The _capital_ employed in forests consists chiefly of the value of the soil and growing stock of timber. The latter is, ordinarily, of much greater value than the former wherever a sustained annual yield of timber is expected from a forest. In the case of a Scotch pine forest, for instance, the value of the growing stock is, under the above-mentioned condition, from three to five times that of the soil. The rate of interest yielded by capital invested in forests differs, of course, considerably according to circumstances, but on the whole it may, under proper management, be placed equal to that yielded by agricultural land; it is lower than the agricultural rate on the better classes of land, but higher on the inferior classes. Hence the latter are specially indicated for the forest industry, and the former for the production of agricultural crops. Forests require _labour_ in a great variety of ways, such as (1) general administration, formation, tending and harvesting; (2) transport of produce; and (3) industries which depend on forests for their prime material. The labour indicated under the first head differs considerably according to circumstances, but its amount is smaller than that required if the land is used for agriculture. Hence forests provide additional labour only if they are established on surplus lands. Owing to the bulky nature of forest produce its transport forms a business of considerable magnitude, the amount of labour being perhaps equal to half that employed under the first head. The greatest amount of labour is, however, required in the working up of the raw material yielded by forests. In this respect attention may be drawn to the chair industry in and around High Wycombe in Buckinghamshire, where more than 20,000 workmen are employed in converting the beech, grown on the adjoining chalk hills, into chairs and tools of many patterns. Complete statistics for Great Britain are not available under this head, but it may be mentioned that in Germany the people employed in the forests amount to 2.3% of the total population; those employed on transport of forest produce 1.1%; labourers employed on the various wood industries, 8.6%; or a total of 12%. An important feature of the work connected with forests and their produce is that a great part of it can be made to fit in with the requirements of agriculture; that is to say, it can be done at seasons when field crops do not require attention. Thus the rural labourers or small farmers can earn some money at times when they have nothing else to do, and when they would probably sit idle if no forest work were obtainable.