated, the rate of interest at which the forester or landowner works out the problem is of enormous influence in affecting the results. Even as early as 1751, Thomas Culpepper pointed out that if the ordinary rates of interest (which were then about 10 per cent.) were insisted on for crops of growing timber, no one could afford to allow woodland crops to attain the maturity that was requisite in the interests of the Commonweal. As Professor Endres remarks (Article Forsten in Handwörterbuch der Staatswissenschaften, Jena, 1892, p. 602):

"The present rate of interest for forests in Germany lies between 2 and 3 per cent. With the timber prices now ruling, and the general economical conditions obtaining, a higher rate of interest simply cannot be obtained. Whoever wishes to grow woodland crops, must therefore be content with that rate of interest."

As the editor has elsewhere explained (Studies in Forestry, p. 3), it seems to him that about 21 per cent. is the correct rate of interest that should be used as the basis for actuarial calculations with reference to woodland crops throughout Great Britain and Ireland.

The financial or mercantile maturity is what ought distinctly to regulate all felling operations in Britain; and this is a maturity which does not necessarily culminate along with the average annual total increment.

In fact, in well-managed crops of high timber the monetary increment may only commence to be most energetic long after the average annual rate of growth in height and rate of growth in girth have culminated, and when the average annual increment in cubic contents has already begun to sink perceptibly. The purely technical maturity of timber crops need be no concern of private landowners, although it was a very important matter in the State forests during the last century; and wherever this would indicate a prolongation of the fall or period of rotation beyond that pointed out by the financial formula above given, it ought not to be aimed at by private individuals.

The practical advice given by the author in the concluding portion of the text can hardly be endorsed by the editor. In fact, wherever there seems any good opportunity for stimulating the increment of the trees approaching maturity by the method of partial clearance, then this offers a most excellent opportunity of rapidly obtaining more remunerative returns from the crop. This method of partial clearance has been frequently described under the different species of trees in chapters ii. and iii., and again in chapter viii. relating to the tending of woodlands.

Concerning the Formation of Working Plans.1-It is almost impossible that any large tract of woodland can be managed in the most economic manner, and that the productivity of the soil can be fully utilised, unless the whole management of the woods is subject to administration of a regular order. This is only possible when a formal Working Plan has been carefully drawn up for the wooded portions of the estate, and when all the operations of regeneration, felling, sowing, planting, weeding and cleaning, thinning, selling, &c., are carried out annually in accordance with the intentions expressed in the working plan,-unless, of course, its provisions have been interfered with by any unforeseen circumstances.

The object of the working plan is, so far as possible, to provide for the continuous yield of annual returns of about equal extent and value, and, so far as is practicable, from about equal areas. Whilst this ruling idea is subordinated to the first fundamental principle of sylviculture-viz., that the form of management must be a truly economic method capable of maintaining the productive capacity of the soil-yet the details as to species of trees forming the crops, methods of treatment to be accorded to these, and most advantageous time and manner of utilising and reproducing the crop, are all to a very great extent dependent on local circumstances with regard to soil and situation, nature of local markets, &c. Hence no hard and fast rules are applicable to this any more than to the other operations of practical forestry. It is precisely in framing a good working plan that the shrewdness and the administrative capacity of the intelligent and observant forester find the best scope for exhibiting themselves.

Throughout all the State forests of Germany, Austria, and France, the whole of the annual operations are conducted in strict accordance with the provisions of such working plans; and, even in India, fellings within the Reserved Forests are not now allowed before working plans for their administration have been drawn up and approved by the head of the Department and by the Local Government, then formally submitted to the Inspector-General, and finally sanctioned by the Government of India. This latter fact is here mentioned merely in order to exhibit the importance that is attached to them even in India, where work is, and must long continue to be, more extensive

1 See also vol. i. chap. i. p. 58.

than intensive. This might easily, and should, be the case also in Great Britain and Ireland. All more or less haphazard fellings should be put a stop to, and the annual operations subjected to a well-considered and careful working plan, which should forecast the general scope, extent, and method of all the ordinary work, so as so produce the highest economic and financial results that can be obtained from the given soil, situation, and general local circumstances.

This is a most important branch of Practical Forestry, but one which has not hitherto received anything like due recognition throughout Britain, owing to the woodlands being, in the vast majority of cases, treated arboriculturally in place of sylviculturally. Thus, when a tour was made throughout the Scottish and English woodlands in the summer of 1885 by the students of the Ecole Forestière from Nancy, the following remarks were made on the prevailing system (or rather want of system) of management by M. Boppe, who was at the head of the party, and who was asked officially if he would be good enough to submit in writing his views regarding Forestry in Britain: 1

"The productive powers of the soil and of the climate have been made use of by able and intelligent planters, who have thereby enabled nature herself to accumulate a considerable store of timber; but all this wealth is exposed to the carelessness of some, and to the ignorance of others, until the hand of a forester manages it properly and places it on the only sound economic principle of all agricultural and forest property-a constant annual revenue and a constant improvement in production. It would certainly not be fair to hold Scotch foresters responsible for the present regretable state of affairs; for though they have for the most part admitted the inefficiency of the present system, they are powerless to effect any improvement so long ast the landowners and general public have not learned to appreciate the manifold advantages to be derived from a regular and methodical management. They have to struggle against many adverse interests and hindrances, such as grazing and shooting interests, questions of routine, pecuniary exigencies, and the fancies of sportsmen from all parts of the world.

"Let the owner of a forest, after having made a careful and detailed inspection of it, divide it off into blocks or compartments, so arranged that they should be uniform as regards conditions of soil and of planting, and then proceed to count and measure all the trees of three feet girth and upwards, classing them in categories according to their diameter. He should then open a debit and credit account for each compartment, placing on the debit side the actual volume of the standing crop, and on the credit side the volume of timber removed at each successive felling. This register should always be consulted before undertaking any forest operation. Whenever the annual fellings fall due, it will show which compartments can best support the withdrawal of timber, and which require to be left untouched. Moreover, the balance sheet will render an exact account, favourable or otherwise, of the condition of the forest.

"Ten years of such systematic treatment would form in itself the basis of a regular forest working-plan."

The remainder of this chapter will be devoted to the consideration of this special subject, firstly, from the more or less arboricultural point of view taken up by the author in the last edition of this work; and, secondly,

1 Appendix to Report of Committee on Forestry, 1885, p. 48.

from the purely sylvicultural and financial standpoint which the professional training of the editor on the Continent has instilled into all his thoughts regarding the treatment of woodlands. From a financial point of view these are merely investments of capital from which it is desired to obtain the highest annual returns continuously without prejudicing the intrinsic value of the soil, plus the growing stock, by injudicious treatment.

A. THE ARBORICULTURAL OR BRITISH METHOD OF MANAGING WOODLANDS.

I. The Estate Register of the Growing Stock of Timber.—It is a remarkable fact in the Arboriculture of Great Britain, that on very few estates in the country is there any register kept of the condition, age, kinds of trees, and present value of the crop of each plantation.

Every merchant, whatever he may deal in, draws up at the end of each year a statement showing the marketable value of the goods he has on hand from the trade of the previous year; and from this statement, together with the total of money realised, he is at once. enabled to see whether his estate is increasing or decreasing in value. In consequence he is, to a certain extent, enabled to forecast his business arrangements for the following year. Every intelligent farmer acts on the same principle. At the end of the year, after his crops have been all secured, he draws up a statement showing the value of his crop and his stock; and from this he also is able to see at a glance whether his business is improving or otherwise. The landed proprietor, however, is not generally so particular in taking an inventory and making a valuation of all his goods at the end of each year. It is true, indeed, that his agent is always able to show him the clear income from the farming and mining interests of his property, and also that realised from his woods and plantations for the year; but as to taking a correct account of the real capital value of the latter investments as they stand upon the estate, that is seldom thought of. This is certainly a great mistake in the management of landed properties; and, as an improvement in this respect, the author would suggest that every landed proprietor should have a register of his woods and plantations, comprising all the useful information under the following headings:

1. The extent of land occupied by timber crops of less than 5 years' standing. This statement should show the details of each separate crop. This register should state the kinds of trees planted in each district respectively, the condition of the crops, and their actual cost of formation, stating both the outlay incurred, and the amount thereof calculated at compound interest up to the present or current year.

2. The extent of land occupied by young timber crops of from 5 to

10 years of age. This register should show the age and kinds of trees planted in each separate crop that is included within the statement, the condition of the crops, when they may be expected to require weeding or clearing, when they will begin to yield profitable returns by the sale of produce removed from them on the commencement of thinning, and also their original cost, and the actual cost of formation calculated up to the present.

3. The extent of land occupied by young crops of from 10 to 15 years of age. This statement should show the age and probable number of trees of each kind, and should state, with regard to each crop, the number that will fall to be removed at each periodical thinning, and the returns anticipated therefrom. The register should also detail the condition of the various crops, their original cost, their present cost, and their present prospective market value as well as can now be estimated.

4. The extent of land occupied by crops between 15 and 20 years of age. This statement should exhibit the same particulars with respect to each crop as have been detailed under 3.

5. The extent of land occupied by the pole-forest crops between 20 and 30 years of age. This register should show the age and number of trees in each separate crop, the number that will fall to be removed at each periodical thinning, and their estimated value, together with the general condition of the respective crops, and their present prospective market value.

6. The extent of land occupied by pole-forest crops between 30 and 40 years of age. This register should show all the particulars with regard to each separate crop in the same manner as under 5.

7. The extent of land occupied by older pole-forest or young treecrops between 40 and 50 years of age. This statement should give similar particulars with regard to each crop as has been detailed with regard to 5.

8. The extent of land occupied by tree-crops between 50 and 60 years of age. This should give the same particulars for each crop as under 5.

9. The extent of land occupied by older tree-crops approaching maturity, and matured trees.-The age and number of each kind should be detailed, together with the total number of trees in all, and their estimated or probable market value.

10. Value of trees growing in the park. That of each individual tree should be shown separately; and remarks should be added indicating those that are healthy and still improving, and those that are matured, together with the age of each specimen, if known.

Any proprietor of woods in possession of such a register of his capital invested in the soil and the growing stock, as is indicated in