46 



THE WESTERN HEMLOCK. 



strikingly the possible loss or profit in holding logged-off land, 

 assuming, of course, that the premises of taxation and stumpage are 

 correct. The table shows that 70 years is the most profitable age at 

 which to cut if stumpage is figured at either 75 cents or $1. At 50 

 cents the whole transaction is a losing one, and the longer the rotation 

 the greater the loss. 



Table 16. — Financial result of cutting one quarter section of Hemlock after 60, 70, and 80 



years. 



The largest profit shown above, that of a seventy-year rotation with 

 a selling price of $1 stumpage, represents about 4. 5 per cent compound 

 interest upon the investment. 



It should be clearly understood that these statements of profit are 

 purely tentative, based upon tax rates and stumpage values which can 

 not be foretold at present. They are believed to be conservative. 

 The individual can, if he desires, make similar calculations upon such 

 premises as seem in his judgment more probably correct. 



From the foregoing pages it may be seen that the largest sustained 

 yield is secured by cutting every eighty years, but that the interest on 

 the invested capital which the crop represents is apparently highest at 

 the end of seventy years. There still remains to be reckoned the 

 bearing of age on the quality of the timber. This and many other 

 questions concerning the future of second growth depend much upon 

 circumstances impossible to foresee. It appears now that it will be 

 about seventy-five years before the second crop can be logged to the 

 best advantage. This does not mean that a considerable amount may 

 not be cut earlier. And even if a long rotation is decided upon, earlier 

 thinning would be beneficial if it could be made profitable. The dif- 

 ficulty lies in cutting small quantities and in disposing of small mate- 

 rial which, at present at least, has no place in the market except 

 possibly as trap poles. 



HEMLOCK LEFT AFTER LUMBERING. 



In the calculation of returns from second-growth Hemlock ho 

 account has been taken of small trees left standing after the logging 

 of the old stand. If the slashing is burned these will be destroyed; 

 if not, there wih be left for a future crop a number which depends 

 upon the character of the virgin forest and upon the intensity and 



