Current Literature and Reviews. 31 



1,000 board feet, and the value of cut over lands at $1.00 per 

 acre, the average annual interest represented by the future crop 

 on cut over lands is, for a period of 40 years, nearly 9%." 



Working out the example on the basis given we come to a very 

 different result. Entering in the well-known formula for com- 

 pound interest accumulation [Q = Q X (i.f/'" — i)] the given 

 values, 6'=$i.oo, n^\o years, /' = 9, we get as interest charge 

 for the land $1. 00 X (1.09*"— i) =$30.41 ; for taxes and cost of 

 protection, which are figured (on p. 43) at 5 cents per acre per 

 annum, an accumulation at the end of 40 years 



rC=4(i.^/'"-i)=-°5x3o.4i ] 

 L .op .09 -■ 



of $16.89 accrues, or a total cost of product at 40 years of $47.30. 



On the other hand table No. 13 gives the yield per acre at the 

 end of 42 years cutting to a 12 inch D. bh. limit as 6,067 board 

 feet. Multiplying 6,067 board feet by $2.00, the stated stump- 

 age value, we get $12.13 as the value of the cut per acre at the 

 end of 42 years, i. e., the return is $35.17 less than it should be to 

 yield a 9% interest. 



The real interest which the above quoted example will give is 

 about 5>^ % ; this is considerably different from 9 % . Yet, even so, 

 if a 5% return can be secured from a forestry investment it is a re- 

 markably good investment, and the statement still remains true 

 (Page 44), " that the application of practical forestry to the tract 

 of the Sawyer and Austin Lumber Company would be a sound 

 business measure." 



The Hardy Catalpa. — Bulletin No. 108 ; pp. 114, PI. 40. Kansas 

 Agricultural College, Manhattan, Kansas. (Obtainable by 

 application.) 



This bulletin contains a discussion of the methods of making 

 catalpa plantations, and the probable profits resulting, also a col- 

 lection of letters from the engineers of a number of railroads giv- 

 ing their opinions of the catalpa as a tie producer. To the west- 

 ern tree planter this publication should prove of interest and 

 value. 



Seventh Annual Report of the Chief Fire Warden of Minnesota. 

 By C. C. Andrews ; pp. 135 ; PI. 16. (By application Chief 

 Fire Warden.) 



The Chief Fire Warden of Minnesota not only attends to the 



