Forest Planting as an Investment 541 



of White pine on first quality sites in New England, under a 

 rotation of thirty-five to seventy years, only takes into account 

 fully stocked stands accessible to a good market. The average 

 yield on first quality sites in New England is likely far below 

 these figures because of the fire hazard and the damage from 

 other external agents. So also the value of the product would 

 be less were our inaccessible waste lands planted because of 

 the poorer market. In my opinion the recent investigations 

 of the National Forest Service, and other investigations as 

 well, clearly show that 4 to 6% compound interest is well 

 within the possibility of second growth stands of White pine 

 on plantations when the soil value and the cost of regeneration 

 falls below fifteen or twenty dollars per acre; when the rota- 

 tion is between thirty-five and seventy years ; and the property 

 is located near a present or prospective market comparable, for 

 instance, with that at Keene, N. H., at the present time. 



Although even under present conditions forest planting by 

 private individuals may be a profitable investment, it is my belief 

 that indiscriminate planting with all sorts of species, on all classes 

 of sites, under all conditions as regards damage from external 

 agents and in all localities as to markets is a very poor investment 

 for the owner of denuded forest land in New England. 



In general, the returns from coniferous woods are much greater 

 than from broad-leaved species on the same quality of soil. 

 Europe, with a relatively small proportion of broad-leaved forests, 

 is increasing her coniferous stands and decreasing her areas of 

 hardwoods. Thus today we find the celebrated Sihlwald of 

 Switzerland and the Wienerwald of Austria being rapidly changed 

 over into coniferous stands. New England with her large areas 

 of hardwoods, which reproduce abundantly by natural means, 

 has little or no need for the planting of hardwoods. She has 

 great need for the planting of conifers, particularly White and 

 Red pine. To my mind these are the only species that give rea- 

 sonable assurance of success in planting as an investment in most 

 parts of New England. Although we have no plantations of Red 

 pine old enough to determine increment and value, plantations up 

 to fifteen years of age in southern New England show an even 

 better growth than White pine under similar conditions. Because 

 of the relative freedom of this species from insect and fungus. 



