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It is recognized, however, that a great deal of the earlier work done in the plantations was more or less of an experimental nature, and we are of opinion that the present cost of planting an acre, as estimated by Mr. R. G. » Robinson —namely, £7 16s. 6d.—should be close to the mark, and we therefore take the round figure of £8 in basing our estimates. This compares favourably with the amount —£6 10s. per acre—given in the report of the Royal Commission on Afforestation in the United Kingdom, when the extra cost of labour is taken into account. To show what financial result may be expected from the planting of trees that come to early maturity and produce large amounts of timber, such as Pinus radiata, poplar, and certain of the Eucalypti, in conjunction with land of low rental value, the following example is appended. From the evidence before us, we consider that at a moderate estimate an acre of Pinus radiata would produce 150,000 superficial feet of timber at the age of thirty-five years. Taking the value of the land at £2 per acre the figures would work out as follows : — Expenditure. 10,000 acres planted at £8 per acre at per cent. £ compound interest for thirty-five years ... 373,360 Rental value of land at £2 per acre at per cent. compound interest for thirty-five years ... 73,346 Annual maintenance charge of 6s. per acre at 4| per cent, compound interest for thirty-five years ... ... ... ... ... 244,488 £691,194 (approximate.) Estimated Receipts. 10,000 acres, yielding 150,000 ft. per acre, at 2s. £ per hundred ... ... ... ... 1,500,000 Deduct expenditure ... ... ... ... 691,194 £908,806 If these results should be attained it would mean a profit above all expenses of nearly £91 per acre, and would allow the timber, after expenses of milling and freightage charges are met, to be retailed to the consumer at from 10s. to 11s. per hundred superficial feet. In contrast to this, take an example of what would be the result in growing trees that take eighty years to mature, and cannot be expected to produce more than 70,000 superficial feet to the acre, in conjunction with land worth £10 per acre : — 10,000 acres planted at £8 per acre at per cent. £ compound interest for eighty years ... 2,706,400 Annual rental value 'of 10,000 acres worth £10 per acre at 4-| per cent, compound interest for eighty years ... ... ... ... 3,283,010 Annual maintenance charged at 6s. per acre at 4| per cent, compound interest for eighty years ... ... ... ... .. 2,186,671 £8,178,081 (approximate.) That is to say, each acre would require to produce nearly £818 worth of timber to square accounts, or, in other words, the standing timbers would have to be sold at about £1 3s. per hundred superficial feet, which is, of course, an impossible proposition. In the last example, even if the land was only worth £2 per acre, £555 worth of timber per acre would require to be pro-

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